Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Oil prices are giving up some of yesterday’s gains this morning even as questions persist about how soon Saudi Aramco can restore output after a weekend attack on its Abqaiq facility that knocked out five per cent of global oil production. One of the key issues we’ll continue to explore is how much further beleaguered Canadian energy stocks can run after yesterday’s stunning gains.To wit: “This stuff is so unloved and detested. I love it,” said Ryan Lewenza, The Street’s guest co-host, today. “But I don’t think now is yet the time to load up on energy.”

WHAT’S NEXT FOR BRUCE LINTON

The former chairman and CEO of Canopy Growth announced his comeback in the cannabis industry today, including a handful of advisory/director and “activist investor” roles at smaller firms that are outside the bounds of a non-compete agreement he signed after he was fired by Canopy. Read all about it here. We’re looking forward to speaking with Linton this morning on The Open.

HOUSEHOLD DEBT UPDATE

There are fresh signs today that Canadians are falling behind on their debts. Equifax says the national delinquency rate rose 5.8 per cent year-over-year in the second quarter, nearly triple the rate of non-mortgage debt accumulation. That being said, on a sequential basis, the delinquency rate was unchanged from the previous quarter. CTV's Chief Financial Commentator Pattie Lovett-Reid will sift through the numbers and explore the risks if the Bank of Canada eventually cuts rates.

OTHER NOTABLE STORIES

-Shopify shares are under pressure this morning in pre-market trading after the company priced a 1.9-million share sale at a discount to yesterday’s closing price (US$317.50 apiece versus US$337.93). Also this morning, the company announced its plan to facilitate hemp and hemp-based CBD sales in the U.S. where legal.  

-WeWork’s bumpy road to going public just became a little longer as the company said this morning it expects to complete an initial public offering by the end of the year. Previously, the share sale had been expected as early as next week.

-In other precarious IPO news: Anheuser-Busch InBev is taking another shot at listing its Asian business, but now sees the share sale reaching US$4.8 billion, compared to the $9.8-billion haul envisioned before its initial attempt was shelved.

NOTABLE RELEASES/EVENTS

-Notable earnings: FedEx, Adobe

-Notable data: Canadian manufacturing sales, U.S. industrial production

-8:00 a.m. ET: Liberal Party Leader Justin Trudeau makes announcement in St. John’s

-8:00 a.m. ET: Conservative Party Leader Andrew Scheer makes announcement in Winnipeg

-8:00 a.m. ET: NDP Leader Jagmeet Singh makes announcement in Ottawa

-10:00 a.m. ET: Canopy Growth holds annual meeting in Toronto

-10:15 a.m. ET: Green Party Leader Elizabeth May holds news conference in Ottawa on privacy protection

-12:30 p.m. ET: Newmont Goldcorp incoming CEO Tom Palmer presents at Denver Gold Forum

-Huawei three-day Connect conference begins (deputy chair Ken Hu keynote at 2100)

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.