Oil is spiking and stocks are falling today as investors assess the consequences of the U.S. airstrike that killed a senior Iranian military commander and was conducted “at the direction of the president,” according to a statement by the U.S. Department of Defense. Iran’s foreign minister reacted on Twitter, blasting the strike as “extremely dangerous & a foolish escalation” and the nation’s supreme leader has threatened “severe retaliation.” Tons of layers to peel back: we’ll start by focusing on market reaction and then bring in our Bloomberg partners and geopolitical experts to explore the fallout and potential next steps.
'HARSH DROP TO REALITY'
That's the way prominent Canadian investment banker Neil Selfe describes how hype gave way to reality in Canada's recreational cannabis sector last year in a feature by David George-Cosh on BNNBloomberg.ca. Read all about the industry's struggle to pull consumers away from the illicit market and what the future holds for cash-strapped producers here.
THE ART OF THE REUNION TOUR
We’ve got a great weekend feature on tap for BNNBloomberg.ca on the economics behind reunion bands and legacy acts that routinely rank among the highest-grossing music tours. Originally, I pitched it as BNN Bloomberg’s only opportunity to mention Rage Against the Machine, then Shane McNeil hit the ground running and pulled together a piece with tremendous industry insight that goes way beyond that shocking reunion. Potential future personal finance follow-up piece: what’s a responsible amount to spend on a road trip (possibly to Phoenix on March 30) to see your favourite band?
PROGRAMMING NOTE
We’re looking forward to our conversation Monday with Mirko Bibic in his first day on the job as CEO of BCE. Stay tuned for a feature interview that should provide great insight into his vision for the telecom giant (which is our ultimate parent company via Bell Media).
OTHER NOTABLE STORIES
-More evidence today that Vancouver's housing market is warming back up: sales surged 88.1 per cent year-over-year last month, according to the local real estate board. Meanwhile, listings fell 16 per cent over the same period.
-Air Canada could be a stock to watch today after Helane Becker at Cowen downgraded the airline’s shares to Market Perform from Outperform, citing the lack of obvious catalysts to drive AC higher, while noting potential risk related to the pending takeover of Transat and a potentially “more aggressive” WestJet.
-Park Lawn Corporation was among the top TSX gainers Friday morning after the cemetery operator announced it was buying Tennessee-based Family Legacy and Harpeth Hills.
-Newmont Goldcorp has updated some of its forecasts after closing the sale of its stake in Kalgoorie Consolidated Gold Mines. The miner now sees 6.4 million ounces in output this year (down from 6.7 million ounces previously forecast) and also reduced its longer-term production estimates.
-Tesla shares are inching higher in pre-market trading after reporting fourth-quarter deliveries that outpaced expectations.
-We’ll also keep an eye on CCL Industries after the label and packaging company said it’s buying Poland-based Flexpol for $22 million.
NOTABLE RELEASES/EVENTS
-Notable data: ISM U.S. manufacturing index
-10:00 a.m. ET: Ontario Cannabis Store briefing on 2.0 products
-1:15 p.m. ET: Bank of Canada Senior Deputy Governor Carolyn Wilkins participates in panel on women in central banking at American Economic Association in San Diego
-2:00 p.m. ET: U.S. Federal Reserve releases minutes from last meeting
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