Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

The Bank of Canada is widely expected to keep its benchmark rate unchanged today at 1.75 per cent, but there’s plenty of intrigue despite that perceived slam dunk. “It is arguably the most important announcement of the year,” is how BMO Chief Economist Doug Porter framed it in a recent note to clients. Why? Because if the BoC stays on hold, and the U.S. Federal Reserve cuts today as anticipated, Canada’s primary policy rate will leapfrog the Americans’ and reinforce the view that our central bank is an outlier amid the (mostly) global trend toward lower rates. So Bay Street is ready to parse everything the Bank says today for an indication of what its next move will be.

We’ll have in-depth analysis starting at 10 a.m. ET , special coverage of the news conference at 11:15 a.m. ET, and cap it off with Amanda Lang’s exclusive interview with BoC Governor Stephen Poloz this afternoon on Bloomberg Markets and The Real Economy.

MAPLE LEAF HIGH ON PLANT PROTEIN, SEES 'ERRATIC' MEAT MARKET

Maple Leaf Foods isn’t hiding from the fact that ramping up its plant-based protein business comes at a hefty cost. While sales in that unit surged 30 per cent in the third quarter, expenses to build out the business more quintupled to $44.9 million. Meanwhile, CEO Michael McCain says his company’s legacy traditional meat business was held back by “unexpectedly erratic market conditions”, with a direct nod to China’s decision to suspend pork imports from Canada. Against all of that, total adjusted earnings slid 81 per cent year-over-year. BNN Bloomberg's Paige Ellis will address how this company is attempting to navigate rapidly-shifting consumer trends.

ALBERTA EMISSIONS PLAN

The United Conservative Government formally unveiled its strategy to bring down industrial emissions in the province, including a $30/tonne tax for heavy polluters that fail to reduce their emissions by 10 per cent next year. The UCP campaigned on a $20/tonne tax plan; Environment Minister Jason Dixon yesterday said the decision to go to $30 was based on industry’s demand for certainty that they’d be taxed by the province, rather than the feds. There are some important benchmarking details and other nuance in the announcement; Tara Weber will explain it all.

OTHER NOTABLE STORIES

-Groupe PSA and Fiat Chrysler have confirmed they’re engaged in “ongoing discussions” about a potential combination, showing the legacy of ex-FCA CEO Sergio Marchionne’s push for consolidation lives on.

-Molson Coors today unveiled a major restructuring that will result in up to 500 job cuts and office closures (including in Denver). The company also said it’s planning to further expand beyond traditional beer with “whitespace” products after earlier releasing canned wine and “hard coffee”. Meanwhile, sales fell three p in the third quarter and profit missed expectations.

-Torstar is suspending its quarterly dividend, citing the need to preserve cash. That’s after posting a third-quarter loss that more than doubled to $40.9 million. CEO John Boynton says the newspaper publisher “will further increase focus on identifying additional cost savings.”

-Shares of General Electric are rising in pre-market trading after the conglomerate raised its industrial free cash flow forecast and clung to its adjust profit outlook. CEO Larry Culp added he’s still hunting for “actions to improve our financial position and strengthen our businesses.”

-As the battle for streaming supremacy heats up, Bell Media today announced an exclusive arrangement to bring HBO Max programming to Canada via Crave and CTV starting next year. Standard disclosure: BNN Bloomberg is a division of Bell Media.

NOTABLE RELEASES/EVENTS

-Notable earnings: Suncor Energy, Maple Leaf Foods, Great-West Lifeco, AltaGas, Alamos Gold, Sherritt International, Cogeco, Torstar, Molson Coors Brewing, Apple, Facebook, General Electric, Starbucks, Lyft

-Notable data: U.S. GDP

-10:00 a.m. ET: Bank of Canada releases interest rate decision and monetary policy report, plus news conference (11:15 a.m. ET)

-10:00 a.m. ET: Boeing CEO Dennis Muilenburg and 737 Max Chief Pilot Jennifer Henderson testify before U.S. House Transportation Committee

-12:30 p.m. ET : Business Council of Canada CEO Goldy Hyder discusses findings by Task Force on Canada’s Economic Future at Canadian Club speech in Ottawa

-2:00 p.m. ET: U.S. Federal Reserve releases interest rate decision, plus news conference (2:30 p.m. ET)

-Statistics Canada releases national cannabis survey

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.