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Noah Zivitz

Managing Editor, BNN Bloomberg

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Stephen Poloz is rejecting calls to relax mortgage rules that contributed to a cooldown in formerly red-hot housing markets. “I would frown upon it,” he told BNN Bloomberg's Amanda Lang when asked about regulators and politicians under pressure to relax stress tests. He also said he thinks Canadians are “mentally-prepared” for a downturn in home prices. We have highlights from the interview this morning. And Bloomberg Markets has the full around-the-world chat with the Bank of Canada governor.

SNC HITS SETBACK IN 407 SALE

In a complex release this morning, SNC-Lavalin disclosed a setback in its attempt to sell a portion of its stake in the 407 toll highway in Ontario. Cutting through all the moving parts: the deal with OMERS has been terminated because other partners in the 407 are attempting to exercise their rights of first refusal. The whole thing is now headed to the Ontario Superior Court. SNC says it expects the sale to eventually occur under “similar terms and conditions” as the original deal it had with OMERS.

BANK EARNINGS AROUND THE CORNER

The Big Six are about to hog the spotlight with earnings season getting underway next week. We’ll set the table today with Robert Sedran on The Open, and BNN Bloomberg's Paul Bagnell will tee up the quarter for BNNBloomberg.ca. The backdrop is compelling, with a pair of recent high-profile calls against the banks by Steve Eisman and Veritas.

IAMGOLD TAKEOVER SPECULATION

The gold miner’s shares are extending gains in pre-market trading after the stock shot up yesterday on our Bloomberg partners’ report that the company is exploring a potential sale. The next domino to fall in gold sector M&A? BNN Bloomberg's Andrew Bell will follow up.

OTHER NOTABLE STORIES

-A Senate committee has approved a long list of amendments to the contentious C-69 legislation, which now heads back to the full chamber.

-Deere & Co. is today’s corporate case study in fallout from global trade tension. “Ongoing concerns about export-market access” and “near-term demand for commodities such as soybeans” are cited as important factors in the company’s quarterly release. Shares are down three per cent in pre-market trading on the back of cuts to the full-year outlook.  

-Pinterest shares are sinking in pre-market trading after reporting a disappointing quarter and outlook. It’s the latest stumble by a high-profile recent IPO.

-Amazon.com is disrupting again by throwing its heft behind U.K. food delivery service Deliveroo. Bloomberg Opinion Columnist Alex Webb reckons the alliance “would eat Uber for dinner.”

-And there’s still a few hours left if any other Canadian airlines want to make a deal before the weekend. In the meantime, we’ll keep hunting for fresh takes on the Air Canada-Transat and WestJet-Onex deals. 

NOTABLE RELEASES/EVENTS

-Notable earnings: CAE, Deere & Co.

-Notable data: University of Michigan consumer sentiment index

-1:30 p.m. ET: International Trade Diversification Minister Jim Carr holds media call from Chile after APEC ministerial meeting

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