Bank of Canada Governor Stephen Poloz is refusing to play into investors' hands. Shortly after presenting an optimistic outlook for Canada's economy, he balked at telegraphing the central bank's next move when asked whether rates will have to rise into the neutral range. "I don't think it's really helpful to focus in on that neutral number, it's not certainly a target for us," he said late yesterday afternoon in Iqaluit. "How we get there or when we ever get there depends on too many things ... I wish markets would not interpret it as such a fine line." He also shot down any talk of Canada’s recently-inverted yield curve as a sign that a recession is around the corner.

OIL RALLY

Oil is building on yesterday’s gains that were fueled by the latest evidence of OPEC’s restraint. West Texas Intermediate today touched the highest level since Nov. 8, and Western Canada Select jumped almost five per cent yesterday, narrowing the discount to US$8.25/barrel.

BREXIT LATEST

After U.K. lawmakers failed to settle on a plan B yesterday, today Prime Minister Theresa May will meet with cabinet to discuss next steps. According to Bloomberg, they’ll consider postponing Brexit “until potentially year-end or beyond.” All this with 10 days to go until the U.K. is scheduled to break away from the EU.  

OTHER NOTABLE STORIES

-The Commission for Complaints for Telecom-television Services reported a 44 per cent increase in customer complaints in its mid-year report, marking a deceleration from the 73 per cent surge a year earlier. TV, which recently fell under the CCTS's purview, accounted for 18.2 per cent of complaints.

-Gibson Energy is selling its Canadian trucking unit for $100 million, bringing its total haul from recent non-core asset divestments to $325 million

-Dow Jones Industrial Average member Walgreen Boots Alliance cut its full-year profit forecast this morning after second-quarter profit slumped (and missed estimates in the process)

-TransAlta is firing back at the activists who are seeking board representation, blasting the five nominees as “unproven” and “adding no value to the TransAlta board”. See the full presentation here. 

-Newfoundland and Labrador will receive $2.5 billion (by 2056) from the federal government under a new Hibernia resource revenue sharing agreement. And Finance Minister Bill Morneau has agreed to meet with Premier Dwight Ball on Friday to discuss Muskrat Falls.  

-Bitcoin has been up as much as 23 per cent today, snapping a long stretch of relatively subdued moves.

-Some notable developments in Callidus Capital’s year-end release yesterday. The lender is suspending quarterly conference calls due to a lack of analyst coverage, it disclosed an employee retention program “to maintain workplace continuity”, and it booked a $56.3-million impairment. Also said it’s still pursuing a potential privatization.  

NOTABLE RELEASES/EVENTS

-Notable earnings: Walgreen Boots Alliance

-Notable data: U.S. durable goods orders

-9:30 a.m. ET: BMO holds annual meeting in Toronto

-10:00 a.m. ET: Environment and Sustainable Development Commissioner releases spring report, includes chapters on subsidies for fossil fuels

-10:00 a.m. ET Parliamentary Budget Officer releases report "The impact of the Canada-United States-Mexico Agreement on prescription drug expenditures in Canada"

-Automakers report monthly sales

-LNG2019 conference continues in Shanghai (runs to Friday)

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.