We've got a new development in the tug-of-war over TikTok. U.S. Commerce Secretary Wilbur Ross turned up the pressure, announcing new restrictions on the widely-popular app that will take effect on Sunday, and warning that a full ban will take effect on November 12 if a deal can't be reached that satisfies U.S. security concerns. 

RETAIL SALES COOL IN JULY

Retail sales nearly flatlined in July as consumers scaled back spending after a couple of big months of growth. Total sales rose less than one per cent in the month, and if autos and gasoline are excluded, activity actually fell.  

SIGN OF THE TIMES FOR GOLD

For the first time since 2013, Kinross Gold is going to pay out a dividend to its shareholders. While it’s only three cents per share, it’s another sign of the sector’s good fortune after loose monetary policy helped send the price of gold on a remarkable run this year. The dividend announcement came alongside a new production forecast showing Kinross is expecting output to climb 20 per cent by 2023.             

GEARING UP FOR THRONE SPEECH

The premiers of Ontario, Alberta, Quebec and Manitoba are holding a news conference in Ottawa this afternoon, where they’re expected to spell out what they want to see from the federal government in next week’s speech from the throne. Meanwhile, Prime Minister Justin Trudeau will speak with NDP leader Jagmeet Singh and Conservative Party of Canada leader Erin O’Toole this afternoon as he seeks to rally support for a speech that will ultimately be tied to a confidence vote that will determine whether Canadians head back to the polls this year.

B.C.'S $2.1-BILLION COVID RECOVERY PLAN

John Horgan’s government has unveiled $1.5 billion in spending measures and $660 million in tax breaks designed to shore up the province’s economy, with a health dollop of measures for the business community – including a $300-million grant to help small- and medium-sized businesses, a 15 per cent tax credit on eligible new payroll, a temporary tax rebate on certain equipment purchases, and a delay in implementing a carbon-tax hike.

FEDS GIVE UP ON FREE TRADE WITH CHINA

Foreign Affairs minister François-Philippe Champagne indicated in an interview with The Globe and Mail that the Liberal government has given up on the ambitious hope for a free-trade deal with China that helped frame the early days of its time in office. “I don’t see the conditions being present now for these discussions to continue at this time,” Champagne told The Globe. Seems like there may well have been a lesson learned after, as James Moore put it on BNN Bloomberg earlier this week, Canada was “mugged by reality” in its dealings with global superpowers, including China.

OTHER NOTABLE STORIES

-Nuvei will remain on our radar after the Montreal-based payment technology company’s shares soared 31 per cent in their first day of trading on the TSX.

-The U.S. Federal Reserve says it’s going to decide by the end of this month whether to extend the buyback and dividend restrictions that were imposed on the biggest banks to help ensure they’re equipped to deal with COVID-19 fallout. The Fed also unveiled the parameters for a second stress test that’s being conducted this year.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian retail sales, Canadian wholesale trade, Teranet/National Bank home price index

-10:00 a.m. ET: Health minister Patty Hajdu makes announcement in Toronto regarding opioid crisis

-1:00 p.m. ET: Premiers Francois Legault, Doug Ford, Brian Pallister, Jason Kenney hold news conference in Ottawa to discuss next week's throne speech

-3:45 p.m. ET: Hajdu holds media avail in Mississauga, Ont. after meeting with Peel Region public health officials

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.