The Big Three: Retirement anxiety in Canada; Impact of GM strikes; China-U.S. trade talks to resume
Fears about retirement savings are boiling to the surface just in time for the home stretch of the federal election campaign. Seventy-eight per cent of Canadians would take pension contributions over a salary hike, according to a survey released by the Healthcare of Ontario Pension Plan that also shows almost half of Canadians without a workplace pension have saved nothing for retirement. CTV's Chief Financial Commentator Pattie Lovett-Reid will address all of this.
STOCKS RISE AHEAD OF TRADE TALKS
The incessant flow of headlines surrounding China-U.S. relations ahead of tomorrow’s high-stakes talks is tilting in investors’ favour, at least for now. Bloomberg is reporting Beijing is still open to a partial deal despite the Trump administration’s recent moves to add eight tech companies to its entities list and slap visas on individuals tied to human rights violations. Should note 43 per cent of respondents to our BNNBloomberg.ca poll yesterday said they expect the two negotiating teams will just punt everything to the next round of talks after tomorrow’s meeting.
CANADIAN IPO SIGHTING
Haven’t been many lately, so it was a bit of an event for our newsroom yesterday when Toronto-based software firm Docebo made its debut on the TSX after an initial public offering led by Canaccord and TD. Shares were priced at $16.00 apiece in the IPO. And, wouldn’t you know it, they closed right at that initial pricing level. Paige Ellis is looking into how crucial it was for this IPO icebreaker to not flop in its first day of trading.
OTHER NOTABLE STORIES
-Jon Erlichman has a piece up on our site looking at how Google/Alphabet have cashed in on YouTube, 13 years after acquiring the video platform – which has become a crucial cog in the tech giant’s advertising business. Check it out on BNNBloomberg.ca here
-TD Economics today put a price on the economic impact from GM’s strike, saying in a note to clients that if the U.S. walkout continues for a “few months”, it could shave 0.4 percentage points off Canadian GDP.
-Yesterday we reported on a pair of failed pot sector deals highlighting the sector’s growing pains. Today, that’s back on our radar after The Green Organic Dutchman said it’s looking into financing alternatives after “changing market conditions” scuppered its work on commercial bank facilities.
-Just Energy, whose stock has been on a violent ride over debt concerns, late yesterday announced the sale of its U.K. operations for as much as $17 million. The company says it also identified another $20 million in cost savings.
-Shares of Lions Gate Entertainment are rising in pre-market trading amid more speculation about the future of its Starz business. This time, The Wall Street Journal says Lions Gate is considering a sale or spinoff.
-Exchange Income could be another stock to watch after the company announced a $70-million share sale at a discount to yesterday’s closing price ($37.65 vs $39.11). Proceeds are earmarked to finance a pair of acquisitions.
-PG&E is shutting off power to almost a million California customers in a pre-emptive attempt to avoid sparking wild fires “in response to a widespread, severe wind event.”
-8:30 a.m. ET: Liberal Party Leader Justin Trudeau delivers remarks and avail in Markham, Ont.
-10:00 a.m. ET: Conservative Party Leader Andrew Scheer makes announcement in Hemmingford, Ont.
-10:05 a.m. ET: NDP Leader Jagmeet Singh delivers remarks in Montreal
-2:00 p.m. ET: U.S. Federal Reserve releases minutes from last meeting
-3:00 p.m. ET: Green Party Leader Elizabeth May makes announcement on affordable housing in Montreal
-3:15 p.m. ET: U.S. President Donald Trump signs executive order on transparency in federal guidance and enforcement
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.