Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

U.S. oil futures have pared gains after earlier rising as much as 1.8 per cent after Saudi Arabia’s energy minister said the kingdom will curb shipments by 500,000 barrels per day next month and the OPEC+ ministers emerged from a meeting in Abu Dhabi saying they “may require new strategies to balance the market.” However, a range of comments from attendees underscores the degree to which consensus at a decisive meeting in Vienna next month isn’t a foregone conclusion. “We have to wait and see how the market is unfolding,” Russia Energy Minister Alexander Novak told Bloomberg. We’ll assess OPEC+’s options and the implications for Canada’s energy sector after Western Canada Select prices drifted as low as US$16.67/barrel on Friday.

POT EARNINGS SEASON

Aurora Cannabis got it started this morning with first-quarter revenue surging 260 per cent year-over-year to $29.7 million, while profit hit $104.2 million from $3.6 million a year earlier. Other big names like Canopy Growth and Tilray are due later this week. Along the way we’ll scrutinize commentary about post-legalization supply chain woes and anything management teams have to say during conference calls about cross-industry partnerships that could be in the offing.

BREXIT CHAOS

The British pound is trading lower against every major currency amid more setbacks in the Brexit saga, with a cabinet meeting that was intended to rally support for Theresa May’s plan now apparently no longer happening today.

OTHER NOTABLE STORIES

-Bombardier and Alstom announced an agreement today to supply an additional 153 metro cars to Montreal’s transit agency. Contract is worth $448 million (in a separate release we learned the federal government is chipping in $215 million). The duo originally announced in 2010 they’d supply 468 metro cars.

-Calgary-based Mawer Investment Management has hired Scotia to assist in a review of strategic options. Mawer has $50 billion in assets under management.

-The Globe and Mail is reporting Montreal-based Lightspeed has selected banks to lead an initial public offering 

-The Globe is also reporting TD Deputy Chairman Frank McKenna and Teck Resources Chairman Dominic Barton will be named to a new federal advisory council that will help design the government’s new tourism strategy.

-SAP is buying data analytics firm Qualtrics (which was preparing for an IPO) for US$8 billion in cash.

-Democrat Adam Schiff – who will lead the U.S. House Intelligence Committee – told Axios his party will scrutinize whether U.S. President Donald Trump has attempted to “punish” Amazon and CNN.

-Alibaba’s annual Singles’ Day sales extravaganza raked in a record US$30.7 billion yesterday.

NOTABLE RELEASES/EVENTS

-Notable earnings: Aurora Cannabis, AGT Food and Ingredients, Sprott, Canaccord Genuity Group

-9:00 a.m. ET: Finance Minister Bill Morneau and International Trade Diversification Minister Jim Carr hold media call from Beijing to discuss Canada-China Economic and Financial Strategic Dialogue

-9:30 a.m. ET: Quebec Economy Minister holds news conference in Montreal to discuss the aerospace industry

-9:30 a.m. ET: Tourism Minister Mélanie Joly makes announcement on new federal tourism strategy in Niagara Falls

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.