First Look With Surveillance: AOC's Dress, California's Recall
Buy Canada. That's the message from Montreal-based investment manager Letko, Brosseau & Associates Inc., and it's aimed at this country's pension funds amid data showing a collapse in Canadian publicly-traded holdings as a proportion of their assets. Letko Brosseau's president said in a release that the trend "should be a major policy concern for Canadians and our leaders". We explored this with Letko Brosseau Senior Vice-President Peter Letko this morning. If you missed it, check it out at BNNBloomberg.ca.
IN CONVERSATION WITH STEPHEN POLOZ
Promotes itself. The former Bank of Canada governor joins us at 1 p.m. to share his perspective on the state of the economy.
U.S. futures moved higher at 8:30 a.m. after the U.S. consumer price index landed exactly as expected with a 5.3 per cent year-over-year increase for August, which represents a slight moderation from July’s rate of inflation. As for the perceived safe haven and inflation hedge: gold is hovering below US$1,800 per ounce; we’re looking forward to getting perspective from the top of the industry when Barrick Gold CEO Mark Bristow joins Bloomberg Markets shortly after 1:30pm. In the energy market, West Texas Intermediate crude oil inched above US$71 per barrel overnight as tropical storm Nicholas threatens the same coastal energy hub that’s still recovering from Ida. We’ll also note here that the International Energy Agency today nudged down its global oil demand growth forecast this year.
FEDS LAMBASTED BY BIOTECH CEO
The CEO of Providence Therapeutics did not mince words when we caught up with him yesterday shortly after the Calgary-based company announced a licensing and joint venture arrangement in China that could deliver up to US$500 million. “The Canadian government has been abysmal on this file. They’ve done the absolute minimum possible to support Providence and other Canadian biotech,” Dan Sorenson said about the lack of support for made-in-Canada COVID-19 vaccines. He went on to tout the fact Providence now has US$100 million courtesy of its China backer that will help it prepare to produce its vaccine candidate (which is currently in Phase 2 trials). We’ll aim for a follow-up conversation on The Close.
Yesterday it was Jameson Berkow who made his on-camera return to BNN Bloomberg. Today, it’s Paige Ellis who’s back in our ranks. We couldn’t be happier to have them back.
OTHER NOTABLE STORIES
- More evidence this morning of the challenges employers are facing in attracting talent. The latest Manpower Employment Outlook Survey shows 59 per cent of employers said they’re having difficulty filling jobs, prompting them to offer a range of incentives (most notably with 41 per cent of respondents saying they’re allowing more flexible work schedules).
- Apple rushed out an emergency software patch late yesterday after a vulnerability in its messaging app was exposed by the University of Toronto’s Citizen Lab on the eve of today’s product launch event.
- Magna International’s US$3.8-billion acquisition of Veoneer is at risk after the Stockholm-based automotive technology company confirmed late yesterday that Qualcomm has presented a competing takeover proposal at US$37 per share (compared to Magna’s $31.25).
- Cascades will be on our radar today after the Quebec-based paper and containerboard maker warned of additional downtime this quarter that will result in a profit hit of as much as $13 million.
- CI Financial announced yet another U.S. expansion this morning, with the acquisition of Silocon Valley wealth management firm Portola Partners, which has US$5.2 billion in assets.
- Notable data: Canadian manufacturing sales, U.S. CPI
- 830: NDP Leader Jagmeet Singh makes announcement in Toronto (plus avail)
- 10:00: Ontario Superior Court resumes hearing Cineworld-Cineplex case
- 10:15: Green Party Leader Annamie Paul holds news conference in Charlottetown
- 11:00: Liberal Party Leader Justin Trudeau makes announcement in Richmond, B.C. (plus avail)
- 11:00: Conservative Party Leader Erin O’Toole makes announcement in Russell, Ont. (plus avail)
- 13:00: Apple product launch event
- 13:00: Ontario Deputy Premier and Health Minister Christine Elliott, Digital Government Associate Minister Kaleed Rasheed, Chief Medical Officer of Health Dr. Kieran Moore make announcement in Toronto (plus avail)