Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

BNN Bloomberg’s David George-Cosh has obtained CannTrust documents and spoken with multiple sources directly familiar with the matter who say black market cannabis seeds entered the company’s Pelham, Ont. facility last year, leading to some illicitly-grown pot eventually being packaged for sale in the legal market. A CannTrust spokesperson told us “to the best of [the company’s] knowledge” no such incident occurred. You can find the story with many more details, including perspective from Health Canada, at BNNBloomberg.ca. Should also point out that we’ve confirmed with CannTrust that none of the staff affected by the company’s just-announced 20 per cent workforce reduction were let go with cause.  

CANADIAN JOBS BLOWOUT

Just like last week's GDP report, the headline on today's main economic data looks like a barnburner. 81,100 jobs added in Canada last month. The estimate was for 20,000. Dig below the surface, and we see the headline was driven by part-time growth (+57,200). The vast majority of the new jobs were in services industry, and all were in the private sector, and the employment gains were largely concentrated in Ontario and Quebec. If  If there's another fly in the ointment, check out the deceleration in hourly wage growth (+3.8 per cent from 4.5 per cent in July). We'll have plenty of analysis throughout the day. Meanwhile, U.S. job growth was closer to the estimate for August as non-farm payrolls rose by 130,000 (vs 160,000 estimate).

LULU IMPRESSES

22 per cent overall revenue gain in the second quarter as direct-to-consumer sales surged and traditional same-store sales also notched a double-digit gain. The company also raised its full-year profit forecast. Add it all up, and Lulu shares are up ~five per cent in pre-market trading. We’ll assess what Lulu’s doing to buck the generally weak industry trends.

BIANCA!

Remarkable run by Thornhill, Ont.’s Bianca Andreescu at the U.S. Open, where she’ll meet Serena Williams in the final tomorrow afternoon. It’s outside our wheelhouse (though one can only imagine the sponsorship potential), but it’s definitely on our radar.

OTHER NOTABLE STORIES

-The Globe and Mail is reporting it was CK Infrastructure (part of Li-Ka Shing’s empire) that recently presented a $30/share takeover approach to Inter Pipeline. According to The Globe, the offer was rebuffed in part due to political risk. 

-Enbridge is defending its controversial Mainline open season plan (wherein shippers are being asked to commit to long-term contracts). In a statement last evening, Enbridge said its strategy is “entirely appropriate.”

-Home sales in Montreal jumped 10% last month. The local real estate board said it was record sales activity for the month as 3,527 properties traded hands.

-As anticipated, China’s central bank is cutting reserve ratio requirements for the country’s banking industry.

-WestJet has confirmed it will remove its 737 Max aircraft from its winter schedule through January 5, 2020. A spokesperson told us the changes will be live on the airline’s website on Sept. 8.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian labour force survey, U.S. non-farm payrolls

-11:30 a.m. ET: Conservative Party Leader Andrew Scheer addresses Montreal Chamber of Commerce

-12:30 p.m. ET: U.S. Federal Reserve Chair Jerome Powell in discussion with Swiss National Bank Chairman Thomas Jordan at University of Zurich

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.