With global deaths due to COVID-19 topping one million, Canadian businesses and policy makers are having to face the prospect of a second lockdown as tighter restrictions loom. Quebec has announced that it will be reinstating bans on private gatherings and eat-in dining in bars and restaurants as it declares a red alert in its two largest cities. Meantime, Ontario is mulling a similar move, with the provincial government saying it's ready to move back to Stage 2 if needed as it faces what Premier Doug Ford has referred to as a “tsunami” of cases. We’ll discuss what this all means for businesses already struggling to make ends meet, and governments which are already running full tilt on aid.
TALLYING THE COST OF CANADA'S MAMMOTH AID PLAN
With the pandemic showing no signs of slowing and government aid plans being locked in for the long haul, we’ll get a better idea of how much this is all going to cost the taxpayer this morning. At 9:00 a.m. ET the Parliamentary Budget Officer will be releasing its latest “Economic and Fiscal Outlook” report. We’ll hear from PBO Yves Giroux at 10:00 a.m. ET.
FORK IN THE ROAD FOR U.S. STIMULUS PACKAGE
Investors will be monitoring developments out of Washington this morning, as a call between House Democratic Leader Nancy Pelosi and the U.S. Treasury Secretary will decide what’s next for the Democrats’ US$2.2 trillion stimulus proposal. If a deal is not quickly sealed, the House will likely move to pass the proposal and then leave Washington to focus on pre-election campaigning. The Bill would be unlikely to advance in the senate barring a change in the Trump Administration’s position, potentially making today’s talks make or break for a the hopes of fresh stimulus before the election.
TRUMP AND BIDEN SET TO FACE OFF IN FIRST PRESIDENTIAL DEBATE
Incumbent Donald Trump and challenger Joe Biden are preparing for the first debate of the presidential campaign, which will take place tonight at 9:00 p.m. ET in Cleveland. Expect the bombshell reporting from the New York Times on Trump’s tax returns and financial situation to take centre stage, along with other issues such as the on-going pandemic and the fight over the vacant seat on the Supreme Court.
COVID-19 IMPACT ON THE FERTILIZER SECTOR IN FOCUS
Canadian fertilizer giant Nutrien was aiming for a bounce-back year after facing challenges in 2019, but COVID-19 and the resulting economic slowdown have dented those hopes. Last month’s earnings release saw the firm trim its full-year profit forecast as potash sales slumped. We’ll get the view from the company’s CEO Chuck Magro at 11:30 a.m. ET and discuss how the firm plans to navigate the pandemic headwinds.
BLUE JAYS CEO ON PLAYOFF BASEBALL AMID THE PANDEMIC
It’s been an odd season for the Toronto Blue Jays, having made it to the playoffs without throwing a single pitch at their home field of the Rogers Centre. We’ll hear from team President and CEO Mark Shapiro at 8:40 a.m. ET as the Jays prepare to take on the Tampa Bay Rays in a three-game wild-card series.
OTHER NOTABLE STORIES
-GMP Securities has struck a deal with dissident shareholders to push through its acquisition of Richardson GMP. The firm has agreed to forgo a $0.15 special dividend payment and instead engaging in a $40 million buyback
-Reference price will be set for Peter Thiel-backed data mining firm Palantir ahead of its direct listing Wednesday. It could have a market cap of US$20 billion when it begins trading
-Human resources firm Morneau Shepell has released a new report suggesting a rise employers preparing to freeze salaries in 2021, jumping from two per cent to 13 per cent versus the same time last year.
-Tampa Bay Lighting shutout the Dallas Stars to win the Stanley Cup for the second time in franchise history.
NOTABLE RELEASES/EVENTS
-Notable data: Canadian industrial product and raw material price indices
-Notable earnings: Micron Technology after the closing bell
-9:00 a.m. ET - PBO to release report “Economic and Fiscal Outlook- September 2020” and another report on CECRA
-10:30 a.m. ET- Government of Canada officials will hold a technical briefing to provide an overview on the authorization of coronavirus testing applications and devices (COVID-19)
-1:00 p.m. ET – Ontario COVID-19 update with Premier Doug Ford
-Donald Trump, Joe Biden scheduled to meet in first presidential debate (2100)
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. Today's note was written by producer Franklin Cameron. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.
Advertisement