Our Bloomberg partners’ scoop yesterday about Prime Minister Justin Trudeau tapping ex-Bank of Canada and Bank of England governor Mark Carney as an informal advisor has triggered more speculation about how this may unfold. The Globe and Mail is now reporting Trudeau “is not committed” to keeping Bill Morneau in his key role and that Carney could replace him as finance minister “if he is interested” in the job (though that would only be possible if he’s elected as an MP). The backdrop to all of this is the crafting of what’s being described as an “ambitious economic recovery plan”. We’ll explore what that could/should look like and how Carney’s expertise might help it take shape.   

STOCKS RALLY GLOBALLY

Major European indices are all up more than two per cent and U.S. futures are pointing to a strong open – even for the Nasdaq despite recent talk of a rotation away from tech. As usual, lots of catalysts – including a closely-watched German investor confidence index unexpectedly surging, and there’s also a fair bit of attention focused on U.S. President Donald Trump’s musings about easing his country’s capital gains tax, though there are questions about how he could pull that off without going through Congress.

CANADA GOOSE REVENUE PLUNGES

The parka maker’s revenue sank almost 65 per cent in its fiscal first quarter, and there’s more to come as it warned today of another “significant revenue decline” in the current quarter. The impact of COVID-19 was evident in Canada Goose’s results. In addition to a sharp drop in revenue, the company’s net and adjusted losses widened (although not to the extent predicted by analysts). As the pandemic lingers, Canada Goose says it’s going to concentrate on new store openings in Mainland China where it says “the recovery of traffic remains ahead of other markets.” I’ve seen the shares down more than seven per cent in pre-market trading.

REBOOTING AEROPLAN

Air Canada announced today the revamped Aeroplan will launch on Nov. 8, almost two years to the day since it struck a deal with AImia to acquire the loyalty program. We’ll go through the details, including all seats being eligible for purchase using points and plenty of perks for the holders of co-branded credit cards issued by TD, CIBC and American Express.

THE FUTURE OF LIVE MUSIC

We’re catching up this afternoon with Music Canada interim CEO Patrick Rogers, who is pleading for “government action” as COVID-19 ravages the live music industry. His organization released a survey yesterday showing more than half of respondents who describe themselves as regular concert-goers plan to wait at least six months after restrictions are lifted before returning to a venue. Eventually, this becomes a conversation about how much our society values art, and what it’s prepared to do to ensure performers – and their entire ecosystem – survive the pandemic.  

OTHER NOTABLE STORIES

-A survey of 699 global CEOs by PwC shows 58 per cent of those top decision makers say supply-chain safety will be a priority on the other side of the pandemic, and 39 per cent predict a permanent shift to onshoring.

-RioCan announced a couple of joint-ventures today: it sold a 50 per cent stake in a Toronto mixed-use property to an affiliate of a UAE-based real estate conglomerate for $28.8 million. The REIT also disclosed the sale of a 50 per cent stake in an Ottawa residential rental property for $3.8 million.

-Similar to Canopy Growth yesterday, Tilray's medical cannabis business was the main driver in the latest quarter as revenue jumped year-over-year. And unlike Canopy, Tilray managed to grow its revenue from recreational pot compared to a year earlier (the sequential numbers tell a different story, however). Nonetheless, its shares are slipping in pre-market trading as total revenue fell shy of the average analyst estimate and its net loss widened, in part due to US$28 million in impairments. 

-Nutrien is trimming the top-end of its full-year profit forecast while reporting lower second-quarter sales and profit. The company’s potash business looked especially weak, with sales down 31 per cent year-over-year.

NOTABLE RELEASES/EVENTS

-Notable earnings: Canada Goose, Hydro One, Dream Unlimited, Hudbay Minerals, High Liner Foods 

-1:00 p.m. ET: Canada Revenue Agency holds technical briefing on changes to Canada Emergency Wage Subsidy

-2:00 p.m. ET: Clerk of the Privy Council Ian Shugart, Youth Minister Bardish Chagger and Employment Minister Carla Qualtrough speak at House Ethics Committee hearing “Study to review the safeguards in place to prevents conflicts of interest in federal government expenditure policies”  

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.