The Big Three: TSX hits record close; Freeland in D.C.; Trump signs Hong Kong bill
The TSX closed at an all-time high yesterday, making it three straight record-breaking sessions on Bay Street as names like Shopify and Alimentation Couche-Tard offset the drag from heavyweights like Bank of Nova Scotia and TMX Group. We’ll gauge the outlook and put the full spotlight on Canadian stocks today as U.S. markets go dark for Thanksgiving.
NEXT STEPS FOR NAFTA
Deputy Prime Minister Chrystia Freeland emerged from a meeting with her NAFTA counterparts saying all the right things, calling it a “good trilateral meeting” and touting the need to get the deal “across the finish line,” while praising the work done by her American counterparts in the midst of their holiday season. So what next? Mexico Foreign Minister Jesus Seade is heading to Ottawa tomorrow for discussions with Freeland.
IN CONVERSATION WITH HEATHER REISMAN
Few, if any, Canadian retailers have borne the brunt of Amazon’s meteoric rise like Indigo Books & Music. Today, we go in-depth with the book seller’s CEO, Heather Reisman, to find out what it’s like attempting to defend your turf when you’re matched up against an e-commerce titan that’s led by the world’s richest person (with Bloomberg pegging Jeff Bezos’s wealth at US$113.2 billion). Watch for it in Bloomberg Markets.
OTHER NOTABLE STORIES
-Back to the aforementioned TMX Group. It was the top percentage laggard on the TSX yesterday after its board said it was looking into years-old allegations of misconduct by its CEO when he was employed by Bloomberg LP (whose media division is a partner of ours). Nothing has been proven and Eccleston is supporting the board’s review. But yesterday’s market activity demonstrates the degree to which investors have bought into his vision for the TSX’s parent.
-China’s foreign ministry says U.S. President Donald Trump’s decision to sign legislation in support of Hong Kong protestors could imperil “cooperation in important areas.” While there’s a fear this could jeopardize progress on China-U.S. trade talks, Trump said he signed the bills “out of respect” for China President Xi Jinping and the people of Hong Kong.
-Notable data: Canadian current account balance
-9:30 a.m. ET: Prime Minister Justin Trudeau meets with Nunavut Premier Joe Savikataaq in Ottawa
-10:00 a.m. ET: Conservative Party of Canada Leader Andrew Scheer holds news conference in Ottawa to announce leadership team
-11:00 a.m. ET: Federal officials hold technical briefing in Ottawa on Parliament resuming next week
-11:30 a.m. ET: NDP Leader Jagmeet Singh announces shadow cabinet in Ottawa
-1:00 p.m. ET: Canopy Growth management holds showcase of Cannabis 2.0 products in Toronto
-2:30 p.m. ET: Trudeau participates in roundtable with Federation of Canadian Municipalities leaders in Ottawa
-3:45 p.m. ET: Ontario Premier Doug Ford, Newfoundland and Labrador Premier Dwight Ball holds media avail in Toronto
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.