As economic growth in Canada begins to slow, the same can be said for our benchmark stock index. The TSX posted its first monthly decline since March in September, falling 2.4 per cent with energy leading the way lower. However, it still managed a gain on the quarter, with industrials, utilities and materials pushing the index to a nearly four-per-cent gain in Q3. Health care and energy were the biggest drags on the TSX, amid oil weakness and a general downturn in the cannabis industry. We’ll gather perspective today on the expected path for the TSX through the rest of 2020 and the moves investors should be making right now.

TRUDEAU TO UNVEIL INFRASTRUCTURE BANK'S FUTURE

Launched with much fanfare in 2017, Canada’s Infrastructure Bank has been criticized by opposition parties for its lack of investments, having only backed nine projects. That could all change today as the prime minister is expected to unveil a massive spending plan for the bank, including billions aimed at projects intended to create jobs and help in the fight against climate change. Early reports suggest that while no specific investments will be named in today’s announcement, it will lay out areas targeted for spending, including agriculture and rural broadband.  We’ll watch for details from the announcement, and for any signs that Canada’s ailing energy sector might get a slice of the pie.

TORONTO RATED NORTH AMERICA'S ONLY MAJOR CITY AT RISK OF A PROPERTY BUBBLE

A real estate report from UBS lists Toronto as the only major city in North America which it deems as a bubble risk. Canada’s largest city placed third on the list, behind Munich and Frankfurt, but ahead of Hong Kong and Paris. Vancouver meantime slipped out of bubble territory but still remains overvalued in the view of UBS, sitting one place ahead of London. We’ll have a look at the major risks to Canada’s overheated markets today, and discuss why the pandemic hasn’t been enough to pop the bubble yet.

THOUSANDS OF LAYOFFS ANNOUNCED GLOBALLY 

The past 24 hours has seen thousands of layoffs announced by firms globally. This morning airlines United and American cut 32,000 jobs combined as U.S. payroll support for the sector expired. Meantime Goldman Sachs announced it was resuming cuts, slashing 400 positions. That comes on the heels of huge cuts at firms like Disney, Shell and tire giant Continental. Retailer H&M meantime has announced plans to cut 250 stores worldwide. We’ll focus on what a wave of cuts may look like for Canada and whether the economy and government are prepared to handle it.

STIMULUS AGREMENT STILL PROVES ELUSIVE IN WASHINGTON

Congress has delayed a vote on the Democrats’ $2.2 trillion stimulus bill as U.S. House Leader Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to try to hammer out an agreement. Both sides are beginning to sound more optimistic and there are hopes that a deal can be still be reached. Meantime President Trump has signed a bill to keep the government running until December, averting another shutdown as funding briefly lapsed overnight. We’ll be tracking developments on this story and the subsequent market reaction.

OTHER NOTABLE STORIES

-Bill C-4, which offers new aid and benefits for Canadians impacted by the pandemic, has hit a roadblock as the Senate declined to fast track the legislation. It will now be considered on Friday assuming there are no further delays

-Air Canada says it is finalizing an order for Abbot rapid COVID testing kits

-ATCO has acquired the Pioneer Pipeline from Tidewater Midstream and TransAlta for$225 Million

- Canada has extended its border restrictions on non-U.S. travel until at least October 30. Current restrictions on land-border crossings with the United States are in place until October 21

- National Post newsroom employees have applied to Unifor to unionize

- Charles Schwab says that the Fed has approved TD Bank taking a minority stake in the firm, as part of Schwab’s deal for TD Ameritrade

-Tokyo Stock Exchange halted trading until Friday after being hit by a system issue. It’s the largest outage ever for the world’s third largest equity market.

-The EU has begun legal action against the U.K. after it approved a controversial Brexit bill which Boris Johnson’s government admitted may breach international law

-Microsoft is working to fix a glitch with its Outlook email program, which caused major outages globally

-The Toronto Blue Jays lost to the Tampa Bay Rays, ending their playoff run

NOTABLE RELEASES/EVENTS

-Notable data: Canadian building permits, U.S. initial jobless claims, U.S. personal income and spending, ISM U.S. manufacturing index

-Notable earnings: Constellation Brands, PepsiCo, Bed Bath & Beyond

-10:00 a.m. ET - Union leaders from Unifor, the Air Canada Pilots Association (ACPA), and Air Line Pilots Association Canada (ALPA Canada) to make an announcement.

-10:45 a.m. ET – House Leader Nancy Pelosi to hold weekly press conference

-11:00 a.m. ET- PM to make announcement on infrastructure investing with Infrastructure Minister Catherine McKenna and Canada Infrastructure Bank CEO Michael Sabia

-1:00 p.m. ET – Ontario Premier Doug Ford to make announcement, provide Covid-19 update

-1:00 p.m. ET - B.C. Supreme Court hears judicial review of the Wet'suwet'en challenge to an extension of Coastal GasLink's permits by the Environmental Assessment Office of B.C.

-Bank of Canada concludes public consultation on inflation targeting

-Meng Wanzhou extradition hearings continue in Vancouver

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.