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Noah Zivitz

Managing Editor, BNN Bloomberg

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The S&P TSX Composite Index notched another set of record closing and intraday highs yesterday, with heavyweights like CN Rail and Royal Bank leading the way as Bay Street once again defied trade fears. After three record closes this week alone we’ll take a closer look at the drivers and get our guests’ insight on how much higher the TSX can rise so long as the threat of auto tariffs hangs over the economy.

COMMERCE CALLS AUTO IMPORT HEARING

With that fear of tariffs keeping Canada on edge, the U.S. Commerce Department has called a public hearing as it pursues its investigation of automotive imports as a threat to national security. The session will be held in Washington next Thursday, with Canadian Ambassador David MacNaughton among the speakers.

HYDRO ONE: NOW WHAT?

What’s next after Doug Ford got his way? Yesterday we focused on the challenge of finding top-tier replacements for the board and CEO. Today I’d like to hear a little more about the outlook for the company’s $6.7-billion takeover of Avista. All that company told us yesterday is that it wishes Mayo Schmidt well and that it’s “monitoring developments”. Now, Hydro One says it remains committed to the deal. We’re also chasing someone who can provide a reality check on how hydro rates are established

TRUMP’S BREXIT WARNING

U.S. President Donald Trump is causing waves in the U.K., telling The Sun that Prime Minister Theresa May’s Brexit strategy “will probably kill” any chance of a U.S.-U.K. trade deal. He appeared to walk back the rhetoric in his prepared remarks alongside May at a joint news conference this morning, saying whatever the U.K. does with Brexit “is okay with me.”

AVOIDING COMMON MONEY MISTAKES

After a week that started with a warning about Canadians teetering on the edge of bankruptcy and then a midweek-boost to the cost of living, CTV's Chief Financial Commentator Pattie Lovett-Reid will have some practical advice today about how to avoid common money mistakes. Watch for her tips this morning, or any time on BNNBloomberg.ca.

INSIDE THE CRYPTO CRIB

We recently caught up with Anthony Di Iorio for an inside look at his crypto crib atop the St. Regis in downtown Toronto. Watch for Greg Bonnell’s show and tell on The Real Economy this afternoon.

OTHER NOTABLE STORIES

-Shares of Newton Glassman’s Callidus Capital plunged in early trading after the company said it has eliminated its dividend

-Documents obtained by The Canadian Press show the federal government spent $24,000 on a “rigorous” process that saw the “Invest in Canada Hub” renamed to “Invest in Canada”. See the full story on BNNBloomberg.ca

-Aecon Group announced late yesterday it has been awarded a $248-million contract for work on Toronto’s Gardiner Expressway

-Johnson & Johnson is vowing to pursue “all available appellate remedies” after it was ordered by St. Louis jury to pay US$4.69B in damages to 22 women who claimed their ovarian cancer was caused by asbestos in -J&J’s baby powder.

-The U.S. Department of Justice isn’t giving up its fight over AT&T’s takeover of Time Warner, announcing yesterday afternoon it will seek to appeal a district judge’s decision last month that allowed the deal to go ahead.  

-U.S. Commerce Secretary Wilbur Ross said last night he’s going to sell all his equity investments after admitting he made “inadvertent errors” fulfilling his ethics agreement after taking office.

NOTABLE RELEASES/EVENTS

-Notable earnings: JPMorgan Chase & Co., Citigroup, Wells Fargo

-Notable data: University of Michigan consumer sentiment index

-8:45 a.m. ET: U.S. President Donald Trump holds joint news conference with U.K. Prime Minister Theresa May

-9:15 a.m. ET: Supreme Court of Canada briefing on decision in Philip Morris International’s battle with B.C. over access to health records  

-12:00 p.m. ET: Queen Elizabeth II holds official greeting ceremony for Trump

Every morning BNN'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