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Noah Zivitz

Managing Editor, BNN Bloomberg

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U.S. futures are pointing to more gains at the start of trading this morning after yesterday’s broad-based rally propelled the S&P 500 to its biggest single-day gain since March and lifted the S&P/TSX Composite Index to within two points of a record close. West Texas Intermediate crude rose to a fresh seven-year high this morning; if you missed it, be sure to check out Jon’s chat with National Bank’s chief strategist, who’s pounding the table for Canadian stocks and decrying the major institutional money that’s given up on our energy sector.

U.S. BITCOIN ETF DRAWS NEAR

We all know this country has been the trailblazer in launching crypto ETFs; finally, it seems the United States is about to catch up. Our Bloomberg News partners are reporting the U.S. Securities and Exchange Commission is set to allow futures-based Bitcoin exchange-traded funds from ProShares and Invesco to start trading next week. The world’s best known cryptocurrency was up as much as 4.4 per cent in early activity this morning, putting it on the brink of hitting US$60,000 for the first time since April.

SOOTHING WORDS ON EVERGRANDE

A senior official with the People’s Bank of China took jabs at China Evergrande Group this morning for “failing to manage its business well” and implied the debt-saddled developer’s woes can be ring-fenced.

BRACING FOR HOUSING’S ‘UNUSUALLY BUSY WINTER’

Royal LePage today stuck with its previous call for a 16 per cent surge in this country’s aggregate home price this year (to $771,500) while saying a flood of demand for condos will narrow the price gap with detached homes. “During the third quarter, the torrid pace of home price appreciation moderated as both demand and inventory waned, a typical summer market trend in a very atypical year … We expect another unusually busy winter season building to a brisk 2022 spring market,” said CEO Phil Soper in a release.

ALPHONSO DAVIES’ STAR POWER

Is there a better story in Canadian athletics than the refugee who embraced his adopted home nation while asserting himself as a dominant international footballer and this week chased down an absolutely incredible goal to help keep this country’s World Cup hopes alive … and then mingled with Drake? We’re doing some digging on the power and value of Davies’ brand. Watch for it at BNNBloomberg.ca in the days ahead.

OTHER NOTABLE STORIES

  • The Biden administration today released a whole-of-government report on its strategy for mitigating financial risk from climate change. In a statement, the American president said competitiveness and life savings could be jeopardized if financial institutions fail to recognize the risks.
  • Propel Holdings has finalized its plan to go public on the Toronto Stock Exchange. The Toronto-based fintech priced shares at the high end of its target range ($9.75 apiece), for proceeds of almost $61 million. Propel caters its lending services to what it describes as “over 60 million underserved U.S. consumers.” 
  • At a time of heightened awareness about the world’s ports, we’ll flag here that the Tsawwassen First Nation announced late yesterday that it has signed a formal agreement with the Vancouver Fraser Port Authority to shape their long-term partnership. Chief Ken Baird said the pact “is all part of truth an reconciliation.”
  • The Wall Street Journal is reporting Jana Partners has taken a stake in Macy’s and is pushing the department store operator to spin off its online business. Despite the prospect of activism, Macy’s shares are flat in pre-market trading.
  • Johnson & Johnson announced that it’s shifting the mountain of liabilities it faces tied to talc litigation into a new entity that immediately filed for Chapter 11 bankruptcy protection.
  • Turquoise Hill Resources lost almost 1/5 of its value in early trading this morning after the company announced setbacks at its Oyu Tolgoi mine resulting in some deferrals to “beyond 2024.” 

NOTABLE RELEASES/EVENTS

  • Notable data: Canadian wholesale trade and existing home sales, U.S. retail sales and University of Michigan consumer sentiment index
  • Notable earnings: Goldman Sachs
  • 11:00: Ontario Premier Doug Premier Ford, Deputy Premier and Health Minister Christine Elliott, Digital Government Associate Minister Kaleed Rasheed, Chief Medical Officer of Health Dr. Kieran Moore provide update on province’s enhanced COVID-19 vaccine certificate and verification app