Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

The TSX Composite Index heads into today’s trading session riding a six-day losing streak. At one point yesterday, Canadian stocks were down as much as 1.7 per cent before retracing much of that ground to end the day with a 0.75 per cent loss in the aftermath of China-U.S. fireworks. We’ll dig into the movers and gather guest perspective on the outlook for Bay Street.

TRADE FEUD FALLOUT

Our audience spoke up in big way yesterday, with 38 per cent of respondents to the daily BNNBloomberg.ca poll saying Canada’s economy has more to lose in the China-U.S. standoff that either of those two economies. Meanwhile, we’re seeing another race to the bottom at central banks: The Reserve Bank of New Zealand slashed its benchmark rate by half a percentage point, while citing the weakening global economy and declining international trade. India and Thailand also cut rates overnight.

ACETO WARNED CANNTRUST CHAIR

BNN Bloomberg has obtained a letter sent by ex-CannTrust CEO Peter Aceto to then-chairman Eric Paul at the end of last year (before they were fired and forced out, respectively), in which the former CEO warned about the pot producer’s governance practices, and said he “feared” his performance would suffer as a result. No direct mention of the unlicensed production scandal in the letter, and a spokesperson for CannTrust says the letter was not shared at the time with the company’s board.

IN CONVERSATION WITH DAN DAVIAU

We’ll go in-depth with Cannacord Genuity’s CEO today. Mood of the markets, state of the cannabis industry and his company’s latest earnings will be on the agenda when Dan Daviau joins Jon Erlichman at 9:30 a.m. ET. And we’ll branch out the conversation with our Bloomberg TV partners in New York in Bloomberg Markets.

OTHER NOTABLE STORIES

-Home Capital Group has taken another big step is undoing the taint of its brush with collapse. Adjusted profit at the alternative lender surged 57 per cent in the second quarter, outpacing estimates in the process, amid an uptick in mortgage originations. Jon Erlichman's recent piece on Home Capital’s comeback is as relevant as ever, and we look forward to shareholder perspective from David Taylor on The Open.

-SNC-Lavalin today confirmed it will proceed with the sale of a 10.01 per cent stake in the Highway 407 toll road to the Canada Pension Plan Investment Board. Deal is expected to close this month, and gross proceeds could reach $3.25 billion. Recall that the sale had previously been challenged by Cintra, which is part of the 407 ownership consortium.

-Beyond Meat has another fast-food partner. This time it’s Subway that today announced a partnership to test exclusive protein options. As of September, 685 restaurants in Canada and the U.S. will do a trial run for the Beyond Meatball Marinara sub.

-Shares of The Walt Disney Co. are slipping after the company fell short of profit and revenue expectations in its fiscal third quarter, with plenty of blame to go around – including Fox assets it acquired and a new Star Wars theme park attraction.

NOTABLE RELEASES/EVENTS

-Notable earnings: Home Capital Group, TMX Group, Manulife Financial, Franco-Nevada, Finning International, Linamar, Iamgold, High Liner Foods, Stantec, Stella-Jones, Lightspeed, Lyft, The New York Times Co.

-4:00 p.m. ET: Samsung holds Galaxy Unpacked event at Barclays Centre in Brooklyn

-Alcohol and Gaming Commission of Ontario starts accepting applications for next round of cannabis retail licences

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.