Now I don't mind choppin' wood, and I don't care if the money's no good,
Ya take what ya need and ya leave the rest,
But they should never have taken the very best.
- The Night They Drove Old Dixie Down, The Band
Earnings from global heavyweights such as Microsoft, GE,
Schlumberger and Honeywell continue to top expectations but Europe will not be denied: Nobody puts bébé in a corner. The IMF says it needs
more money to help backstop Europe's efforts to fix its problems while G-20 finance ministers and central bankers meeting in Washington DC have
reiterated that "the situation in Europe" remains the biggest risk to the global economy. Euro zone leaders, meanwhile, are counting on a beefier IMF
to help shore up confidence in the region's banks and bond sales. But Canadian Finance Minister Jim Flaherty says Europe's efforts to help itself have
been unsatisfactory, so thank you, but no, we won't give more to the IMF. His comments have been echoed by U.S. Treasury Secretary Tim Geithner and
Australia's Treasurer Wayne Swan. Brazil's response to IMF boss Christine Lagarde's plea for more money has been a suggestion that if Brazilians are to
provide more for the table, they deserve a seat at that table. The G-20 finance ministers and central bankers will wrap up their meetings this morning
with a final chin-wag beginning at 9:45 a.m. ET.
The next few days in politics could be very important for Canadian investors. As the geopolitical analysts at National Bank Financial point out, the
French elections could have a big impact on the region's efforts to stabilize the debt crisis: "These [economic] challenges are made all the more
daunting because of the increasing socio-political divisions within the country, which will be highlighted by the upcoming Presidential election. As a
result, it will become increasingly difficult for France to muster the political will needed to deal with its economic challenges and to obtain the
public support needed to stabilize Europe's financial situation." On Monday, Albertans go to the polls with the Conservatives facing their first major
defeat in decades.
Canadian Pacific Railway reported a short time ago, topping earnings and
revenue expectations and slashing its operating ratio to 80.1 percent from 90.6 percent a year ago. The company, battling efforts by Bill Ackman of
Pershing Square Capital to install a new CEO and board members, said it will cut its operating ratio to 70 - 70.2 percent by 2014. Paul Bagnell has the
file. BNN will sit down with Ackman on Monday at 12:30 p.m. ET.
We will focus on earnings from GE and Microsoft today.
It's Earth Day on Sunday. Hug a tree, don't pick a flower -- just leave it where it is -- read a little Thoreau, maybe some Whitman. We'll talk with
Thomas George of TD Asset Management about investing in sustainable companies at 12:50 today.
Every morning Managing Editor Marty Cej writes a "chase note" to BNN's
editorial staff listing the stories and events that will be in the spotlight
that day. Click here to have it delivered to
your inbox before the trading day begins.