With another downgrade in the bag and unemployment reaching 24.4 percent, I'll wrap up the situation in Spain using the words of the country's
foreign minister: "The figures are terrible for everyone and terrible for the government….Spain is in a crisis of huge proportions." Only
yesterday, its economy minister said Spain doesn't need a bailout. Time to stress test that declaration.
Our downgrade file also includes Ontario after Moody's lowered its rating on the province to Aa2 from Aa1, citing significant risks on the road
to achieving the Liberal Party's targets. Ontario's Finance Department is spinning the recent action by credit rating agencies by saying this is a call
for the province's minority legislature to work together. Sure. Let's advance the discussion about provincial debt sustainability. We're in touch with
Don Drummond to find out what he has to say. At least Ontario can still look down the ratings scale at Spain.
The Bank of Japan is priming the pump with a net addition of 5-trillion yen to its asset purchase program. Scroll deep down the Bank's
statement, and we see it expects inflation will be on target soon enough. In other words, enjoy the extra stimulus while you can. There's room for
another conversation about the tools central bankers have on hand.
I'd like this to be the day we establish what's at stake for Canada, businesses and investors in Maple Group's plan to buy TMX Group. Maple
galloped onto the scene last May, wrapped tightly in the Canadian flag. Its mission was to save TMX from the LSE Group. Nearly 12 months later, Xavier
Rolet's LSE is out of the picture, but the regulatory approval process for Maple drags on (and on, and on). TMX and Maple face a Monday deadline to
extend the agreement. Will either side blink? How would it reflect on Maple's members if they walk after preaching the deal's importance for Canada?
What are the scenarios investors should be bracing for?
A union representing 5,000 CP Rail workers has been handed an overwhelming strike mandate. Phew, we almost made it through a day without CP
news. The question: What Would Hunter Do?
Earnings on our radar include TransCanada, Ford, Merck, Chevron, Procter & Gamble, IMAX and Newmont Mining.
We're also waiting for U.S. GDP at 8:30 a.m. ET and comments from Mark Carney at 8:25.
Cabinet ministers are fanning out across the country today to sell Canadians on the merits of a trade pact with the EU. Trade Minister Ed Fast does the
heavy lifting during a speech in Ottawa at 7:45. Today's as good a day as any to assess the value of deeper economic ties with the EU when we're
confronted with debt crisis headlines on a daily basis.
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. In Marty's absence today's note was written by
BNN's assignment editor Noah Zivitz.