After a two-month hiring spree in which Canada added 140,500 jobs, this morning we find out if employers lost their mojo after new kindling was added to
Europe’s debt crisis last month. Ahead of the numbers, it’s worth reminding viewers about this week’s CFIB barometer that showed confidence among this
country’s small businesses sank to the lowest level since November in May. Connecting the dots between what’s happening in Europe and our home turf is our
top story this morning.
And that job begins with reports indicating Spain could make a formal request for aid to help recapitalize its banks tomorrow during a
conference call with euro zone finance ministers. The speculation comes a day after Fitch slashed Spain’s credit rating three notches, saying the banks
could need as much as 100 billion euros. We need some informed perspectives on what to expect from two pending reports on Spain’s banking sector, how much
it will cost to stabilize the banks and who picks up the tab.
The price of oil has dipped nearly three per cent this morning, sending crude close to $82 US per barrel in New York. It wouldn’t hurt to
establish expectations for this month’s OPEC meeting, and implications for development in the oil sands as prices retreat.
Items of note later today include TMX Group CEO Tom Kloet’s presentation at the Sandler O’Neill exchange conference at 1030 a.m. ET, and we’ll track Jim
Flaherty’s comments in Quebec City at 1 p.m. ET.
It's time to get cracking on a Quebec Inc. segment. The Caisse de Depot continues putting its money where its mouth is, making Genivar the latest Quebec-based company to tap the pension fund's financial firepower to expand its footprint beyond the province. This
comes on the heels of moves by CGI and Laurentian Bank that got a lift from the Caisse. I'd like to see some sturdy analysis of where the Caisse is putting
its money, and what kind of returns it’s seeing by championing Quebec enterprise. We hope to speak with Genivar’s CEO this afternoon.
Over the next 72 hours we might get a better idea of why the PBOC saw fit to cut interest rates yesterday. Chinese CPI and PPI are
expected late tonight, Sunday brings retail sales, industrial production and the trade balance.
And arguably the best soccer tournament in the world begins today, as the Euro Cup gets underway. As always, there’s a Group of Death; and more than a few
wiseacres have tabbed group C the Group of Debt. Nothing like a few weeks of top-notch athleticism to distract citizens from debt struggles and restore
some national pride.
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.