Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

To say today’s an important day for Bombardier would be an understatement. Two crucial decisions anticipated.

The U.S. Commerce Department is expected to release its preliminary decision in Boeing’s fight over CSeries jets allegedly being dumped into the U.S. at “absurdly low prices.” The biggest issue to explore is the effect a ruling in Boeing’s favour would have on prospective Bombardier customers.

And multiple reports are suggesting Siemens and Alstom are close to finalizing their rail joint venture, which would leave Bombardier without a dance partner (for now at least) as the industry consolidates in an attempt to fend off competition from China.

TRUDEAU LEAVES DOOR OPEN TO TAX TWEAK

I’m not sure this got enough notice yesterday, so worth drawing attention back to the Prime Minister’s remarks to reporters about the government’s plan to tighten tax rules for private corporations. “We’ve heard the questions and the concerns,” he said, in reference to feedback from the tech and venture capital community. “We are now looking at ways to make sure ... [changes to the tax code] do not stifle investment and growth, particularly when it comes to startups and small businesses.”

Interesting to also frame that against Jack Ma’s effusive praise for the PM yesterday. “Every time [we meet], he talks about Canadian products, Canadian small businesses,” Ma told us. “He really cares a lot about small business.” We’ll take all of this into consideration as we approach the end of the consultation period on Oct. 2.

TRUMP TWEETS ON PUERTO RICO AMID SILENCE ON NORTH KOREA

Global indices are stable after North Korea’s foreign minister said the U.S. had declared war on his country. U.S. President Donald Trump still hasn’t responded to the allegation, though he did take to Twitter last night on Puerto Rico, saying the island is in “deep trouble” after Hurricane Maria – while pointing out it has “billions of dollars owed to Wall Street and the banks which, sadly, must be dealt with.”

REPORTS SAY UBER MAY BE LEAVING QUEBEC 

Uber's tussles with various levels of government could be back at the fore today. There are reports the ride-hailing service might announce this morning it's leaving Quebec amid a dispute over training requirements for drivers.

OTHER NOTABLE STORIES:

-Suncor CEO Steve Williams is swatting back at oil sands naysayers. “In 100 years time, the oil sands will still be being developed and still operating,” he told The Calgary Herald.

-Oil is holding above US$52 per barrel a day after rising more than three per cent on the back of Turkey’s threat to interrupt oil exports from Kurdistan ahead of its referendum on independence from Iraq. Jameson will pick this up.  

-Freshii will be a stock to watch today after it slashed its target for new store openings this fiscal year and its sales growth target for fiscal 2019.

-The Ontario Securities Commission released a survey today showing 45 per cent Ontarians aged 45+ are counting home price gains to fund their retirement. “Owning a home is not a substitute for retirement planning,” OSC Director Tyler Fleming warns in a press release. Pattie will have much more on this today.  

-Lucara Diamond said late yesterday it sold its massive 1,109-carat diamond for US$53 million.

NOTABLE RELEASES/EVENTS

-Notable earnings: Nike

-Notable data: S&P Case-Shiller U.S. home price index, U.S. new home sales, U.S. consumer confidence

-U.S. Commerce Department expected to release preliminary determination on duties in Boeing-Bombardier trade dispute

-NAFTA renegotiations continue in Ottawa

-U.S. Federal Reserve Chair Janet Yellen delivers speech at National Association for Business Economics meeting in Cleveland -- Depending who you believe this either starts at 11:50 a.m. ET or 12:45 p.m. ET

-10:00 a.m. ET: House Finance Committee holds hearing on government's tax reform proposals

-12:00 p.m. ET: Canadian Ambassador to U.S. David MacNaughton delivers speech in Toronto

-12:00 p.m. ET: Federal ministers hold media avails in Ottawa after cabinet meeting

-3:30 p.m. ET: Infrastructure Minister Amarjeet Sohi takes question in Senate

-4:00 p.m. ET: Ontario Premier Kathleen Wynne meets in Toronto with Virginia Governor Terry McAuliffe; Maryland Governor Larry Hogan; Washington, D.C. Mayor Muriel Bowser

Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN'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.bnn.ca/subscribe.