Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Global stocks are in the red after Wall Street had its worst day since the middle of May. It’s a combination of factors weighing on investor psychology. Amid a tumultuous week in D.C., there’s renewed uncertainty about U.S. President Donald Trump’s ability to deliver on his agenda. And, of course, yesterday’s terror attack in Spain is adding to the unease. We’ll have the latest on both those fronts throughout the day.

Furthermore, on Trump: Former VP and presidential hopeful Al Gore said in a new interview POTUS should resign. And Tony Schwartz, who wrote The Art of the Deal, went a step further -- predicting in a tweet Trump will exit so he can “declare victory before Mueller and congress leave him with no choice.”  

CANADIAN INFLATION RISES 1.2% Y/Y

The cost of living in Canada rose bang in line with expectations last month. StatsCan data today pins inflation as rising 1.2 per cent year-over-year in July. Biggest upside mover was gasoline (+4.6 per cent). Outside that volatile figure, alcohol and tobacco product prices jumped 2.9 per cent.

SEARS BACK IN COURT

The insolvent retailer is back on the docket in the Ontario Superior Court of Justice today for a hearing that's expected to focus on the planned $500,000-hardship fund for former employees. Also, a group of creditors are seeking court approval to take action against Sears’ officers and directors amid alleged “negligent misrepresentation and oppression.” BNN's Paige Ellis will be on location with updates throughout the day.

TMX GROUP ADDRESSES CANNABIS SPECULATION

After weeks of uncertainty about potential changes to rules governing the trading of cannabis stocks with exposure to the United States, TMX Group is attempting to address the situation. The owner and operator of CDS and the TSX said in a statement late yesterday it’s “engaged” with securities regulators on the matter. But there’s no immediate determination on next steps. “We will communicate more on this as soon as we can. In the meantime, we want to clarify to the marketplace that there is no CDS ban on the clearing of securities of issuers with marijuana-related activities in the U.S.,” it said.

OTHER NOTABLE STORIES:

-Two unrelated Bombardier files to track today. Prosecutors in Sweden said they will charge one of the company’s employees with bribery stemming from a rail deal in Azerbaijan. Meanwhile, Brazil will formalize its complaint about Bombardier subsidization with a WTO complaint. [I’ve requested further details from Brazil’s foreign ministry.]

-Hudson’s Bay Company has brought in former J.C. Penney exec Edward Record as its new CFO. Chief Executive Officer Jerry Storch is positioning Record as an agent of change: "He will play a key role as we continue to drive performance and make the right strategic decisions to improve our retail businesses, while also evaluating the best use of our real estate assets.”

-Home Capital Group said late yesterday its total liquidity and credit capacity has increased to $4.22 billion, compared to $3.94 billion at the time of its last update on August 2.

NOTABLE RELEASES/EVENTS

-Notable earnings: Deere & Co.

-Notable data: Canadian CPI (8:30 a.m. ET), U.S. consumer sentiment (10:00 a.m. ET)

-10:00 a.m. ET: Ontario Superior Court of Justice hearing on Sears Canada

-NAFTA negotiations continue in Washington 

 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.