The Federal Reserve did pretty much the expected yesterday: held rates, set October as the start of its great balance sheet unwind. If there’s any element of surprise, it’s that the Fed stuck with its view for one more rate increase this year. And that’s driving the dollar, as the USD continues building on yesterday’s gains against most major counterparts. Meanwhile, the loonie dipped below 81 cents US this morning. Quite a comedown from the recent high of 82.89 it hit on Sept. 8.

 

BOMBARDIER HANGS OVER TRUMP-MAY MEETING

“I have to say, we’ll be doing a lot of trading with the United Kingdom – and we look forward to it,” Donald Trump said late yesterday as he and U.K. Prime Minister Theresa May addressed the media in New York. The tension in that trade relationship, of course, is Boeing’s dispute with Bombardier – which May worries could put jobs in her country at risk. And there’s high political stakes here: the Press Association is reporting May was pressured by DUP Leader Arlene Foster to raise the issue with Trump. We’ll try to track down Foster.

COST OF DOING BUSINESS IN ONTARIO

Brookfield Asset Management CEO Bruce Flatt headlines a panel discussion today in Toronto on doing business in Ontario. GM Canada President Steve Carlisle and Microsoft Canada VP Mary-Ellen Anderson will be alongside. The panel is billed as exploring the province’s strengths. Seems it would be hard to ignore hot-button issues like minimum wage, hydro rates and housing affordability. BNN's Paige Ellis will report live on location.

 

OTHER NOTABLE STORIES:

-Canada’s Comprehensive Economic and Trade Agreement with the European Union takes provisional effect today, with approximately 98 per cent of the trade deal’s measures being implemented.

-Eldorado Gold is sounding increasingly encouraged about the outlook for doing business in Greece. Today it said it's in "constructive dialogue" with the energy and environment ministry regarding the development of the company's assets in northern Greece. CEO George Burns said in a press release Eldorado will postpone its previous plan to put the assets on care and maintenance.

-Apropos of nothing other than an observation this morning: Cenovus has now posted gains in all but three sessions this month. After yesterday’s 8.4 per cent rise, the stock has spiked 27.9 per cent so far this month. Yes, it’s been helped by the price of oil. Even so, it’s outperforming the energy group (+5.47 per cent) and the entire TSX (+1.3 per cent).

-The CFIB released a survey today on Morneau's tax plan. Most interesting stuff is the perspective from tax practitioners. Specifically, 82 per cent strongly agree that the federal government doesn't full understand the impacts of its proposals. Full survey here

-S&P cut China’s debt rating this morning to A+ from AA-, with a stable outlook

-Employment Insurance beneficiaries rose 1.3 per cent in July, marking the first monthly increase in eight months, according to Statistics Canada. Manitoba led the way, with beneficiaries in that province jumping 11.8 per cent

NOTABLE RELEASES/EVENTS

-Notable data: StatsCan EI report, Canadian wholesale trade

-8:45 a.m. ET: Federal, provincial infrastructure ministers meet in Ottawa

-10:00 a.m. ET: International Trade Minister François-Philippe Champagne holds ceremony in Montreal marking CETA's provisional application

-10:00 a.m. ET: Privacy Commissioner releases annual report in Ottawa (news conference at 1:00 p.m. ET)

-11:45 a.m. ET: Canadian Club hosts Ontario CEO Panel in Toronto

-1:00 p.m. ET: Justin Trudeau delivers address at United Nations General Assembly

-2:30 p.m. ET: Trudeau holds media avail in New York

-Bank of Japan releases rate decision

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.