With global stocks hitting new highs this morning, our focus on BNN is the eternal quest for upside.

The benchmark MSCI index of 46 countries has climbed 5.7 per cent in 2017, already beating the 5.6 per cent advance last year. Global purchasing managers’ intentions, an important economic weather vane, point to “continued strong growth in advanced economies in February,” according to Nikita Shah at Capital Economics.

Toronto stocks closed at a new high of 15,922.37 yesterday, up 4.1 per cent this year.

RETAIL SALES DROP

A lag in holiday shopping led to an unexpected 0.5 per cent decline in retail sales, according to Statistics Canada.

The drop halts a four-month run of gains and counters Thomson Reuters expectations for a flat December report. And one economist told us consumers are simply tapped out after loading up on debt to get a toehold in the real estate market. 

“I think what’s at play here in this weak December number is not just payback from the strength earlier, it’s also reflecting the fact that Canadian households have racked up a bit of debt – especially in the Toronto and Vancouver regions where house prices have gone up a lot. Families have taken on more debts to get into the market. So I think that ultimately is restraining Canadian consumer spending,” BMO Capital Markets Director and Senior Economist Sal Guatieri told BNN this morning.

FAST AND FURIOUS

We’re getting big traffic on the Web for our coverage of yesterday’s deal in which Restaurant Brands (QSR.TO), owner of Burger King and Tim Hortons, is buying chicken chain Popeyes Louisiana Kitchen (PLKI.O) for US$1.8 billion in cash.

At least one analyst thinks Dairy Queen, owned by Berkshire Hathaway (BRKb.N), could be next. Berkshire’s Warren Buffett has teamed up on other deals with 3G Capital, which controls Restaurant Brands.

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FEBRUARY IS YOUR MONEY MONTH ON BNN!

BNN’s annual look at personal finance and financial planning is underway – with financial experts, economists, CEOs, and analysts all offering advice and guidance for Canadians looking for a financial edge. Find it all at BNN.ca/personalfinance

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WELLS WELLS WELLS

Don’t miss Commodities at 11:20 a.m. ET when we take a look at the growing problem of dormant oil and gas wells in Western Canada and concerns over who will pay to clean them up. The industry is supposed to do the job. In Alberta, it finances the Orphan Well Association, which takes on the job of remediating properties whose owners aren’t around to do the job.

We’ll hear from Brad Herald, vice-president of Western Canadian operations at the Canadian Association of Petroleum Producers, on the accumulated liability, particularly in Alberta. He’s also chair of the Orphan Well Association.

On Friday, we interviewed a former oil worker involved in the RAFT initiative to clean up Alberta’s legacy oil and gas infrastructure, including abandoned wells. He told us that the real cost here will be close to $300 billion. “That’s what's on the hook now for Alberta taxpayers: $300 billion”

The Alberta Energy Regulator assesses the industry’s total reclamation liabilities in the province at around $30 billion. But Duncan Kenyon, priority director for responsible fossil fuels at the Pembina Institute, says that’s “frankly an underestimation.”

He warns that it’s calculated by companies with “little review and verification… some quick back of envelope math has us at $38 billion to $60 billion (somewhere near 190,000 abandoned or inactive wells in Alberta at average cost to clean up $100,000 to $300,000).”

And he adds: “Many of the established companies are selling their older assets (and liabilities) to smaller, junior companies who think they can squeeze the last drops out of old reservoirs. These junior companies don’t have deep pockets and likely don’t have the $s to cover the liability they’ve purchased.”

JETS NEED FUEL

Look out for our interview tomorrow at 3:00 p.m. ET with Air Canada (AC.TO) Chief Executive Officer Calin Rovinescu. Who was named Canada's Outstanding CEO of the Year for 2016.

The award program's Advisory Board is lauding him for “growing operating revenues for six consecutive years … a 50 per cent increase in international capacity since 2009, the achievement of long-term labour stability and the reversal of the company's $4-billion pension plan solvency deficit into a $1.3-billion surplus as of Jan. 1, 2016.” 

Every morning Commodities host Andrew Bell 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.