Canada ‘ready for anything’ amid Trump’s NAFTA threats: Trudeau
Justin Trudeau isn't trying to hide from Donald Trump's repeated threats to rip up NAFTA. "We have to be ready for anything -- and we are," said the prime minister late yesterday after his meeting with the president of the United States. Trump set the tone for that conversation with another public acknowledgment that NAFTA renegotiations could go down the drain. "I think Justin understands this, if we can't make a deal it will be terminated - and that will be fine ... but maybe that won't be necessary." This morning we'll assess how the rhetoric will factor into the ongoing talks and what Trudeau means when he's says Canada is ready for anything.
GM SAID TO RAISE STAKES IN FIGHT WITH UNION
Unifor President Jerry Dias told Reuters the automaker has threatened to boost production of its Chevrolet Equinox in Mexico if an ongoing strike in Ingersoll, Ont. isn’t called off. “They have declared war on Canada,” Dias said in the interview. We’ll try to track him down and also seek comment from GM.
'GOLDILOCKS' HOUSING IN CANADA
That's Phil Soper's assessment in Royal LePage's new quarterly report on the country's five largest markets. "Canadian housing is enjoying a Goldilocks moment - not too hot, and not too cold," he said about third-quarter year-over-year price gains. He also predicted the correction in Toronto will be shorter than what Vancouver experienced. We'll stress test all of that when we speak with Soper at 8:30 a.m. ET.
WALL URGES OTTAWA TO 'CHAMPION' THE OIL PATCH
Saskatchewan Premier Brad Wall continues to castigate the federal government in the wake of TransCanada’s decision to yank its controversial Energy East pipeline proposal. “The bottom line is Western Canadians and Saskatchewan people are proud to contribute, proud of this country -- and we want, and we’d hope, that we have a federal government that would champion the things we do, that would value the things that we do.” He also tried to dispel any misunderstanding about his Stockholm Syndrome statement last week, saying he was “absolutely not” arguing for secession. See the full interview here.
OTHER NOTABLE STORIES:
-Metro is selling a little more than 27 million of its Couche-Tard shares for total proceeds of $1.55 billion to help finance its purchase of Jean Coutu.
-Barrick Gold released preliminary third-quarter production today showing output of 1.24 million ounces of gold in the period. President Kelvin Dushnisky says Barrick is on track to hit its full-year numbers.
-Air Baltic says it’s gradually restarting CSeries flights after all seven of the airline’s Bombardier jets were taken out of service for engine inspections.
-There's a salad war brewing in Canada's skies. WestJet said today it will start serving meals by The Chopped Leaf on its flights. As background, Air Canada started serving Freshii fare on its flights earlier this month.
-Notable earnings: Jean Coutu, Citigroup, JPMorgan Chase & Co.
-Notable data: Canadian new housing price index
-8:15 a.m. ET: Ontario Securities Commission hosts Dialogue conference in Toronto, featuring CPPIB CEO Mark Machin and CIBC CEO Victor Dodig (more information here).
-12:00 p.m. ET: Heritage Minister Mélanie Joly delivers speech in Toronto (12:00 p.m. ET)
-12:30 p.m. ET: Finance Minister Bill Morneau participates in CNN Debate on the Global Economy in Washington
-1:30 p.m. ET: Statoil CEO Eldar Saetre speaks at Generation Energy Forum in Winnipeg
-3:15 p.m. ET: Bank of Canada Senior Deputy Governor Carolyn Wilkins speaks on panel at Institute of International Finance
-4:30 p.m. ET: Natural Resources Minister Jim Carr holds news conference in Winnipeg after Generation Energy Forum
-Justin Trudeau begins two-day trip to Mexico City, meets with President Enrique Peña Nieto at 6:40 p.m. ET, media avail at 8:45 p.m. ET
-Fourth round of NAFTA renegotiations continues in Arlington, Virginia (runs to Oct. 17)
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.