Then felt I like some watcher of the skies
When a new planet swims into his ken

-- John Keats (1795–1821), On First Looking into Chapman's Homer

Johann Gottfried Galle discovered the planet Neptune, eighth planet from the sun, on this day in 1846 at the Berlin Observatory. French astronomer Urbain-Jean-Joseph Le Verrier had calculated the approximate location of the planet by studying wobbles in the movement of Uranus. Galle and his assistant Heinrich Louis d’Arrest then immediately identified the blue gas giant . NASA notes that the faraway world is "dark, cold and whipped by supersonic winds." Sounds like a Tuesday night out in Winnipeg in early February.

A warning to Ontario about imposing a foreign buyers' tax 

On BNN this morning there is another storm: An angry reaction from real estate salespeople to the notion that Ontario might try a B.C.-style tax on foreign homebuyers to cool Toronto housing prices. It’s “a knee-jerk reaction to a problem which we do not fully understand, will do little to address the growing affordability challenges facing many Ontarians and may have negative consequences for our broader economy,” industry associations warn.

At  9:50 a.m. ET, we'll be joined by former federal finance minister Joe Oliver, once a non-interventionist in housing, who now says “the Ontario government should quickly impose a 15 per cent per cent on purchases by non-residents and foreigners of residential property in certain Greater Toronto Area communities.”  

And at 10:30 a.m. ET, we hear from Justine Deluce, a broker at Chestnut Park Real Estate, who says it's hard to predict the impact of a tax but the fundamental problem in the country's biggest city is lack of supply.

Inflation, retail sales fall short 

Our Top Line on BNN this morning is Canada’s retail and inflation data that unexpectedly came in below expectations. Retail sales fell short short for a second straight month in July. A separate report from Statistics Canda revealed inflation came in lighter-than-expected last month -- an indication that price pressure isn't a growing threat for consumers. 

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BNN ADVISOR: NEWS FOR MONEY MANAGERS

BNN Advisor looks at the news and trends driving the wealth management business. Read articles and watch the latest video at BNN.ca/advisor. Also, catch BNN's complete Advisor program as Catherine Murray looks at year-end statements with perspective from SunLife, Raymond James, and Peak Financial.

Check out more Advisor content on BNN.ca:

For millennials, debt is a four-letter word

The evolution of advising

Learn from a Legend

Are you a financial advisor interested in appearing on BNN? Contact Catherine Murray at bnnadvisor@bellmedia.ca

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Nestle under fire

Speaking of supply, Nestle has come under fire in Ontario for extracting large amounts of water to bottle for sale. On Commodities at 11:10 a.m. ET, we’ll get perspective from Kelly Linton, mayor of the community of Centre Wellington, which was just outbid in its attempt to buy a well by the multinational food giant.

Anti-migrant sentiment 

Finally, we’re tracking another backlash: Anti-migrant sentiment. The Organization for Economic Cooperation and Development says governments must help newcomers integrate faster. At 8:35 a.m. ET, we spoke to OECD Secretary-General Ángel Gurría (if you missed the segment, you can watch it at www.bnn.ca.)

Inco-Vale takeover anniversary 

Tomorrow marks the 10-year anniversary of Inco agreeing to a takeover by Vale. The middle of the last decade also saw Falconbridge (including the former Noranda) and Alcan go into foreign hands. You can take a look back at Canada’s great mining selloff in a feature on BNN.ca here.

Finally, for those confused by Middle East alliances, Britain’s Daily Express has an explainer: “Britain increases aid to Yemen while selling arms to Saudis - who are bombing Yemen”

Seems perfectly clear to us.

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