Any minute or day now, the United States is expected to publish its formal objectives for NAFTA negotiations. When U.S. Trade Representative Robert Lighthizer put the ball in motion on May 18, he told Congress the trade agreement needs to be “modernized to include new provisions to address intellectual property rights, regulatory practices, state-owned enterprises, services, customs procedures, sanitary and phytosanitary measures, labor, environment, and small and medium enterprises.” And that’s without even mentioning areas of particular concern for Canada. This morning Jameson Berkow will tee up the primary sticking points as far as Ottawa is concerned and we’ve got guests lined up for insight on what to expect when negotiations get started

ACTIVIST TAKING AIM AT P&G

The maker of everything from Gillette razors to Tide laundry detergent is in the crosshairs of one of North America’s most prominent activists. Nelson Peltz’s Trian Fund Management just launched a proxy fight against P&G (PG.N), with the hope of getting a seat on the consumer product titan’s board of directors. “We need a game-changing attitude at P&G. We can’t just keep going along the same path,” Peltz told the WSJ. According to Thomson data, Trian is P&G’s fifth-largest shareholder with almost 37 million shares. We’ll chase reaction.   

HOME CAPITAL LIQUIDITY WATCH

For the first time in more than two weeks, Home Capital Group (HCG.TO) is expected to publish an update on its liquidity today. Last time we heard from the company, its high interest savings account balance was $114.2 million and its GIC deposit base was $12.15 billion, as of June 29. Back then, Home Capital said it would stop publishing daily reports because of its “significantly improved” position since Warren Buffett jumped into the picture. 

DOMINION DIAMOND TAKEOVER

And we've got another deal. Dominion Diamond (DDC.TO) says it's agreed to a friendly takeover by The Washington Companies for US$14.25 per share. Recall it was as recently as March that Dominion Diamond labelled Washington's initial expression of interest as "self-serving." Today, Dominion says the deal represents "compelling and immediate value" for shareholders. Washington Companies Founder Dennis Washington goes out of his way in the press release to reassure stakeholders in the Northwest Territories, where Dominion operates the Ekati mine. We’re chasing principals. 

OTHER NOTABLE STORIES:

- China’s economy grew 6.9 per cent in the second quarter; in line with estimates and matching the previous quarter’s growth rate.

- Oil is into a sixth straight day of gains. After reaching as high as US$46.88 this morning, crude is back to where it was trading about two weeks ago.

- Bombardier says flight tests of its new Global 7000 business jet are proceeding as planned, leaving the plane on track to enter service in the second half of next year.

- Canada’s Generic Pharmaceutical Association announced yesterday it reached a preliminary deal with the Quebec government that will avert a “risky” tender process.

- Valeant Pharmaceuticals (VRX.TO) just announced it will sell its Obagi Medical Products unit to Haitong International for US$190 million. Valeant CEO Joseph Papa said in a statement the sale marks further progress in the company's plan to "streamline [its] operations and reduce debt."

NOTABLE RELEASES/EVENTS

- Notable earnings: Netflix

- Notable data: Canadian international securities transactions (8:30 a.m. ET), CREA monthly home sales report (9 a.m. ET).

- 10:05 a.m. ET: Finance Minister Bill Morneau holds roundtable discussion with local media in Brampton, Ont.

- 3 p.m. ET: U.S. President Donald Trump participates in Made in America product showcase.

- 3:45 p.m. ET: Morneau holds media availability in Woodbridge, Ont.

- Alberta Premier Rachel Notley hosts-three day Council of the Federation meeting of premiers in Edmonton.

- U.S. expected to publish objectives for NAFTA negotiations.