Stocks slump after U.S. tax reform hits speedbump in the Senate
U.S. tax reform hit a speedbump in the Senate last night amid fears the sweeping overhaul will balloon the country’s deficit. That’s taking some of the air out of the market this morning, with futures pointing to a soft open on Wall Street one day after the Dow Jones Industrial Average rose the most since March 1. With 52 seats, the Republicans can’t afford to lose the support of more than two of its members in the upper chamber. As of now, it’s unclear when the Senate will hold a final vote on the plan.
ASHLEY MADISON EXCLUSIVE
Two years removed from a cyberattack that 30 million Ashley Madison users’ personal information, the head of the adultery-facilitator’s parent company says user growth is surging. Ruby Life President Ruben Buell sat down with BNN's Paige Ellis for an exclusive conversation about the company’s strategy for recovering from the 2015 hack. Watch for that interview today on BNN and BNN.ca.
COURT RULES ON FIGHT OVER HOUSING DATA
A six-year fight over crucial real estate data in the country's largest housing market comes to a head today. The Federal Court of Appeal is expected to have its say on a Competition Tribunal decision from last year that would force The Toronto Real Estate Board to loosen its grip on data like listings and sale prices.
WHAT MOVED MARKETS ON DEC. 7, 2015
That date has been getting a lot of attention over the last week amid finger pointing in the House of Commons. Watch for some analysis of what actually moved stocks almost two years ago later today on BNN.ca.
AURORA-CANNIMED WAR OF WORDS RAGES ON
No love lost between Aurora Cannabis and CanniMed Therapeutics. Aurora is vowing to press ahead with its unsolicited all-stock takeover offer, while deriding CanniMed’s use of a poison pill as “self-serving and rash”. Jameson will have the latest developments and we’ll chase reaction from CanniMed shareholders.
OTHER NOTABLE STORIES:
-TSX record high watch: 16,131.79 is the all-time high set on Nov. 7.
-Maple Leaf Foods announced late yesterday afternoon it’s buying Field Roast Grain Meat for US$120 million.
- BCE (which owns BNN through its Bell Media division) has unveiled a new low-cost prepaid wireless service named Lucky Mobile that's promising plans costing as little as $20/month. Service launches on Monday in Ontario, Alberta and British Columbia
-Brad Wall is taking the Canadian charm offensive to Phoenix today, where he’ll attend the Western Governors’ Association meeting to underscore the benefits of NAFTA. “At this critical time, we need to thank our American neighbours for their friendship and remind them of the benefits of trade,” he said in a statement.
-Notable earnings: National Bank, BRP
-Notable data: Canadian labour force survey, Canadian GDP, ISM U.S. manufacturing idnex, U.S. construction spending
-12:45 p.m. ET: Technical briefing in Ottawa on Justin Trudeau’s trip to China
-Automakers report months sales
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.