Canada’s two biggest banks faced a deluge of criticism this week from clients who were shut out by online brokerage service disruptions. Both TD (TD.TO) and RBC (RY.TO) chalked up the problems to heavy trading volumes. BNN has been endeavouring to get more details on the root cause of the issue that was exposed by heavy trading volume, and we’ll continue to do so. In the meantime we’ll assess the banks’ handling of the problem and what the whole situation tells us about how and where Canadians are doing their trading.  

IF WYNNE REALLY WANTS A FIGHT…

Ontario Premier Kathleen Wynne invited Ron Joyce Jr. to pick a fight with her instead of making staff at Tim Hortons stores in Cobourg, Ont., eat the cost of a higher minimum wage. Looks like she’s getting a fight, only it’s the Great White North Franchisee Association that’s heeding her call. “The Premier and her Government have shown no understanding of small business in Ontario, and fail to recognize the hardship many have felt…by raising the minimum wage so dramatically over such a short period of time.” We’ll follow the bouncing ball on this and gather more reaction to the premier’s strategy.

MORGAN STANLEY TAKING TAX REFORM HIT

Morgan Stanley (MS.N) is chiming in today on the anticipated impact from America's tax overhaul. The Wall Street bank said it's expecting a US$1.4-billion hit as a result of "the remeasurement of certain net deferred tax assets using the lower enacted corporate tax rate."

SESSIONS CLOUDS OUTLOOK FOR CANNABIS INDUSTRY

Jeff Sessions’ one-page memo yesterday left plenty of unknowns about what the White House’s hands-on approach to cannabis actually means. All we know at this point is the attorney general instructed federal prosecutors to “weigh all relevant considerations” to determine their targets. Of the TSX-listed stocks that took a drubbing yesterday, MedReleaf (LEAF.TO) stands out with its attempt to clear the air. It said in a press release late yesterday the U.S. policy “will not affect [its] business” because it has no plan to dip its toe in the U.S. until federal law allows for it. And, this morning, Canopy Growth said it “does not and will not” operate anywhere without a federal green light. We’ll continue chasing insight on the murky new reality for issuers and regulators.

WHITE HOUSE HOPES FOR OFFSHORE DRILLING BOOM

Largely lost in the excitement over Sessions’ cannabis decision yesterday was an equally significant call from another top Trump administration official. Interior Secretary Ryan Zinke unveiled a plan to open up 90 per cent of the offshore U.S. to oil and gas drilling, with a pledge for a record number of lease sales. We’ll gauge the outlook for drillers and gather insight on which of the big explorers and producers are most likely to participate in the process.  

OTHER NOTABLE STORIES

- Apple (AAPL.O) isn’t immune to the microprocessor security flaws exposed this week. It said late yesterday all its Mac and iOS devices are affected.

- Uber co-founder Travis Kalanick is reportedly selling 29 per cent of his stake in the company as he participates in the big investment being made by Softbank.

NOTABLE RELEASES/EVENTS

- Notable earnings: Constellation Brands

- Notable data: Canadian labour force survey, Canadian trade balance, U.S. non-farm payrolls, U.S. trade balance, U.S. factory orders

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.