Trudeau gears up for NAFTA talks with crucial speech to U.S. governors
Justin Trudeau steps in front of a high-powered audience of U.S. governors today where he'll underscore the importance of Canada-U.S. trade as the clock ticks down to NAFTA negotiations. Trudeau’s keynote is scheduled immediately after U.S. Vice-President Mike Pence delivers remarks during the "Collaborating to create tomorrow's global economy" session at the National Governors Association’s summer meeting.
Hard to overstate the importance of this speech as we wait to see America release its formal objectives for NAFTA 2.0 next week. Watch for a story on BNN.ca later today with insight on three sectors that could be most vulnerable when Trudeau’s negotiating team sits down at the table with their American and Mexican counterparts.
Beyond his keynote address, the PM will also meet with Pence as well as Kentucky Governor Matt Bevin, Wisconsin Governor Scott Walker, Rhode Island Governor Gina Raimondo, Iowa Governor Kim Reynolds, Colorado Governor John Hickenlooper. Jameson Berkow is going to dig up data on how much each of those states has at stake in trade with Canada.
EXCHANGES BATTLING FOR ARAMCO LISTING
Quite the story on page one of today’s Financial Times, which points out how hard London is pushing for the lucrative Saudi Aramco listing. Britain’s Financial Conduct Authority yesterday released details on a proposal that would see a specific set of rules apply to state-owned companies. As far as the FT is concerned, the FCA’s announcement is aimed at luring Aramco to list in London. The story goes on to say Saudi Arabia has whittled down the list of listing venues to New York and London. We asked TMX Group whether it’s still trying to get a piece of the Aramco listing. The exchange operator declined to comment.
OTHER NOTABLE STORIES:
- We’ll continue chasing reaction to the WSJ scoop on Manulife Financial considering an IPO or spinoff of its John Hancock division. Watch for investor insight this morning on The Street with money manager Bruce Campbell. Interesting to see this kind of speculation surface during a transition period as CEO Don Guloien prepares to retire in September, making way for Roy Gori - who has been leading Manulife’s Asian ops.
- Hunter Harrison is really putting his thumbprint on CSX (CSX.O). The Wall Street Journal today has a story about the new CEO scrapping a rule that allowed conductors and engineers to nap on the job. Should be pointed out there was a strict set of rules on when naps were permitted (ie, when trains were parked). Keep this in mind as we await CSX's earnings next week.
- Notable earnings: JPMorgan Chase & Co., Citigroup, Wells Fargo
- Notable data: U.S. CPI (8:30 a.m. ET), U.S. retail sales (8:30 a.m. ET), U.S. industrial production (9:15 a.m. ET), U.S. consumer sentiment (10 a.m. ET).
- 1:45 p.m.: Trudeau delivers keynote on Canada-U.S. relations at National Governors Association meeting in Providence, Rhode Island.
- 4:45 p.m.: Trudeau holds media avail in Providence.