Global tensions are up after the U.S. missile strike on Syria following a suspected chemical attack on rebel-held territory. But stocks and the U.S. dollar have come back from earlier drops as Washington indicates this was a was a "one-off" action.
The price of oil hit a one-month high with U.S. crude trading above US$52, up about 40 cents.
Our guests include Emily Hawthorne, Middle East and North Africa analyst at Stratfor, who joins us at 9:05 a.m. ET. We’ll ask her to help unravel the complexities in Syria.
One critic of the United States, for example, argues that America’s goal is “establishing a pliable opposition which the US and its oil allies feel confident will play ball, pipeline-style, in a post-Assad Syria… not concern for Syrian life.”
JOBS SURPRISE AGAIN
Canada's labour market delivered another big surprise in March.
Employers added 19,400 jobs last month -- almost quadruple bay street's expectations. Big gains were registered in the manufacturing sector. And Alberta outpaced all other provinces with more than 20,000 new positions created in march.
CHANGING OF THE GUARD AT BMO
Bank of Montreal (BMO.TO) CEO Bill Downe is retiring, effective November 1. His successor is chief operating officer, Darryl White, a former head of BMO Capital Markets.
Barclays analyst John Aiken says the “promotion breaks the trend of Canadian banks’ boards shying away from capital markets backgrounds for the corner office.”
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U.S.-CHINA RELATIONS
We’re talking U.S.-China relations at 12:10 p.m. ET with Robert Daly is the Director of the Kissinger Institute on China. He cautions that China believes it’s “destined to recover its rightful status as the greatest nation on earth and that, to do so, it must weaken the United States’ influence in Asia.” The current U.S. administration, he says, has not prepared a game plan to face that challenge.
U.S. trade relations with China remain a contentious point and we’re sticking with the risk of export disruption at 2:20 p.m. ET when we hear from Pierre Ouimet, head investment strategist at UBS Canada.
He has been arguing that this country is actually in an enviable position when it comes to cross-border commerce. And he tells segment producer Michael Chu that risks of a traumatic revision to the NAFTA trade pact are actually diminishing for Canada.
He’ll also give us his take on the upcoming NAFTA renegotiations.
PROVINCES PLOT POT
Provinces have long stymied commerce within Canada in sectors such as booze. We’re expecting to hear about an internal trade agreement today that, alas, apparently will see just a “working group on liberalizing alcohol trade.” There may however be a plan on how to oversee commerce in legal cannabis. Look for interviews this afternoon with Ontario Economic Development Minister Brad Duguid and federal Innovation Minister Navdeep Bains.
DOWN TO THE WOOD
And we’re talking softwood lumber protectionism on Commodities at 11:20 a.m. ET with David Emerson, former federal trade minister and former Canfor (CFP.TO) CEO, who is now B.C.'s trade envoy to the United States.
The veteran of the softwood lumber wars warns against entangling the issue with larger trade talks. “Having softwood lumber wrapped up in a big NAFTA negotiation, I think, would cause it to be dragged out for multiple years.”
PEPSI COMMERCIAL CONTROVERSY
And at 10:40 a.m. ET we hear from marketer John Yorke, president of Rain43, on how Pepsi stumbled with an ad mocked for appearing to “trivialize” social justice protests.
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.