Canada lost 1,011,000 jobs in March. Let that sink in: more than a million jobs wiped out last month as COVID-19 struck home and the unemployment rate shot up to 7.8 per cent from 5.6 per cent. It was a near-even split between full-time and part-time jobs lost. The services sector was particularly hard hit, with 963,500 lost jobs. We'll peel through all the details today. And how's this for an ominous warning from RBC Global Asset Management chief economist Eric Lascelles in his instant analysis with Jon Erlichman: "Keep in mind: April will be worse."

OPEC+ MEETING

West Texas Intermediate crude is extending gains this morning after jumping six per cent yesterday as Russia signaled its intent to play ball with production curbs. What remains to be seen is whether it will be enough to stabilize prices as demand collapses. Our Bloomberg partners surveyed 26 energy market experts and participants, with the average estimate for OPEC+ cuts landing at 8.5 million barrels per day. And keep in mind the story by no means ends today, as G20 energy ministers are expected to hold a meeting of their own tomorrow.

EARNINGS SEASON LOOMS

Quarterly reporting season gets going on the other side of the Easter long weekend, with names like JPMorgan Chase & Co., Bank of America, Goldman Sachs, and Johnson & Johnson scheduled to report next week. We’ll be ready and will set the table today as COVID-19 threatens to cast a long shadow over the management commentary ahead.

OTHER NOTABLE STORIES

-George Weston and Loblaw withdrew their 2020 forecasts this morning due to the uncertain nature of how long, and to what degree, COVID-19 will impact them. But for now, Loblaw says it saw a record number of shoppers in its stores starting in early March and that sales increased sharply.

-Lightspeed, which has a lot riding on the health of Canada’s small- and medium-sized businesses, acknowledged in a release last night that social distancing measures will have a negative impact on its financial performance. But it’s a mixed bag overall, with the company also saying its fourth-quarter adjusted EBITDA will surpass its earlier forecast. LSPD shares are down 46% since the end of February. 

-Just Energy today said it’s no longer in active discussions for a transaction as part of its nearly year-old strategic review. However, it said it’s continuing to evaluate its options.

-WestJet has joined Air Canada in saying it intends to avail itself of the emergency wage program and bring ~6,400 workers back onto its payroll. CEO Ed Sims also said his airline has every intent of continuing to fly to/from the 38 Canadian cities it services.

-Walt Disney Co. shares were up seven per cent in pre-market trading last time I looked after the company announced it now has more than 50 million paid Disney+ subscribers.

-Starbucks has abandoned its full-year forecasts and says that based on its experience with COVID-19 thus far, it’s expecting a “significantly greater” financial hit in its fiscal third quarter, as compared to Q2, when it’s expecting the virus to dent profit by as much as 18 cents per share. It’s also suspending share buybacks to help bolster liquidity.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian labour force survey, U.S. initial jobless claims

-Notable earnings: Shaw Communications

-8:30 a.m. ET: GFL Environmental holds conference call for updated re. COVID-19

-9:00 a.m. ET: Parliamentary Budget Officer releases legislative costing notes on measures including Canada Emergency Response Benefit; also releases updated scenario analysis of COVID-19 pandemic and oil price shocks;

-9:00 a.m. ET: Government officials hold technical briefing for media on COVID-19 modeling

-~10:00 a.m. ET: OPEC+ hold virtual meeting

-10:00 a.m. ET: U.S. Federal Reserve Chair Jerome Powell discusses COVID-19 and the economy at Brookings Institution webinar

-11:15 a.m. ET: Prime Minister Justin Trudeau addresses Canadians from Ottawa

-12:00 p.m. ET: Ministers hold COVID-19 update in Ottawa

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg'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.bnnbloomberg.ca/subscribe.