Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

The Audet family wasted little time rejecting a sweetened $11.1-billion takeover offer for Cogeco Communications and Cogeco Inc. that was unveiled by the Altice USA-Rogers Communications tag team yesterday. "Since this is apparently not registering with Rogers and Altice, we repeat today that this is not a negotiating strategy, but a definitive refusal," Louis Audet said in a release before taking a jab at Rogers’ “anguish” over its investment decisions. A basic question: how will this go over with Cogeco's subordinate shareholders? And are they prepared to publicly turn up the heat on the Audets?

U.S. STIMULUS WATCH

House of Representatives Speaker Nancy Pelosi has set a Tuesday deadline to come to terms with the Trump administration on a stimulus plan that has any hope of being approved before the Nov. 3 elections. After whiplash-inducing mixed messaging from U.S. President Donald Trump a couple weeks ago, yesterday he said – in reference to the Democrats’ US$2.2-trillion proposal – that he “wants a bigger number than [Pelosi] wants.” While that appears to put him on a collision course with U.S. Senate Leader Mitch McConnell, the rekindled hope for U.S. stimulus and a 4.9 per cent growth spurt in China are fueling U.S. futures this morning.                              

WHAT’S NEXT FOR OPEC+?

There will be no firm decision on output today, but the Joint Ministerial Monitoring Committee will discuss market conditions and evaluate whether the oil-producing nations ought to move ahead, as scheduled, with an increase to their output quotas on Jan. 1. “With oil stuck at around $40, and more supply coming online from Libya, the cartel is now under pressure to revise its plan to ease those output cuts,” our Bloomberg News partners are noting this morning.  And as Canada’s oil industry struggles with WTI hovering around US$40, Jon Erlichman has a piece up on BNNBloomberg.ca exploring investors’ pivot toward clean-energy names.

OTHER NOTABLE STORIES

-Sandpiper Group says it has won the support of Artis REIT’s top unitholder, Jetport Inc., in its campaign to block Artis’s proposed retail spin-off.

-We’ll watch shares of Lundin Mining today after the company said the union representing 550 workers at the Candelaria operations in Chile are in position to go on strike as early as tomorrow. Lundin added it’s in the process of preparing for a temporary suspension at Candelaria, where the open pit mine has daily output of 270,000 tonnes.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian wholesale trade; China GDP, industrial production and retail sales

-Notable earnings: IBM, Halliburton

-9:00 a.m. ET: Parliamentary Budget Officer releases costing note "COVID-19: Employment insurance temporary benefit enhancements"

-9:30 a.m. ET: OPEC+ Joint Ministerial Monitoring Committee meeting

-10:30 a.m. ET: Bank of Canada releases Business Outlook Survey

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.