Posthaste: Bank of Canada decision day, Hong Kong protestors win and North America’s most livable city
Just when you thought it was over and done with and the Trans Mountain pipes were ready to be buried deep into the ground, here comes a potential new wrinkle. A Federal Court of Appeal will decide on whether it will take up any of 12 requests to appeal the June approval of the Ottawa-owned Trans Mountain pipeline. The ruling will be issued at 2 p.m. ET.
Meanwhile, the Bank of Canada has its own decision to make at 10 a.m. ET. While the Bank is widely expected to maintain rates today, it will likely open the door for future rate cuts.
“The soggy domestic backdrop combined with extreme global uncertainty weighing on trade and investment sounds like a pretty good rationale to sound more dovish today and take a step toward an October rate cut as we are forecasting,” said Bank of Montreal analysts in a note to clients this morning.
Finally, you’d rather be living here. Three Canadian cities make it to the list of the world’s most livable places, according to a new survey. While global destinations such as New York and Hong Kong are suffering from overcrowding and overdevelopment, the three Canadian cities have got it just right — our winters notwithstanding— or so the Economist Intelligence Unit thinks. The top U.S. location is Honolulu, ranked 22nd in the world.
Here’s what’s you need to know this morning:
Statistics Canada releases merchandise trade figures for July in Ottawa
Bank of Canada to make its latest interest rate announcement
The Federal Court of Appeal releases a decision on its website concerning the 12 motions for leave to challenge the Governor in Council’s June 18, 2019 approval of the Trans Mountain pipeline extension project in Ottawa at 2 p.m. ET
Prime Minister Justin Trudeau participates in a roundtable discussion with small business owners regarding rural broadband high-speed internet access
Annual MJBizConInt’l cannabis industry conference in Toronto
Scotiabank’s annual Financials Summit starts in Toronto
The International Economic Forum of the Americas will host the Toronto Global Forum under the theme “Navigating a World of Disruption”
Alberta Finance Minister Travis Toews speaks at a Calgary Chamber of Commerce event
U.S. Federal Reserve Beige Book at 2 p.m. ET
Notable Earnings: Alimentation Couche-Tard, The Descartes Systems Group Inc.
A year after declaring its intentions to divest assets, Crescent Point Energy Corp. announced deals Tuesday that it had sold $912 million worth of wells and properties in Utah and southeast Saskatchewan. Fifteen months into his post as CEO, Craig Bryksa tells Geoffrey Morgan that “these transactions are a considerable step forward in our ongoing plan to focus our asset base.” Indeed, the company had already cut staff and written down its asset value by $2.7B. Shares jumped 7% Tuesday, leading one analyst to quip that “they actually got something done” in the tough M&A energy market.
— Send your news, comments and stories to [email protected] — Yadullah Hussain @Yad_fpenergy With files from The Canadian Press, Thomson Reuters and Bloomberg