Noah Zivitz Managing Editor, BNN Bloomberg Follow|Archive

LAST PIECE OF THE PUZZLE FOR THE BANK OF CANADA

Canada’s economy has delivered another blowout jobs report as investors eagerly await a Bank of Canada rate decision next week. 45,300 new positions were created last month. If there’s a downside, it would be seeing the vast majority (37,100) of those gigs being part-time. Markets evidently aren’t too fussed by that: the Canadian dollar rallied sharply on the back of the data, which serves as the last piece of the puzzle for the central bank ahead of an anticipate rate bump on Wednesday.

ANOTHER FOREIGN EXIT FROM CANADA'S ENERGY SECTOR

The foreign exit from Canada’s energy sector continues. Apache is selling its Canadian unit to Paramount Resources for $459.5 million. “[This] announcement is consistent with Apache's objective of streamlining our portfolio and focusing on assets in the United States, United Kingdom North Sea and Egypt, Apache CEO John Christmann said in a statement late yesterday. “With our decision to exit Canada, Apache's resulting global portfolio is more streamlined and our resources more focused.”

Paramount wasn’t done there, also agreeing to buy the rest of Trilogy Energy in an all-stock takeover. Worth pointing out bloodlines run deep in that move: Clay Riddell is chairman of both companies, Jim Riddell is CEO of both of them, and Sue Riddell sits on Paramount’s board.

We’ll assess the strategic imperative from Paramount’s perspective (the press release makes it clear that cost cutting is very much on the table), and evaluate how many other international players could be in line to join the stampede out of Canada.

SPEAKING OF STAMPEDES…

The Greatest Outdoor Show on Earth, Calgary's Stampede, gets started today. BNN's Tara Weber will be live on location for reports throughout the day. Watch for her conversation with the likes of ATB Financial Chief Economist Todd Hirsch, FirstEnergy Capital co-founder Jim Davidson and Mayor Naheed Nenshi. We’ll find out whether the foreign exodus is putting a damper on the party.

TRUMP’S G20 DEBUT

G20 leaders are in Hamburg today for the start of a two-day summit. The risk of tension is high amid conflicting views on trade and climate policies – plus the drama surrounding Donald Trump’s meeting with Vladimir Putin. Justin Trudeau already told Germany’s Bild newspaper the group will make the case to Trump that “it’s important to take a lead role in tackling climate change and creating good jobs.”

Will he listen? And can we expect a unified voice in tomorrow’s news conferences and closing communique? We’ll chase answers today.

BNN Advisor

Vancouver: Housing concerns cross generations

Winnipeg and Saskatchewan: The loonie and U.S. protectionism weigh on Central Canada

Yellowknife and Whitehorse: The hurdles of northern living and aboriginal issues

RBC BUMPS UP FIXED MORTGAGE TERMS

RBC confirmed this morning that it's bumping up its two, three and five-year fixed mortgage rate terms by 20 basis points, reflecting "recent activity by competitors, and the current costs that we incur for funds on the wholesale market as well as other costs and market considerations."

OTHER NOTABLE STORIES:

-Home Capital Group announced some management changes yesterday, with Greg Parker appointed VP of strategy and David Cluff named chief risk officer. Cluff previously served as a director at OSFI.

-Vitamin maker Jamieson Wellness starts trading today on the TSX. We’ll speak with CEO Mark Hornick at 9:40 a.m. ET.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian labour force survey (8:30 a.m.. EST: +10,000 jobs, 6.6 per cent unemployment), U.S. non-farm payrolls (0830. EST: +179,000 jobs, 4.3 per cent unemployment)

-Notable results: Postmedia

-International Energy Agency releases World Energy Investment report

-6:45 a.m. ET: G20 family photo

-7:00 a.m. ET: G20 working luncheon

-9:30 a.m. ET: G20 working session

Every morning BNN's Managing Editor Noah Zivitz 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.