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Sep 23, 2021
By Noah Zivitz
Managing Editor, BNN Bloomberg
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North American stocks appear set to extend their gains at the start of trading today after U.S. Federal Reserve Chair Jerome Powell dodged a taper tantrum as he charted a strategy that could see the central bank’s extraordinary asset purchase program wind down by the middle of next year. The Fed was careful to point out yesterday that the taper – which could launch as early as the next meeting in November – is not set in stone. And so between now and then, traders will presumably parse every employment report for certainty that “substantial further progress” has indeed been achieved.
EVERGRANDE WATCH
Shares of China Evergrande Group surged as much as 32 per cent in Hong Kong overnight, snapping a seven-session skid as the financial world remains fixated on the property developer’s plan to survive a US$300-billion burden of liabilities. Most imminently, a US$83.5-million coupon payment is coming due today. Earlier this morning, our Bloomberg News partners reported that Chinese regulators have urged Evergrande to avoid any default on its dollar-based bonds; shortly afterward, The Wall Street Journal reported authorities are telling local governments to prepare for “a possible storm.” A special programming note: don’t miss our Bloomberg TV partners’ deep dive on Evergrande tonight, airing on BNN Bloomberg, at 9:30 p.m. ET.
CONSUMER PULLBACK
But it wasn’t as severe as expected. Retail sales in this country fell 0.6 per cent in July. Economists were expecting a contraction of 1.2 per cent. Speeding through the release, looks like the auto sector helped offset weakness at food/beverage and building materials stores. StatsCan noted however that the uptick in the auto space was in part due to higher prices, which is being attributed to factors tied to the chip shortage. On an encouraging note: the data agency estimated that sales rose 2.1 per cent in August.
IN CONVERSATION WITH MARK CARNEY
The Brookfield Asset Management Vice Chair and former Bank of Canada/Bank of England governor joins Bloomberg Markets today for a potentially wide-ranging conversation about monetary policy in the COVID era and the global ESG movement. Watch for that shortly after 1:30 p.m.
SNC CHARGES
SNC-Lavalin’s checkered history is coming back to haunt it again. The RCMP this morning announced that former VPs Normand Morin and Kamal Francis were arrested and charged today in connection with a longstanding investigation. The RCMP said SNC-Lavalin Inc. and SNC-Lavalin International Inc. were also charged.
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