The Daily Chase: Bitcoin Stabilizes After A Chaotic Day; BoC publishes financial system review

Bitcoin is stable (relatively speaking) this morning after yesterday’s chaotic trading, as a multitude of factors – including leverage, techniques, and a harsh tone from the People’s Bank of China – created the conditions for it. a rout. We’ll explore where this leaves institutions that had been heated to chips, what it does for sentiment among those who haven’t, and the broader impact for mainstream acceptance.

STATE OF THE FINANCIAL SYSTEM OF CANADA

If the Bank of Canada is concerned about the potential spillover risks emanating from the country’s scorching real estate markets and high levels of household debt, we will likely hear about it today with the release of the Financial System’s Annual Review. central bank. We’ll break the news at 10 a.m. ET and we’ll be covering Gov. Tiff Macklem’s 11 a.m. press conference live with analysis from CD Howe Institute principal investigator Ed Devlin.

IN CONVERSATION WITH THE CEO OF CPPIB

We have John Graham on the network today for the first time since taking over from Mark Machin as the head of the Canada Pension Plan Investment Board. The backdrop to today’s conversation is a record annual return of 20.4 percent from the country’s largest pension fund. Don’t miss Graham live on Bloomberg Markets at 1 p.m. for what promises to be an insightful discussion of the investment landscape and macroeconomic risks on the horizon.

THE ECONOMY OF HOCKEY

Can you imagine what the atmosphere would be like in Edmonton, Winnipeg, Toronto or Montreal these days without COVID? With Game 1 on the books for the Jets and Oilers, and with the Leafs and Habs opening their streaks tonight, we’ll continue to chase after the compelling stories of small business owners who might struggle to survive and find themselves. ask what might have been if their doors were fully open to the public during the Stanley Cup Playoffs. In addition, the Open will be recorded with the voice of the Habs on TSN, Bryan Mudryk, shortly before 9 a.m. to set the scene. It should also be noted that there are reports that the Ontario government will set its sector-by-sector strategy for reopening the economy after June 2, when the stay-at-home order is expected to expire.

CP GOES ON AGREEMENT WITH SOUTH KANSAS CITY

The Canadian Pacific Railway today released the letter sent by CEO Keith Creel to the Kansas City Southern board of directors urging them to change course and step back from their recent determination that the CN Rail’s softened proposition is superior. In the letter, Creel also made it clear that he would not get drawn into what he calls a “destructive” bidding war. We’ll be keeping an eye out for further developments in this takeover battle.

OTHER SIGNIFICANT STORIES

  • Actions of Cisco Systems collapse in pre-market trading after the third-quarter tech leader’s profits and tax revenues were overshadowed by a lukewarm forecast for the current quarter (relative to expectations) and management’s warning about “Supply chain challenges which we hope will continue”.
  • Lumber broke a seven-day losing streak yesterday, rising nearly 5% after falling 24% in just over a week.

NOTABLE OUTPUTS / EVENTS

  • Notable Data: StatsCan Employment Insurance Report, US Initial Unemployment Claims
  • Notable gains: Lightspeed POS
  • 8:40 a.m .: Keith Creel, CEO of Canadian Pacific Railway, addresses the BofA conference
  • 9 a.m .: Parliamentary Budget Officer issues note on costs of proposed luxury sales tax
  • 10 a.m .: Bank of Canada releases Financial System Review (11 a.m. press conference)
  • 12 p.m .: Shaw Communications shareholder vote on the sale to Rogers Communications
  • 3 p.m .: Ontario Premier Doug Ford makes an announcement
  • 5 pm: Deadline for Canadian Pacific Railway to respond to Kansas City Southern regarding Canadian National’s “superior” proposal
  • Economical Insurance holds its third and final special meeting on demutualization
  • White House Hosts Second Virtual Semiconductor Shortage Summit

Editor’s Note: The original version of today’s Daily Chase incorrectly stated that John Graham had succeeded Mark Wiseman as CEO of CPPIB. In fact, Graham took over from Mark Machin, who was Wiseman’s successor. We regret the error.


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Don F. Davis

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