BNN Bloomberg's mid-morning market update: May 29, 2023
Looks like we’ve finally cleared an impasse in the talks over the U.S. debt ceiling. Over the weekend, U.S. President Joe Biden and Republican House Speaker Kevin McCarthy made some significant progress on averting a historic default, which could occur on June 1. Now, things still need to be firmed up – and it’s worth noting the U.S. is the only nation on the planet that consistently engages in this partisan brinkmanship – but it’s something of a welcome development in terms of bringing some stability to the financial markets.
DOWN TO THE WIRE IN ALBERTAN ELECTION
As BNN’s resident Albertan (here’s to you, Lacombe, famously home to former governor general Roland Michener, and less famously home to this newsletter writer) it’s a big day for Albertan politics. You’ve got United Conservative Party Leader Danielle Smith against the NDP’s Rachel Notley, with the pair running neck and neck. If Notley wins, to memory it’d be the first significant return to office since Pierre Elliot Trudeau in 1980.
ALBERTA WILDFIRE IMPACT EASES
Sticking with the Albertan theme, it appears the impact of wildfires sweeping the province are easing. Paramount Resources is the latest company to announce production has resumed – those fires have been a serious issue for the natural gas heartland of Canada’s main energy-producing province.
- Memorial Day – U.S. markets are closed
- Alberta Election
- Notable guests: Mirko Bibic, president and CEO, BCE and Bell Canada