Daily Pulse

One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.

Michel Doucet

Michel Doucet
Vice-President and
Portfolio Manager

July 22, 2019


GFL Environmental Inc., North America’s fourth-biggest waste hauler, filed for an initial public offering that would be the largest in Canada in about five years. The sale would aim to raise about US$1.5 billion and value the company at about US$15 billion, said a person familiar with the matter. Marketing will start in September, and the listing will be on the Toronto Stock Exchange and a yet-to-be-decided U.S. exchange, said the person, who asked not to be identified because the information isn’t public. All proceeds will go to the company’s treasury and be used to fund future growth, the person said. GFL has facilities across Canada and in 23 U.S. states, serving 4 million homes. The company, which has more than 9,500 employees and 135,000 business customers, provides services including solid-waste hauling, soil remediation and liquid-waste management.

United States

Equifax will pay at least $575 million, and potentially as much as $700 million, to settle allegations over its massive over 2017 data breach, U.S. regulators said in a statement on Monday. The U.S. Federal Trade Commission, in a statement, said the credit reporting company would also have to implement a comprehensive information security program. The largest-ever settlement for a data breach draws to a close multiple probes into Equifax by the Federal Trade Commission, the Consumer Financial Protection Board and nearly all state attorneys general. It also resolves pending class-action lawsuits against the company.


The U.K. will find out who its next prime minister will be this week as voting within the U.K.’s ruling Conservative Party comes to a close. Monday is the last day that members of the party can submit their preferred candidate to lead the party, and the country, with former Foreign Minister Boris Johnson facing the current holder of that post Jeremy Hunt. Johnson, who is known for his outspoken and often controversial views, is seen as the frontrunner with the result expected Tuesday. The vote comes after Prime Minister Theresa May announced she would resign following repeated parliamentary rejections of the Brexit deal she struck with the EU.

Oil added to its Friday gains to trade as much as 2% higher this morning as tensions in the Persian Gulf remain elevated after Iran seized a British tanker. British Prime Minister Theresa May will lead a meeting of the emergency Cobra committee this morning to address the situation, in one of her last moves as Conservative Party leader. Defense Minister Tobias Ellwood said the U.K. was seeking to “de-escalate this.” Crude was also getting a boost from further Libyan supply disruptions as the country’s largest oil field was shut down by an unidentified group.


China is trying again to boost the credibility of its volatile stock market. On Monday, China launched a new Nasdaq-style tech board — the Science and Technology Innovation Board, or “STAR Market” — on which 25 companieswere listed, as the country attempts to address investor concerns like market volatility and lack of governance. China boasts the world’s second-largest equity market, just behind the U.S. More foreign capital is expected to flow into mainland Chinese stocks with their inclusion in major investment indexes. But retail participation has been relatively high, leading to much speculative activity that has caused many to call China’s stock markets a casino.

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