HEADLINES

Canada Picks Former Pension Boss, BlackRock Executive As Top Diplomat in Washington

Prime Minister Mark Carney is turning to a former pension-fund boss and Blackrock executive to be Canada's top diplomat in Washington, D.C., tasked with helping guide trade talks with the Trump administration.

Carney said that Mark Wiseman would be Canada's new U.S. ambassador, effective Feb. 15. Wiseman is the former chief executive of the Canada Pension Plan Investment Board and a onetime senior executive at Blackrock. Wiseman will take over from Kirsten Hillman, who on Dec. 9 said she was stepping down after six years in the post. She was appointed by former Prime Minister Justin Trudeau.

Wiseman is presently the chairman of asset manager Lazard's Canadian unit, and a senior adviser at Boston Consulting Group.

Lithium Royalty Agrees to C$521 Million Buyout by Altius Minerals

Lithium Royalty has agreed to be acquired by fellow Canadian company Altius Minerals in a cash-and-stock deal worth around C$521 million.

Lithium Royalty shares jumped 27.3% to settle at C$9.33. Shares of Altius Minerals gave up 1.8%, settling at C$39.57.

Altius on said it agreed to acquire the battery-metals royalty company's outstanding shares, offering each shareholder a choice of either 0.240 Altius shares, C$9.50 in cash, or a combination of 0.160 Altius shares plus C$3.17 in cash per share if no choice is made.

The cash consideration is capped at around C$173 million and share consideration is capped at 11.5 million shares of Altius. The purchase price represents a premium of nearly 30% to Lithium Royalty's closing price, and a 41% premium to its 30-day day volume-weighed average trading price.

Producer Prices Climbed 0.9% in November, a Sixth Consecutive Increase

Producer prices in Canada continue to rise, climbing for a sixth straight month in November as the largest monthly advance in energy prices drove broad increases.

Data from the national statistics agency on Monday also showed Canadian companies paid more for raw materials last month, with an increase in costs for metal ores, concentrates and scrap largely offset by a decline in animal and animal product prices.

Statistics Canada's industrial product price index increased 0.9% from the month before, building on 1.7% gain in October. On a 12-month basis, the producer-price index was up 5.7%, a 14th consecutive annual rise.

First Rise in Americans Journeying to Canada in Eight Months, Even as Canadians Still Shun U.S. Travel

The slump in Canadians opting to travel to the U.S. continued, though for the first time in eight months there was a rise in the number of Americans journeying to Canada in October.

Statistics Canada data showed a 26.3% on-year drop in returns trips to the U.S. by Canadians in October. The same month, trips by Canadians overseas was up 9.1% on-year and travel to Canada by overseas residents increased 11.7%.

Yet in October, U.S.-resident trips to Canada were up 3%. Arrivals by Americans travelling by automobile were unchanged at 1.2 million for the month, with slightly more than half of that same-day journeys.

Air arrivals climbed 6.3% and entry by Americans who disembarked from cruise ships jumped 22.2%.

Alamos Gold to Launch Buyback Program for 5% of Public Float

Alamos Gold said it intends to launch a share-repurchase program to buy back up to 5% of its public float over the course of a one-year period.

Shares gained nearly 5.1% to end at C$55.70.

The miner said that the Toronto Stock Exchange has approved its plan to launch a normal course issuer bid to buy back up to 18.6 million class A shares.

The company's shares trading in Toronto have doubled in 2025, closing on Friday at C$53.02. At that price, the value of the shares intended for buyback would be worth about C$985.1 million.

Alamos can begin buying back shares starting on Dec. 24.

General Mills Recalls Select Pillsbury Pizza Pops Products in Canada

General Mills said it was initiating a voluntary recall of select Pillsbury Pizza Pops products sold in Canada, due to the potential presence of pathogenic E. coli.

The company said the recalled products have "better if used by" dates of June 9, 2026, through June 14, 2026.

This recall affects Pillsbury Pepperoni and Bacon Pizza Pops, Pillsbury Pepperoni and Bacon Pizza Pops, Pillsbury Frank's RedHot Pepperoni and Bacon Pizza Pops and Supremo Extreme Pepperoni and Bacon Pizza Pops. Other Pillsbury Pizza Pops products are not affected by this voluntary recall.

General Mills said it is working closely with retail partners to remove the potentially impacted products. Consumers are asked to dispose of the products affected by this recall.

TALKING POINT

Canada's Consumer Heads Into 2026 on Firmer Footing

By Adriano Marchese

Canada's consumer is exiting 2025 in better shape compared with earlier in the year after shrugging off concerns of a trade war and other macroeconomic concerns that had weighed on spending.

Among the factors providing a lift heading into the holiday season and into 2026 is that inflation has been easing and that unemployment, while still elevated, has fallen, with jobs added in each of the last three months. The latest measure of retail sales saw a jump in November, hinting at a recovery in household consumption heading into the holiday season.

"There might be a bit of sunshine starting to come through the clouds that we've been through in the past year," said CIBC's chief economist, Avery Shenfeld, pointing to recent improvements in employment and economic indicators.

The dynamic at year's end provides a somewhat optimistic setup for next year for consumer spending, potentially benefiting a host of sectors, from retailers to manufacturers, that are tied to shoppers' willingness to open their wallets.

Earlier in the year, fears of sweeping U.S. import tariffs weighed heavily on consumer and business sentiment in the country. As those risks eased, Shenfeld said, labor-market conditions improved modestly and helped stabilize household spending.

"Consumer spending held up a bit better in 2025 than you might have thought it would given all these clouds over the economy," he said.

The resilience masks some strain beneath the surface. Survey data and retailer feedback suggests most Canadians are spending cautiously, prioritizing essentials and seeking out value while delaying larger purchases.

"Spending by the rich is masking a little bit the conservatism of the rest of the population," said Jeff Doucette, director of analytics at Field Agent Canada. He described a widening divide between higher-income households, which don't feel the bite of higher costs of discretionary goods, and a broad middle that is under pressure from food, rent and utility costs.

Deloitte data points to a similar pattern. "Financial well-being is definitely under pressure," said Shaunna Conway, Deloitte's national retail sector leader. "Spending is pretty much flat." Canadians, Conway said, are spending more on experiences rather than on goods.

Consumers are also becoming more deliberate about how they pay for their purchases, showing more reluctance to add to debt, especially during the holiday period.

"They seem to be really focused on cash and on being cautious," said Elisa Swern, partner and national consumer markets leader at PricewaterhouseCoopers Canada. She noted that more consumers are opting to pay for purchases with cash or debit rather than with credit cards.

Looking ahead to 2026, Shenfeld said the outlook hinges on jobs, incomes and housing costs, particularly as mortgage renewals work through the system. While some households face higher payments, others have benefited from easing inflation and a steadier labor market.

The backdrop leaves room for cautious optimism. Shenfeld said inflation growth is easing and that most Canadians remain employed and continue to spend, even as a smaller group forced out of work pulls back sharply.

"We could still see some fragility in the job numbers in upcoming months, " Shenfeld said. "But our expectation is that by the end of the year things should start to look a bit better and that should help the consumer side of the economy."

Write to Adriano Marchese at [adriano.marchese@wsj.com]

Expected Major Events for Tuesday

05:00/JPN: Nov Supermarket sales

07:00/GER: Nov Foreign trade price indices

09:00/ITA: Nov Foreign Trade non-EU

13:30/US: 3Q Advance estimate GDP

13:30/US: Oct Advance Report on Durable Goods

13:30/US: 3Q Preliminary Corporate Profits

13:30/US: U.S. Weekly Export Sales

13:30/CAN: Oct GDP

13:55/US: 12/20 Johnson Redbook Retail Sales Index

14:15/US: Nov Industrial Production and Capacity Utilization

15:00/US: Dec Consumer Confidence Index

15:00/US: Dec Richmond Fed Business Activity Survey

18:00/US: Nov Money Stock Measures

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Tuesday

Good Times Restaurants Inc $(GTIM)$ is expected to report for 4Q.

Loop Media Inc $(LPTVQ)$ is expected to report for 4Q.

Wilhelmina International Inc $(WHLM)$ is expected to report for 3Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

December 22, 2025 16:30 ET (21:30 GMT)

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