HEADLINES

Bank of Canada to Lose Two Members of Rate-Setting Governing Council

The Bank of Canada said that two members of its rate-setting governing council are departing, and it intends to fill the vacancies internally.

The central bank said that Deputy Governor Rhys Mendes would leave on April 10, to relocate to Toronto with his family. He was responsible for the central bank's analysis of international economic developments.

Deputy Governor Sharon Kozicki intends to retire on July 15, following a two-decade career at Canada's central bank. She was responsible for overseeing analysis of domestic economic developments.

BOC Speech Takes on Heightened Importance Amid Rapid Turn in Rate Expectations

LaGuardia Airport Reopens Hours After Deadly Runway Collision

New York City's LaGuardia Airport was closed Monday after a passenger jet collided with an emergency vehicle on the runway, killing two pilots and injuring dozens of other people.

An Air Canada Express plane arriving from Montreal struck a firefighting vehicle late Sunday, according to the Port Authority of New York and New Jersey.

The Federal Aviation Administration implemented a full ground stop at the airport until Monday afternoon. More than 500 flights scheduled to arrive or depart LaGuardia have been canceled.

The two pilots of the Air Canada Express plane were killed in the crash shortly before midnight Sunday, and a further 41 people, including passengers, crew, and two Aircraft Rescue and Firefighting officers, were taken to the hospital, a Port Authority spokesperson said.

Bausch + Lomb Reports Positive Trial for Glaucoma Treatment

Shares of Bausch + Lomb rose Monday after the company said that data from its glaucoma procedure trials was positive.

Shares declined 1.4% to settle at C$21.83.

The eye-health company said that both primary effectiveness endpoints were met for its ELIOS procedure, an implant-free process that uses excimer laser technology to treat glaucoma.

Glaucoma is a group of eye diseases that damage the optic nerve connecting the eye to the brain.

Transcontinental Rises After Reset to Post-Special Distribution Trading Level

Transcontinental shares rose after the company's shares began to trade at a new level following its special cash distribution tied to the sale of its packaging business.

Shares surged 43.9%, settling at C$4.82.

Earlier in March, the company's board authorized a special cash distribution of C$20 a share, payable on March 20, after agreeing to sell its packaging division to Cincinnati, Ohio-based ProAmpac Holdings back in December for C$2.1 billion.

The company had previously disclosed that the shares would begin trading on an ex-distribution basis on March 23.

Molson Coors Buys Maker of Monaco Cocktails

Molson Coors Beverage is buying Atomic Brands, the maker of ready-to-drink brand Monaco Cocktails.

The drinks line would help bolster Molson Coors' beyond-beer lineup, which already includes brands including Fever Tree U.S. and Topo Chico Hard.

The deal comes after the brewer of Miller Lite, Molson Canadian, Carling and other beers in February unveiled what it called its Horizon 2030 strategy, which aims to create growth in a world of constantly evolving consumer preferences and choice.

The purchase price for Atomic Brands wasn't disclosed. The transaction is expected to close in the coming weeks.

Aurinia Names Board Chair Kevin Tang New CEO, Overhauls Executive Team

Aurinia Pharmaceuticals named its board chair Kevin Tang as its new chief executive, replacing Peter Greenleaf, who had been CEO since 2019.

Tang is president of Tang Capital Management, a life sciences-focused investment company he founded in 2002.

Aurinia also has appointed Ryan Cole as chief operating officer, Michael Hearne as chief financial officer and Thomas Wei as chief scientific officer. Cole, Hearne and Wei are all executives at Tang Capital.

Tang has elected not to receive any compensation from Aurinia.

TALKING POINT

Dollarama Poised to Boost From Unexpected Cohort: High-Income Households

By Adriano Marchese

Canadian discount chain Dollarama is adding a new swath of high-income shoppers to its stores, a shift coming as economic strain spreads, analysts say.

The Montreal-based chain has long been a shopping destination for Canada's most budget strained shoppers, with shelves packed with items running from C$1 to C$5. In challenging environments, its more than 1,600 stores tend to attract even more of its core shoppers, which skews toward a lower income base.

Added economic uncertainty, most recently stemming from the U.S-Israel war with Iran and subsequent spike in oil and gas prices, is putting more pressure on household budgets. And that means more wealthier consumers coming into Dollarama stores.

National Bank of Canada analyst Vishal Shreedhar said that recent commentary from other retailers and other industry data suggest that higher-income households--meaning those making over C$100,000--shopping more frequently at dollar stores.

"Consumer spending remains focused on value and trading down amid a pressured macroeconomic backdrop," Shreedhar said.

The retail dynamic should show up on Tuesday, when Dollarama is set to report fourth-quarter results.

Irene Nattel, an analyst at RBC, said in a report that the chain continues to remain well-placed in the nation's retail landscape.

"Dollarama is uniquely positioned to continue gaining share of wallet and generate sector-leading results as consumers hunt for value," she said.

Other Canadian-based retailers have also cited frugality among shoppers lately.

Grocery chain Metro described customers trading down and buying on promotions, while pet-products company Pet Valu flagged intensifying value-seeking in their most recent quarter. Even Canadian Tire, which sells a wide array of products such as athletic gear and auto parts, noted a widening gap between discretionary and essential spending.

Same-store sales at Dollarama have remained resilient throughout the fiscal year, supported by steady demand for consumables and everyday household goods, which make up about 60% of total sales. In Canada, same-store sales rose 6% in the fiscal third quarter, driven by stronger demand for food, beverages, household essentials, and seasonal items such as Halloween products.

The company also appears better insulated from the tariff environment. More than 60% of its products are private label, unbranded, or tailored to Dollarama's specifications, giving it the flexibility to substitute or reprice that other national retailers can't do as easily.

Still, uncertainties remain, especially around how Canadians will shift their spending in the coming quarters. "The evolution of consumer sentiment and spending is a key unknown," RBC's Nattel said. "But Dollarama's deep value positioning should arguably appeal to a broader base of consumers."

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

Expected Major Events for Tuesday

00:30/JPN: Mar Japan Flash Manufacturing PMI

05:00/JPN: Feb Steel Production

05:30/JPN: Feb Tokyo area department store sales

05:30/JPN: Feb Nationwide department store sales

08:15/FRA: Mar France Flash PMI

08:30/GER: Mar Germany Flash PMI

09:30/UK: Mar Flash UK PMI

11:00/UK: Mar CBI Distributive Trades Survey

12:30/US: 4Q Revised Productivity and Costs

12:55/US: 03/21 Johnson Redbook Retail Sales Index

13:45/US: Mar US Flash Manufacturing PMI

13:45/US: Mar US Flash Services PMI

14:00/US: Mar Richmond Fed Business Activity Survey

17:00/US: Feb Money Stock Measures

20:30/US: API Weekly Statistical Bulletin

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

Expected Earnings for Tuesday

AAR Corp $(AIR)$ is expected to report $1.02 for 3Q.

Absci Corp $(ABSI)$ is expected to report $-0.21 for 4Q.

Achieve Life Sciences Inc (ACHV) is expected to report $-0.27 for 4Q.

Ag Growth International Inc (AFN.T) is expected to report $1.10 for 4Q.

Aimia Inc (AIM.T) is expected to report for 4Q.

AirJoule Technologies Corp $(AIRJ)$ is expected to report for 4Q.

Atossa Therapeutics Inc $(ATOS)$ is expected to report $-0.07 for 4Q.

Blaize Holdings Inc $(BZAI)$ is expected to report for 4Q.

Braze Inc $(BRZE)$ is expected to report $-0.21 for 4Q.

Colabor Group Inc (COLFF) is expected to report for 4Q.

Concentrix Corp (CNXC) is expected to report $0.95 for 1Q.

Core & Main Inc $(CNM)$ is expected to report $0.33 for 4Q.

Crescita Therapeutics Inc (CTX.T) is expected to report for 4Q.

Dollarama Inc (DLMAF,DOL.T) is expected to report $1.43 for 4Q.

ECA Marcellus Trust I (ECTM) is expected to report for 4Q.

Epsilon Energy Ltd $(EPSN)$ is expected to report for 4Q.

Fennec Pharmaceuticals Inc (FENC,FRX.T) is expected to report $0.06 for 4Q.

Fractyl Health Inc (GUTS) is expected to report $-0.22 for 4Q.

GameStop Corp - Class A (GME,GMEB) is expected to report $1.50 for 4Q.

Instil Bio Inc (TIL) is expected to report for 4Q.

Intrusion Inc $(INTZ)$ is expected to report for 4Q.

KB Home (KBH) is expected to report $0.55 for 1Q.

Kezar Life Sciences Inc (KZR) is expected to report for 4Q.

LENZ Therapeutics Inc (LENZ) is expected to report for 4Q.

MaxCyte Inc (MXCT) is expected to report for Full year.

NKarta Inc $(NKTX)$ is expected to report $-0.33 for 4Q.

Nexteer Automotive Group Ltd $(01316)$ is expected to report for Full year.

Paysign Inc (PAYS) is expected to report $0.02 for 4Q.

Permianville Royalty Trust $(PVL)$ is expected to report for 4Q.

Safeguard Scientifics Inc (SFES) is expected to report $0.78 for 4Q.

Sanara MedTech Inc $(SMTI)$ is expected to report $0.15 for 4Q.

Smithfield Foods Inc (SFD) is expected to report for 4Q.

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March 23, 2026 16:30 ET (20:30 GMT)

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