HEADLINES
Alimentation Couche-Tard's Same-Store Sales Support Profit Growth
Alimentation Couche-Tard reported a higher profit in the fiscal second quarter, supported by same-store merchandise-sales growth across its global footprint.
Shares gained 4.9% to settle at C$74.41.
Late Monday, the Canadian retail giant posted revenue of $17.87 billion for the quarter ended Oct. 12--up 2.6% from a year earlier, but slightly below analyst forecasts of $18.01 billion.
Still, the company delivered same-store merchandise-sales gains across each of its geographic regions, driven by food, packaged beverages and other nicotine products.
Carney Pondering Trip to Washington With Trade Talks Stalled
Prime Minister Mark Carney is considering a trip to Washington early next month, which may provide an opportunity to restart talks with the White House about relief from certain hefty tariffs.
A Carney spokeswoman said the prime minister could attend the 2026 World Cup draw at the Kennedy Center in Washington on Dec. 5, as the U.S., Mexico and Canada are co-hosts of next year's tournament.
The spokeswoman said no final decision has been made, and had no information about possible meetings with either U.S. or Mexican officials should Carney attend.
Consumer Confidence Climbs Despite Unease in Tariff-Hit Ontario, Quebec
Consumer confidence in Canada improved in November but remains well below year-ago levels due to the fallout from U.S. trade policy, said the Conference Board of Canada.
The not-for-profit think tank said its consumer-confidence index rose 2.5 points in November from the prior month to 57.4. A year ago, the board's index sat at 69.9.
The board said confidence remains lackluster in the manufacturing-focused central Canadian provinces of Ontario and Quebec.
Those provinces, which account for 60% of Canada's population, are facing a financial squeeze and job losses from President Trump's hefty tariffs.
That is offset by big gains in Alberta, home to vast oil-and-gas reserves, and Atlantic Canada, and a solid gain in the Pacific Coast province of British Columbia.
Organigram Global Appoints James Yamanaka as CEO
Organigram Global has appointed James Yamanaka as its new chief executive officer, effective mid-January.
Shares climbed 2.7%, ending at C$2.26.
Yamanaka joins the Canadian cannabis producer from British American Tobacco where he served for over 20 years, most recently as global head of strategy.
In particular, Organigram said that Yamanaka brings with him extensive experience in strategy and general management across Europe and Asia.
Metro to Renew Share Buyback Plan for 4.7% of Public Float
Metro plans to renew its share-repurchase program to buy up to 4.7% of its shares.
The Canadian grocer said that its board approved the repurchase of up to 10 million shares for cancellation over the course of the next year.
At Monday's closing price, the value of the shares intended for buyback would be worth about $983.4 million.
Metro can begin buying back shares for this round of buybacks starting on Nov. 27.
Lumber Stocks Rise on Government Pledge for Further Financial Support
Canadian lumber stocks climbed in Toronto after Ottawa said it is considering more aid for the struggling sector.
Late Monday, Canada's Resources Minister Tim Hodgson said he is scheduled to speak with forestry sector leaders on Monday evening to discuss further financial support for the industry. He didn't provide any further details on what the aid could look like.
Interfor shares jumped 10.8% to C$8.09. West Fraser Timber added 3.9% to C$85.65, and Canfor rose 6.8% to C$11.96.
Wholesale Transactions Likely Fell 0.1% in October
Canadian wholesale transactions likely decreased 0.1% in October, Statistics Canada said.
The data agency's main gauge of wholesale shipments--which excludes petroleum products, oilseeds and grain--rose 0.6% in September from the prior month. Year to date, wholesale shipments are up 0.8%.
The data agency said the estimated decline in October reflected lower sales in the food, beverage and tobacco sector, as well as weakness in agricultural supplies.
On Monday, Statistics Canada said early indicators point to a 1.1% decline in October's manufacturing sales.
TALKING POINT
Mexico and Canada Stocks Are Through the Roof. What Trade War?
By Craig Mellow for Barron's
Mexican and Canadian stocks have been unlikely outperformers in 2025. Next year could be tougher.
The two nations differ profoundly in size, culture, per capita income, and their leaders' approach to President Donald Trump. Mexican President Claudia Sheinbaum has sweet-talked her U.S. counterpart and accommodated his priorities from drugs to trade. Canadian Prime Minister Mark Carney took office declaring, "President Trump is trying to break us so that America can own us."
What they have in common is markets that have walloped their bossy giant neighbor's. The iShares MSCI Mexico exchange-traded fund has jumped by 40% this year, its Canadian equivalent by a quarter. The S&P 500 is up 12%.
Thank improved leadership and the U.S.-Mexico-Canada Agreement on trade. Sheinbaum, who assumed power in October 2024, has performed the political magic trick of bending over backward for Trump while maintaining record-breaking poll numbers at home.
Major concessions have included extraditing accused drug kingpins to the U.S. en masse and championing tariff hikes on Chinese imports. "She has compromised on a lot of issues that did not come easily for her," says Duncan Wood, CEO of Hurst International Consulting.
Carney, who won a dramatic election this April, has shifted toward pro-growth policies after nine years of near-stagnation under predecessor Justin Trudeau. "I'm encouraged by a more constructive view of our energy and critical minerals," says Erik Charbonneau, head of Canadian investment banking at Jefferies.
Trump, for all his bravado, hasn't violated the USMCA, which he negotiated himself in 2018 and shields most Mexican and Canadian exports from U.S. tariffs.
So far. The trade pact is up for a "review" next year, with Washington bent on some wins in high-profile sectors like automotive and steel, says Diego Marroquin Bitar, a fellow at the Center for Strategic and International Studies. "We will most likely see a renegotiation to the detriment of North American competitiveness," he says. Early guidance is due Jan. 3, when the U.S. Trade Representative is meant to preview the USMCA talks in a report to Congress.
Honeymoon periods may fade domestically, too. Sheinbaum needs to keep cutting the 6%-of-gross-domestic product budget deficit left by her predecessor and mentor Andres Manuel Lopez Obrador. She is running out of tools save for counterproductive corporate tax hikes, says Malcolm Dorson, head of emerging markets strategy at Global X ETFs. "She's between a rock and a hard place on fiscal," he notes.
Carney's master plan for breaking U.S. dependency-extracting more natural resources and diversifying their export-will take years at best, and he may not be making the best start. "They have named five or 10 projects. None of them are what you would call nation-building," says Dan Nowlan, head of equity capital markets at National Bank of Canada.
Interest-rate cutting cycles in both countries should be tapering, removing a tailwind. Mexico has cut by 375 basis points, Canada by 275 over the past 18 months. Both economies contracted in the third quarter of this year anyway.
The glass-half-full view is that an easy USMCA review could boost markets further, particularly in Mexico. "Our expectation is for a reasonable agreement that will unleash dry powder for Mexican investment, " says Thea Jamison, managing director of CHANGE Global Investment. "At 13 times forward earnings, the market is still cheap."
Not everyone is so confident. "Anything with Trump is TBD [too-be-determined]," Dorson says. "We are equal weight on Mexico."
Write to [editors@barrons.com]
Expected Major Events for Wednesday
05:00/JPN: Oct Supermarket sales
05:00/JPN: Sep Indexes of Business Conditions - Revision
08:59/JPN: Nov Monthly Economic Report
12:00/US: 11/21 MBA Weekly Mortgage Applications Survey
13:30/US: Sep Advance Report on Durable Goods
13:30/US: Oct Advance Economic Indicators Report - To Be Rescheduled
13:30/US: 11/22 Unemployment Insurance Weekly Claims Report - Initial Claims
14:45/US: Nov Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
15:30/US: 11/21 EIA Weekly Petroleum Status Report
17:00/US: 11/21 EIA Weekly Natural Gas Storage Report
19:00/US: U.S. Federal Reserve Beige Book
23:50/JPN: Nov Provisional Trade Statistics for 1st 10 days of Month
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Expected Earnings for Wednesday
ADF Group Inc (DRX.T) is expected to report $0.22 for 3Q.
BQE Water Inc (BQE.V) is expected to report for 3Q.
Calian Group Ltd (CGY.T) is expected to report $0.32 for 4Q.
Deere & Co (DE) is expected to report $3.89 for 4Q.
Exco Technologies Ltd (XTC.T) is expected to report $0.29 for 4Q.
Hall of Fame Resort & Entertainment Co $(HOFV)$ is expected to report for 3Q.
Jewett-Cameron Trading Co Ltd (JCT-T,JCTC) is expected to report for 4Q.
Lee Enterprises Inc $(LEE)$ is expected to report for 4Q.
Mega Matrix Inc (MPU) is expected to report for 3Q.
Office Properties Income Trust $(OPITS)$ is expected to report for 3Q.
Orvana Minerals Corp (ORV.T,ORVMF) is expected to report for 4Q.
Royale Energy Inc (ROYL) is expected to report for 3Q.
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November 25, 2025 16:34 ET (21:34 GMT)
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