HEADLINES

Canada Rolls Out Billion-Dollar Financing Package in Response to Trump's Metals Levies

Canada is providing additional financing to the country's battered manufacturers to help cushion the blow from President Trump's overhaul last month of metals tariffs.

Canadian officials said Monday the financial help--in the form of interest-free loans in the first year--is needed to help keep companies afloat while they pivot on their corporate strategy to deal with the tweaked U.S. levies, which some economists warn will be painful for domestic manufacturers of value-added products.

Canadian Industry Minister Melanie Joly said the government was putting aside C$1.5 billion to help certain trade-exposed sectors. Two-thirds of the money will be managed by state-owned Business Development Bank of Canada. She said the state-owned lender will offer loans of up to C$50 million at favorable terms to companies that manufacture and export products containing steel, aluminum and copper.

Brookfield Venture Aims to Restart U.S. Nuclear Project

Brookfield is launching a new company with nuclear-project developer The Nuclear Co. that initially is looking at possibly reviving a reactor project in South Carolina.

The investment firm and the startup are forming a company that will specialize in the development of Westinghouse Electric nuclear reactor technology, with an ambition of building a world leader in nuclear projects.

The Nuclear Co. said the new venture has been picked by Brookfield to potentially restart work on two partially constructed Westinghouse-designed AP1000 units near Jenkinsville, S.C. The company will act as the project manager for the Fairfield County nuclear development, which was formally known as V.C. Summer Nuclear Units 2 and 3.

Aya Gold & Silver Adds Nasdaq Listing

Canadian precious metals miner Aya Gold & Silver began trading Monday on Nasdaq.

Aya, whose shares will continue to trade on the Toronto Stock Exchange, said the new listing is expected to boost the company's visibility and broaden its access to professional and retail investors internationally, adding access to U.S. capital markets.

The company is targeting production this year of 6.2 million to 6.8 million silver-equivalent ounces. Aya, with mines anchored in Morocco, operates the Zgounder mine that is producing silver dore from a newly expanded processing facility.

Loblaw Partners with Shakudo to Centralize, Speed Up AI Development

Canadian grocer Loblaw is partnering with Shakudo to help standardize and speed up how it builds and deploys artificial intelligence across the company.

Loblaw said Monday that Shakudo's platform will let its teams build AI tools that connect directly to the company's internal systems, making it easier to roll out new technology across the business while keeping control over how it works.

Shakudo's platform lets companies build and run AI systems inside their own digital infrastructure, without sending data to third parties, and offers standard tools for developing AI while keeping all data stored and controlled internally.

Magna Mining Gains Conditional Approval to Shift Listing to Toronto Stock Exchange

Magna Mining has conditional approval to migrate to the Toronto Stock Exchange's boards from the junior TSX Venture Exchange.

The mining company said it received the conditional okay to list on the Toronto exchange, with final approval subject to it fulfilling all the necessary requirements of the TSX, including receipt of all needed documentation on or before July 29. It expects to be delisted from the venture exchange when it graduates to the TSX.

A listing on the Toronto exchange will provide greater visibility and access to a wider range of potential investors, as well as the opportunity to be included in various indices, Magna Chief Executive Jason Jessup said.

Lululemon Lacks Momentum Amid Founder Pressure, Board Turmoil, Analysts Say

Lululemon Athletica may have little to propel the stock in the near term, with a vocal founder attacking the board, a new CEO not arriving until later this year, and governance turmoil overshadowing strategy, according to analysts.

"With the new CEO [Heidi O'Neill] not due to start until fall, we don't see any catalyst driving fundamental improvement near-term," Jefferies' Randal Konik and Corey Tarlowe said in a report.

Founder Chip Wilson criticized the board's CEO pick, which the analyst call "the board putting the cart before the horse," by making leadership and board changes ahead of the annual meeting while a proxy contest remains unresolved. To make matters worse, product designs miss, leaving further downside risk potential.

Lululemon shares settled down 3.4% to $128.98 on Monday.

Agnico-Eagle Mines to Renew 5% Buyback Program

Agnico-Eagle Mines intends to renew its share-repurchase program to buy back up to 5% of its issued and outstanding shares over the course of a one-year period.

The Toronto-based miner on Monday said it received approval from the Toronto Stock Exchange to renew its normal course issuer bid to buy back up to about 25 million shares.

Shares fell nearly 2% to C$244.74.

TALKING POINT

Bank of Canada Gov. Macklem Vows Action Should Affect Spread From High Energy Prices

By Paul Vieira

OTTAWA--Bank of Canada Gov. Tiff Macklem said policymakers believe that inflation would peak in April before gradually easing toward its 2% target by early 2027.

Senior officials have agreed to avoid overreacting to the war in Iran's immediate effects on inflation, "but if energy prices stay high, we will not let their effects become persistent inflation," Macklem said Monday in testimony to lawmakers.

His remarks to members on the Canadian legislature's finance committee largely reiterate the main themes from the Bank of Canada's decision last week to keep its main interest rate unchanged, at 2.25%. This marks the first of two appearances by Macklem and the Bank of Canada's No. 2 official, Carolyn Rogers, to answer lawmakers' questions about rate policy and the central bank's economic outlook. Macklem and Rogers will also testify before Canada's senate on Wednesday.

In last week's rate-policy decision, officials said they expected little change in the level of rates so long as the economy unfolded as the central bank expected. Their assumptions include a retreat in crude-oil prices by mid-2027, to $75 a barrel.

At a press conference following the decision, Macklem spoke openly about scenarios that would require rate increases and rate cuts.

Fixed-income traders jumped on his remarks that "there may be a need for consecutive increases" in the event energy prices remain elevated for a longer-than-anticipated period. Traders, as a result, have priced in the likelihood of two rate increases before the end of 2026, although some economists argue this represents an overreaction by markets given myriad downside risks, such as turbulent trade ties between Ottawa and Washington.

Fighting in the Iran war flared for the first time in weeks on Monday, as strikes on a crucial United Arab Emirates oil port and several ships tested a shaky cease-fire. Futures for Brent crude, the international benchmark, rose 6%, to about $114.50 a barrel. U.S. oil futures are up 4%, to $106.

"The Bank of Canada faces a delicate balancing act," Andrew Hencic, economist at TD Bank, said in a commentary late last week, on how the central bank faces a tug of war between higher energy prices and elevated trade-policy uncertainty. "Wait and see is the mantra--for now--but the clock is ticking."

Write to Paul Vieira at [paul.vieira@wsj.com]

Expected Major Events for Tuesday

06:00/JPN: Mar Revised Machine Tool Orders

08:00/UK: Apr UK monthly car registrations figures

12:15/CAN: Apr Official International Reserves

12:30/CAN: Mar International merchandise trade

12:30/US: Mar U.S. International Trade in Goods & Services

12:55/US: 05/02 Johnson Redbook Retail Sales Index

13:30/CAN: Apr Canada Services PMI

13:45/US: Apr US Services PMI

14:00/US: Feb New Residential Sales

14:00/US: Mar New Residential Sales

14:00/US: Mar Job Openings & Labor Turnover Survey

14:00/US: Apr ISM Report On Business Services PMI

14:00/US: May RCM/TIPP Economic Optimism Index

17:59/UK: Mar Adzuna UK Job Market Report

20:30/US: API Weekly Statistical Bulletin

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

Expected Earnings for Tuesday

AGCO Corp $(AGCO)$ is expected to report $0.40 for 1Q.

Angel Oak Mortgage REIT Inc $(AOMR)$ is expected to report $0.29 for 1Q.

Aptiv PLC (APTV) is expected to report for 1Q.

Ball Corp $(BALL)$ is expected to report $0.80 for 1Q.

BellRing Brands Inc (BRBR) is expected to report $0.31 for 2Q.

Bogota Financial Corp (BSBK) is expected to report for 1Q.

Cameco Corp (CCJ,CCO.T) is expected to report $0.47 for 1Q.

Cummins Inc $(CMI)$ is expected to report $5.62 for 1Q.

Donnelley Financial Solutions Inc $(DFIN)$ is expected to report $1.20 for 1Q.

DuPont de Nemours Inc (DD) is expected to report $0.49 for 1Q.

Ecovyst Inc (ECVT) is expected to report for 1Q.

Fiserv Inc (FISV) is expected to report $1.05 for 1Q.

Frontier Group Holdings Inc $(ULCC)$ is expected to report $-0.34 for 1Q.

Graphic Packaging Holding Co (GPK) is expected to report $0.02 for 1Q.

Harley-Davidson Inc $(HOG)$ is expected to report $0.27 for 1Q.

Haverty Furniture Cos Inc (HVT,HVTA) is expected to report $0.24 for 1Q.

Henry Schein Inc $(HSIC)$ is expected to report $0.85 for 1Q.

IDEXX Laboratories Inc $(IDXX)$ is expected to report $3.41 for 1Q.

Integra LifeSciences Holdings Corp $(IART)$ is expected to report $0.14 for 1Q.

KKR & Co Inc $(KKR)$ is expected to report $1.23 for 1Q.

Leonardo DRS Inc (DRS) is expected to report $0.19 for 1Q.

(MORE TO FOLLOW) Dow Jones Newswires

May 04, 2026 16:31 ET (20:31 GMT)

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