HEADLINES
Carney Calls on White House to Respect Canadian Sovereignty Over Alberta
Canadian Prime Minister Mark Carney called on the Trump administration to respect his country's sovereignty after a group advocating for Alberta's secession from Canada said it has met with State Department officials about the province's future.
Last week, Treasury Secretary Scott Bessent weighed on the province's political future, saying he was aware of a bid by some citizens to hold a referendum on independence and added that the oil-rich western Canadian province would be "a natural partner" for the U.S.
The future of Alberta marks the latest source of tension between Washington and Ottawa, triggered this month by Carney's trade pact with China, America's greatest rival; and a speech he delivered that marked a call-to-arms among smaller powers to collectively counter economic coercion from global hegemons keen to use their economic and military might to achieve policy goals.
Trade Deficit Widened Sharply in November as Gold Shipments Fell
Canada's trade deficit ballooned in November as gold shipments remained volatile and vehicle movements fell, though there again were early signs the country is diversifying away from its dependence on the U.S.
Canada recorded a merchandise-trade shortfall of almost C$2.2 billion, Statistics Canada said. That was much wider than the C$690 million deficit economists expected and October's downwardly revised C$395 million gap.
Including services, Canada swung to a trade deficit of C$2.19 billion from a small C$27 million a month earlier.
Rogers Communications Shares Rise on Strong Fourth Quarter, 2026 Outlook
Rogers Communications set an upbeat growth outlook for 2026 and delivered strong fourth-quarter results, lifted by its sports and media division, even as mobile subscriber gains fell short.
Shares gained 5.7% to settle at C$52.00.
The Canadian telecom company said it expects total service revenue to rise between 3% to 5% compared with C$19.1 billion in 2025, and set guidance for adjusted earnings before interest, taxes, depreciation and amortization to rise 1% to 3% from C$9.82 billion.
"Our 2026 outlook reflects continued growth and strong free cash flow gains as we look to unlock additional shareholder value from our world-class sports assets," Staffieri said.
Rogers reported revenue of C$6.17 billion, up from C$5.48 billion, topping analyst expectations of a rise to C$6.02 billion.
Celestica Stronger 2026 Revenue Outlook Fails to Lift Profit-Margin View
Shares of Celestica reported unchanged operating-margin expectations for 2026, a signal of possibly slower earnings growth, despite a higher revenue outlook.
The stock fell 13.5%, ending at C$403.89.
For 2026, the company expects revenue of $17 billion, $1 billion higher than previous estimates, and adjusted earnings of US$8.75 a share, up from a previous outlook of $8.20 a share.
According to FactSet, analyst consensus was for $16.71 billion and $8.62 a share.
Vizsla Silver Says Individuals Taken From Mexico Project
Vizsla Silver suspended some activities at its flagship project in Mexico since people were taken from the site.
The stock slid 14.9%, settling at C$7.88.
The Canadian minerals explorer said 10 individuals have been taken from its Panuco project in Concordia, Mexico. The incident is under investigation and information remains limited, it said.
Vizsla said local authorities had been notified and the company's crisis management and security response teams are actively engaged. As a precautionary measure, it said that some activities at and near the site were temporarily halted.
Empire Shutters Alberta Underperforming Ecommerce Operations
Empire shares climbed after the grocer said it will shut down its underperforming Alberta ecommerce operations, closing a platform that failed to meet financial expectations.
Shares added 2.9% to settle at C$45.10.
The parent of Sobeys, Farm Boy and FreshCo banners said it will wind down and close its Alberta ecommerce facilities, including a customer fulfilment center in Calgary and a smaller support plant in Edmonton.
The company will also put a pause on developing its large fulfilment center in Vancouver, British Columbia.
Docebo's New Fourth Quarter, 2026 Outlooks Top Views
Docebo increased its projections for the fourth quarter and set out its outlook for 2026, topping analyst expectations for both, and said it will buy back up to $60 million in shares.
The Toronto-based learning management system company said that it expects total revenue to be between $62.7 million and $63 million in the fourth quarter, representing a rise of 10% to 11% from a year earlier.
The new range is an upgrade from the previous $62 million to $62.2 million guidance, and topped analyst expectations of $62.1 million, according to FactSet.
Adjusted earnings before interest, taxes, depreciation and amortization is expected to be between $12.9 million and $13.2 million, an increase of 36% to 39%. Analysts expected $13.1 million.
OpenText Appoints Ayman Antoun as CEO
OpenText has named longtime IBM executive Ayman Antoun as its next chief executive, effective April 20.
Antoun brings 35 years of experience to the Waterloo, Ontario-based enterprise software company, most of which were spent at IBM Americas, the company said.
Most recently, he was president of IBM Americas between 2020 and 2023, leading the company's business across the U.S., Canada, and Latin America.
Antoun succeeds James McGourlay, who will continue to serve as interim CEO until April 20, after which he will move to a role within the executive leadership team.
Thomas Jenkins, currently serving as OpenText's executive chair and chief strategy officer, will return to the role of chair of the board.
TALKING POINT
Canada's Carney Goads Trump. Markets Are Behind Him.
By Craig Mellow for Barron's
Mark Carney isn't acting like a man who doesn't have the cards.
Canada's prime minister electrified the globe, and infuriated U.S. President Donald Trump, with a Jan. 20 speech to the World Economic Forum that excoriated "great powers [that] abandon even the pretense of rules and values for the unhindered pursuit of their power and interests."
On his way to Davos, Carney paid a four-day visit to China, inking an electric-vehicles-for-grain trade agreement. Trump shot back that "Canada lives because of the United States," and threatened 100% tariffs if Ottawa moved to a full free-trade agreement with Beijing.
Carney's tough talk may sound reckless with Canada's economic lifeline, the United States-Mexico-Canada Agreement on trade, up for "review" this summer. Canada sends three-quarters of its exports across its southern border, accounting for a fifth of gross domestic product.
Markets are betting that he can get away with it, though. The iShares MSCI Canada exchange-traded fund has risen more than 2% since Carney's Davos démarche. It has climbed 35% over the past year, compared with 15% for the S&P 500 index.
"Canada is my biggest overweight among developed markets," says Marko Papic, chief strategist for geomacro at BCA Research. "Carney knows exactly what he's doing."
The USMCA is too successful to meaningfully fail, says Diego Marroquín Bitar, a fellow with the Americas Program at the Center for Strategic and International Studies. Canada's biggest export by far is oil and gas, piped to U.S. refineries through networks that would cost billions to replace.
No. 2 is cars, auto parts and metals built into a supply chain since the 1960s. "There is no way the U.S. can remain a leader in the automotive sector without Canadian aluminum and Canadian parts," says Marroquín Bitar.
U.S. Trade Representative Jamieson Greer indicated some agreement in congressional testimony late last year. "There is broad support for [USMCA] from interested stakeholders," he said.
If Trump's economic hand is stronger, Carney may be holding the aces politically. His star turn at Davos pushed his approval rating up to 60%, according to Canada's Angus Reid Institute. Trump is around 40% and dropping with midterm elections looming.
Longer term, Carney and Canada face an uphill struggle to "build a new order" in concert with other "intermediate powers," as he put it at Davos. The prime minister is pushing to fast-track a dozen "major projects" that could diversify resource exports, among other goals.
Success would mean cutting reliance on the U.S. "from 75% to somewhere in the 60s," says Michael McAdoo, a Montreal-based director for global trade and investment at consultant BCG.
The most potentially impactful project, a proposed new pipeline from the Alberta oilfields to the Pacific coast, is challenged geographically and politically, says Robert Johnston, director of energy and natural resources at the University of Calgary School of Public Policy.
"You have to cross two mountain ranges, and there's opposition from some of the indigenous nations," he says.
A proposed liquefied-natural-gas hub in British Columbia enjoys broader support, Johnston says. But it will take a while.
The most immediate threat is that political rhetoric pushes USMCA negotiations beyond their July 1 deadline, hobbling investment in all of the North American economies, McAdoo says. "We haven't seen a lot of the big capex decisions that have a 10- or 15-year horizon in the region," he says.
The leaders may need to butt heads more before we do.
Expected Major Events for Friday
01:00/JPN: Dec Steel Imports & Exports Statistics
04:30/JPN: Dec Preliminary Report on Petroleum Statistics
05:00/JPN: Dec Housing Starts
05:00/JPN: Dec Construction Orders
06:30/FRA: Dec Household consumption expenditure in manufactured goods
06:30/FRA: 4Q GDP - first estimate
07:00/GER: Dec Foreign trade price indices
07:45/FRA: Dec Housing starts
07:45/FRA: Dec PPI
07:45/FRA: 4Q Flash estimate of job creation
08:55/GER: Jan Labour market statistics (incl unemployment)
09:00/GER: 4Q GDP - 1st release
09:00/ITA: 4Q GDP preliminary estimate
09:00/GER: Jan Bavaria CPI
09:00/GER: Jan North Rhine Westphalia CPI
09:00/GER: Jan Saxony CPI
09:00/GER: Jan Brandenburg CPI
09:00/GER: Jan Hesse CPI
09:00/GER: Jan Baden-Wuerttemberg CPI
09:30/UK: Dec Bank of England effective interest rates
09:30/UK: Dec Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit
09:30/UK: Dec Monetary & Financial Statistics
10:00/ITA: Dec Unemployment
11:00/ITA: Dec PPI
13:00/GER: Jan Provisional CPI
13:30/US: Dec PPI
13:30/CAN: Nov GDP
14:45/US: Jan Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
17:59/UK: REC JobsOutlook survey
20:00/US: Dec Agricultural Prices
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
Air Products & Chemicals Inc $(APD)$ is expected to report $3.02 for 1Q.
American Express Co $(AXP)$ is expected to report $3.54 for 4Q.
ArcBest Corp $(ARCB)$ is expected to report $0.40 for 4Q.
BCB Bancorp Inc $(BCBP)$ is expected to report $-0.88 for 4Q.
Bank of the James Financial Group Inc $(BOTJ)$ is expected to report for 4Q.
Black Titan Corp $(BTTC)$ is expected to report for 3Q.
Brookfield Business Corp (BBUC) is expected to report for 4Q.
Brookfield Renewable Corp (BEPC,BEPC.T) is expected to report for 4Q.
Brookfield Renewable Partners LP (BEP,BEP.UN.T) is expected to report $-0.45 for 4Q.
Canadian National Railway Co (CNI,CNR.T) is expected to report $1.97 for 4Q.
Charter Communications Inc - Class A $(CHTR)$ is expected to report $10.51 for 4Q.
Chevron Corp $(CVX)$ is expected to report $1.33 for 4Q.
ChoiceOne Financial Services Inc (COFS) is expected to report $0.90 for 4Q.
Church & Dwight Co $(CHD)$ is expected to report $0.80 for 4Q.
Citizens Holding Co (CIZN) is expected to report for 4Q.
Colgate-Palmolive Co $(CL)$ is expected to report $0.91 for 4Q.
Dorian LPG Ltd (LPG) is expected to report $1.33 for 3Q.
Exxon Mobil Corp (XOM) is expected to report $1.69 for 4Q.
First Hawaiian Inc (FHB) is expected to report $0.55 for 4Q.
Flagstar Bank NA $(FLG)$ is expected to report for 4Q.
Franklin Resources Inc (BEN) is expected to report $0.50 for 1Q.
Gentex Corp $(GNTX)$ is expected to report $0.43 for 4Q.
IES Holdings Inc $(IESC)$ is expected to report $3.94 for 1Q.
Imperial Oil Ltd (IMO,IMO.T) is expected to report $1.84 for 4Q.
Janus Henderson Group PLC (JHG) is expected to report $1.16 for 4Q.
Kayne Anderson Energy Infrastructure Fund Inc $(KYN)$ is expected to report for Full year.
Ledyard Financial Group (LFGP) is expected to report for 4Q.
Lifecore Biomedical Inc (LFCR) is expected to report $0.16 for 2Q.
Mechanics Bancorp (MCHB) is expected to report $0.26 for 4Q.
Meridian Corp $(MRBK)$ is expected to report $0.55 for 4Q.
Moog Inc - Class A (MOGA,MOGB) is expected to report $2.10 for 1Q.
Oppenheimer Holdings Inc $(OPY)$ is expected to report for 4Q.
Pacific Financial Corp (PFLC) is expected to report for 4Q.
Quaint Oak Bancorp (QNTO) is expected to report for 4Q.
Regeneron Pharmaceuticals Inc $(REGN)$ is expected to report $9.20 for 4Q.
Republic Bancorp Inc (Kentucky) - Class A (RBCAA) is expected to report $1.32 for 4Q.
Sofi Technologies Inc $(SOFI)$ is expected to report $0.12 for 4Q.
Tompkins Financial Corp (TMP) is expected to report $7.25 for 4Q.
Verizon Communications Inc $(VZ)$ is expected to report $1.03 for 4Q.
WisdomTree Inc $(WT)$ is expected to report $0.23 for 4Q.
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(END) Dow Jones Newswires
January 29, 2026 16:25 ET (21:25 GMT)
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