HEADLINES
Manufacturing Sector Steadies, With PMI Edging Up to 50.4 in January
Canadian manufacturers showed signs of stabilizing to begin the new year, signaling steadier footing for an industry that has been hit hard by trade uncertainty and tariffs.
The S&P Global Canada manufacturing purchasing managers index rose to 50.4 in January, the highest level after 11 successive months below the key 50 mark separating expansion from contraction. It comes after the index ticked up to 48.6 in December.
Canadian manufacturers experienced a relatively positive start to 2026, and the latest data points to an underlying resilience, said Paul Smith, economics director at S&P Global Market Intelligence.
"However, ongoing inflation and trade uncertainties seem set to remain dominant themes in 2026 and therefore the primary challenges to navigate for many manufacturers in the coming year," he said.
Eldorado Gold, Foran Mining Shares Sink With Plans for Tie-Up
Investors sold down Eldorado Gold and Foran Mining after the Canadian miners unveiled plans for a roughly C$3.8 billion tie-up that promises greater heft and growth potential.
Eldorado shares dropped 8.5% to C$53.47. Foran shares fell 5.2% to C$6.25.
The pair entered into an agreement that will see Eldorado buy all Foran shares not already held for 0.1128 of an Eldorado share and C$0.01 a share in cash, valuing the target at C$3.8 billion. The companies said that marks no premium on the last closing price for Foran after the recent strong run, but an 8% premium to the 20-day volume-weighted average for the shares.
Brookfield to Buy Peakstone Realty Trust in $1.2 Billion Deal
Brookfield Asset Management is buying industrial real estate investment trust Peakstone Realty Trust in an all-cash deal valued at about $1.2 billion.
The companies said they entered a definitive agreement under which a Brookfield real estate fund would buy all of Peakstone's outstanding shares for $21 each, marking a 34% premium to the last closing price.
The purchase would expand Brookfield's industrial real estate platform with an investment trust that owns and operates industrial outdoor storage, or IOS, and traditional industrial properties.
Open Text Selling Vertica for $150 Million
Open Text is selling part of its non-core analytics portfolio to Rocket Software for $150 million in cash, funds it plans to use to pay down debt.
The Canadian company, which is focusing on core products and expertise in secure data for enterprise AI, said it reached a definitive agreement to divest Vertica to the Bain Capital portfolio company.
In the fiscal year through June 30, 2025, Vertica contributed about $80 million in revenue to Open Text.
Canada Consumer Agency Levies C$4 Million Fine Against Bank of Montreal
The Canadian consumer watchdog said it levied a multimillion-dollar fine against Bank of Montreal for erroneously overcharging customers.
The Financial Consumer Agency of Canada said the fine totaled C$4 million. Bank of Montreal, or BMO, is the third-biggest Canadian lender by market capitalization.
The agency said for a period starting in 2010 until 2024, BMO erroneously charged for monthly-plan fees that should have been waived or discontinued.
5N Plus Shares Climb With Plans to Further Raise Space Solar-Cell Production Capacity
5N Plus's shares rose after the Canadian semiconductor maker said it plans to further expand its solar-cell production capacity, tapping into the artificial-intelligence boom and expected demand for future satellite programs and space missions.
Shares rose 5.9% to C$25.51.
The Montreal-based company said its Azur Space Solar Power subsidiary aims to increase solar-cell output capacity by 25% in 2026, which it expects will come online gradually from the second half of the year and add to capacity increases of 30% in 2025 and 35% the year before.
Massive Nuclear-Reactor Refurbishment in Ontario Completed Ahead of Schedule
The largest refurbishment of a nuclear reactor has been completed ahead of schedule and under budget, part of the Canadian province of Ontario's efforts to double down on nuclear technology.
Work has wrapped up on unit four of the Darlington Nuclear Generating Station on the north shore of Lake Ontario, and approval has been received from the Canadian Nuclear Safety Commission for initial power testing, which is expected to begin Feb. 12. The site will be at full power shortly after.
Ontario's government said the unit returns to service four months sooner than scheduled and that the overall refurbishment project will come in C$150 million under a budget that had been pegged at C$12.8 billion, including interest and cost escalation.
Scotiabank in Partnership to Establish New Global Defense Bank
Big Canadian lender Bank of Nova Scotia is joining a new international financial institution being established to help NATO and its allies deliver on commitments to ramp up spending on defense and security.
Scotiabank is a partner bank of the Defence, Security & Resilience Bank Development Group, supporting the establishment of the Defence, Security & Resilience Bank.
DSRB will provide governments with access to low-cost financing, procurement support and mechanisms to mobilize private capital through credit guarantee programs, the bank said.
Capstone Copper Resumes Operations at Mantoverde Mine in Chile as Strike Continues
Capstone Copper's Mantoverde copper-gold mine in Chile has resumed operations, though at scaled back levels while a labor strike continues.
Production at the site in the country's Atacama region restarted after a period when activities were disrupted by an inability to access and operate the desalination plant.
A strike at the mine began Jan. 2, and Capstone on Jan. 22 said individuals had entered the desalination facilities away from the mine and interfered with the plant's electrical system, interrupting the supply of water to Mantoverde.
TALKING POINT
Gold, Silver Are Volatile After Slump. Why Trump's Warsh Fed Pick Is Bashing Prices.
By Alex Kozul-Wright and Mackenzie Tatananni
Gold and silver prices fell for the second consecutive session, extending a selloff in precious metals that followed President Donald Trump's nomination of Kevin Warsh to head the Federal Reserve.
Gold futures lost $91.40 per troy ounce on Monday, falling 1.9% to settle at $4,622. The metal has plunged nearly 18% from its record of $5,626 on Thursday.
Silver futures, similarly, settled down 1.9% at $76.78, though they fell as low as $71.20 earlier in the day.
Gold suffered its worst one-day decline on record Friday. Silver had its most severe drop since 1980, just days after climbing to record highs earlier in the week.
Broad geopolitical uncertainties and lingering concerns around U.S. monetary policy independence provided a boost for traditional havens last month. But Warsh's nomination cleared some uncertainty for financial markets and took away some haven demand for gold.
Investors also fretted about Warsh's potentially hawkish approach to monetary policy. Interest rates and the price of gold typically move in opposite directions.
Elsewhere, Warsh's appointment led to a strengthening of the U.S. dollar, which makes commodities more expensive overseas and dampened their demand.
"Whilst gold's allure still glitters as a hedge to left-tail risks, in the short term, a pull back and positioning reset after its sharp ascent look warranted," says Emmanuel Cau, head of European equity strategy at Barclays.
Looking ahead, the recent whipsaw in the price of gold and silver should challenge the assumption that safety is simply a matter of owning assets perceived as safe.
Write to Alex Kozul-Wright at [alexander.kozul-wright@barrons] .com and Mackenzie Tatananni at [mackenzie.tatananni@barrons.com]
Expected Major Events for Tuesday
06:00/JPN: Dec Revised Machine Tool Orders
07:45/FRA: Jan Provisional CPI
13:55/US: 01/31 Johnson Redbook Retail Sales Index
15:00/US: Dec Job Openings & Labor Turnover Survey
15:00/US: Feb RCM/TIPP Economic Optimism Index
15:00/US: 4Q U.S. Housing Vacancies
21:00/US: Jan Domestic Auto Industry Sales
21:30/US: API Weekly Statistical Bulletin
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
ATI Inc $(ATI)$ is expected to report $0.88 for 4Q.
Ametek Inc $(AME)$ is expected to report $1.71 for 4Q.
Archer Daniels Midland Co (ADM) is expected to report $0.81 for 4Q.
Atkore Inc $(ATKR)$ is expected to report $0.40 for 1Q.
Ball Corp $(BALL)$ is expected to report $0.84 for 4Q.
BellRing Brands Inc (BRBR) is expected to report $0.32 for 1Q.
Benchmark Electronics Inc (BHE) is expected to report $0.43 for 4Q.
Broadridge Financial Solutions Inc $(BR)$ is expected to report $1.01 for 2Q.
Capri Holdings Ltd (CPRI) is expected to report $0.77 for 3Q.
CorVel Corp (CRVL) is expected to report for 3Q.
Enterprise Products Partners LP $(EPD)$ is expected to report $0.70 for 4Q.
Farmers & Merchants Bancorp Inc $(FMAO)$ is expected to report $0.66 for 4Q.
First Financial Corp $(THFF)$ is expected to report $1.72 for 4Q.
FuboTV Inc $(FUBO)$ is expected to report $-0.05 for 4Q.
Gartner Inc (IT) is expected to report $3.20 for 4Q.
Graphic Packaging Holding Co (GPK) is expected to report $0.30 for 4Q.
Hamilton Lane Inc (HLNE) is expected to report $1.32 for 3Q.
Heartland Express Inc $(HTLD)$ is expected to report $-0.11 for 4Q.
Hubbell Inc $(HUBB)$ is expected to report $4.45 for 4Q.
Illinois Tool Works Inc $(ITW)$ is expected to report $2.69 for 4Q.
Ingredion Inc $(INGR)$ is expected to report $2.61 for 4Q.
J&J Snack Foods Corp $(JJSF)$ is expected to report $0.32 for 1Q.
MPLX LP (MPLX) is expected to report $1.04 for 4Q.
(MORE TO FOLLOW) Dow Jones Newswires
February 02, 2026 16:28 ET (21:28 GMT)
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