HEADLINES
Prime Minister Carney Expects 'All Parties' in Iran War to Respect International Law
Prime Minister Mark Carney said the nation expects all those involved in the war in Iran to follow international law forbidding the targeting of civilians and civilian infrastructure.
Carney's comments followed President Trump's threats to wipe out the entirety of Iran's civilization if Tehran doesn't meet his demands by 8 p.m. Tuesday. "We urge all parties in this war to follow those responsibilities," Carney said during a press briefing. "That is a point we've made publicly and privately."
He said Canada isn't at the center of ongoing negotiations but added: "I'll just observe that there are some negotiations going on, and that there is often a gap between what's said publicly and what's happening privately." He said as those negotiations unfold, "those international responsibilities-those humanitarian responsibilities-remain for all parties throughout that period."
U.S. Expects 'Separate Protocols' With Canada and Mexico Around USMCA Core
The United States' top trade official said he expects negotiations over the North American free trade pact to result in "two separate protocols" with Canada and Mexico layered on top of the existing agreement, and that negotiations will continue after July 1, The Globe and Mail reported.
In an event in Washington, U.S. Trade Representative Jamieson Greer laid out his expectations for the review of the United States-Mexico-Canada Agreement (USMCA), which is scheduled to happen on July 1.
A key question heading into the review is whether the deal will survive as a trilateral pact, or be split into two separate bilateral agreements -- an idea U.S. officials have floated several times in recent months.
"Our baseline is that things have to be changed," Greer said about the USMCA, which came into force in 2020 and governs trade between the three countries. But he suggested the core of the agreement would remain in place, while bilateral issues would be dealt with separately with Canada and Mexico.
Pembina Pipeline Sets Long-Term Outlook Driven by Rising Energy Demand
Pembina Pipeline laid out its growth trajectory through the end of the decade, driven by fuller use of its existing network and projects already underway.
The Canadian energy infrastructure company said that it expects a growth of 5% to 7% compound annual fee-based adjusted earnings before interest, taxes, depreciation and amortization on per share basis through 2030.
Pembina said the targets are underpinned by its differentiated platform and strong global demand for energy, citing longer-term drivers such as for liquefied natural gas, petrochemicals and from power-hungry data centers.
Pembina shares rose 0.4% to C$62.03.
Aris Mining Sees Higher First-Quarter Revenue Supported by Gold Output, Prices
Aris Mining said it expects revenue to grow in the first quarter thanks to higher gold production and realized prices.
The Canadian gold-mining company, which is focused on South America, said it expects revenue to rise to over $360 million in the first quarter, up from $154.1 million a year earlier.
The growth was in part thanks to higher gold production in the period, which reached 74,300 ounces, up from 54,800 ounces a year earlier, Aris said. The company also cited higher gold prices. The precious metal has been rising in 2025 and was recently trading at about $4,686 an ounce.
Aris shares climbed 4.1% to C$27.96.
Kits Eyecare Preliminary First-Quarter Revenue Misses Guidance, Market Views
Kits Eyecare said it expects to report higher revenue in its first quarter, but below its guidance.
The Canadian digital eyewear retailer released preliminary results for the quarter ended March 31, with revenue forecasted to be C$57.4 million, representing a 23% rise over the prior year period.
The growth, however, falls short of its own guidance to reach between C$58 million and C$60 million in the period. Analysts polled on FactSet expected C$59.1 million in revenue.
Shares of Kits Eyecare fell 2.8% to C$15.11.
Algoma Steel, Roshel Form Joint Venture to Supply Steel for Canadian Defense
Algoma Steel and Roshel are forming a joint venture to manufacture steel for Canada's defense industrial base.
The companies said that they have formed Roshel Algoma Defence, which would establish a Canadian Centre of Excellence for Ballistic Steel Production. The center will produce ballistic steel for Canadian defense systems, as well as other infrastructure needs.
The joint venture aligns with the Canadian government's Defence Industrial Strategy to boost sovereign industrial capacity and support Canadian suppliers, the companies said.
Yellow Pages to Buy Back C$25 Million in Shares
Yellow Pages' board has approved a C$25 million buyback program.
The Canadian digital marketing and online directory company said that it plans to repurchase about 2 million shares at a purchase price of C$12.27, which represents the five-day volume-weighted average price before April 7.
The company's stock has been higher so far in 2026, but shares fell 3.7% to C$12.37 on Tuesday.
Monetary Reserves Declined $1.375 Billion in March
Canada's official international reserves decreased by $1.375 billion last month, driven by losses on investments, the federal finance department said.
As of March 31, the country's reserves of foreign currencies and other monetary assets totaled $126.755 billion, a fall from $128.13 billion the month before.
The government reported no intervention in the foreign-currency market, and there were no gold holdings at the end of the month.
All reserve figures are reported in U.S. dollars.
TALKING POINT
OceanaGold Targets Another Year of Records, Anchored by Big U.S. Mine
By Robb M. Stewart
OceanaGold is landing on the New York Stock Exchange as the elevated price for gold continues to boost its performance, which is set to be helped by expanded production at a U.S. mine.
Chief Executive Gerard Bond said the New York listing, which debuts Tuesday, is a major milestone for the Vancouver, British Columbia, miner, broadening its investor base and boosting liquidity beyond its current listing in Toronto.
"I look at some of our peers and they get far greater trading liquidity as a result of being listed on the New York exchange. And uniquely and differently to them, we actually have a U.S. asset," Bond said in an interview. "So it's just timely for us to be listed on that exchange and get that, you know, that broadening of the investor base, new investors and that elevated liquidity that comes from being on the NYSE."
The U.S. asset is Haile, a gold mine in South Carolina that the company estimates will see a roughly 34% jump in production this year, to between 235,000 and 260,000 troy ounces. That output would make the mine the fourth largest gold producer in the U.S., accounting for almost half of OceanaGold's total output, which is projected to rise about 12% at the midpoint of its target.
OceanaGold is continuing to invest in Haile, where it expects to spend about $10 million this year to extend the find and add to the resource base. About 8 miles away at another property where OceanaGold has an interest, the company has put in three deep holes that, if test results turn out to be positive, could be mined for copper and gold and expand the company's footprint in the area, Bond said.
OceanaGold is also making moves in New Zealand, where the company has secured the permits needed to develop its Waihi North project, including approval to double the allowable drill rigs to six. It also plans to spend about $12 million this year exploring around its Macreas mine on New Zealand's South Island, a sixfold rise from last year and the most in the mine's 35-year history.
The budget is supported by the elevated price for gold, which, after touching a record high above $5,500 an ounce earlier this year, currently stands at around $4,600 an ounce. Bond said that level is still very attractive for the company, which in the final quarter of last year achieved record earnings and cash flow, and tripled its dividend payout, after its price for gold averaged just below $3,500 in 2025.
"That's a big increase that goes straight to the bottom line because our costs haven't changed by anywhere near as much," he said.
Bond said that costs have remained mostly in check for the company, even as the war in the Middle East has led to higher oil prices and driven up energy costs. Most of OceanaGold's power comes from hydroelectricity, and at mines that use diesel he said the company is hedged on a rolling 12-month basis so will be protected from higher prices this year. There hasn't been any disruption in fuel supply either, he added.
Bond, who has led the company since 2022 and previously was chief financial officer at Australia's Newcrest Mining for a decade, said the company has no debt and is sports a strong balance sheet. "This year is shaping up to be even better," he said. The New York listing "represents an opportunity for people to get exposure to that."
Write to Robb M. Stewart at [robb.stewart@wsj.com]
Expected Major Events for Wednesday
04:30/JPN: Mar Corporate Insolvencies
05:00/JPN: Mar Economy Watchers Survey
06:00/GER: Feb Manufacturing orders
06:00/GER: Feb Manufacturing turnover
06:00/UK: Mar Halifax House Price Index
06:00/UK: 1Q Halifax House Price Index: UK Regional Breakdown quarterly release
06:45/FRA: Feb Foreign trade
06:45/FRA: Feb Balance of payments
08:30/UK: Mar S&P Global UK Construction PMI
11:00/US: 04/03 MBA Weekly Mortgage Applications Survey
14:00/US: Jan State Employment and Unemployment
14:00/US: Mar Online Help Wanted Index
14:30/US: 04/03 EIA Weekly Petroleum Status Report
23:01/UK: Mar RICS Residential Market Survey
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April 07, 2026 16:30 ET (20:30 GMT)
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