HEADLINES
Canada, Alberta to Unveil Pipeline Pact Friday
Canadian Prime Minister Mark Carney said he will unveil on Friday an agreement with the oil-rich province of Alberta that sets the stage for federal support for a new crude-carrying pipeline.
However, the Canadian leader said this did not mark a final deal. "There are multiple preconditions for that pipeline moving forward," Carney said at a press conference related to electricity policy. Those conditions include the pipeline having a private-sector backer, a more stringent industrial-carbon pricing regime in Alberta and the building of a carbon-capture project known as Pathways.
Alberta Premier Danielle Smith has said her push for new pipeline, preferably linking the Alberta oilpatch with the Northwest Pacific Coast, is a test of whether Canada's federal system can work, amid growing calls in her province to hold a referendum on separation from Canada.
Brookfield Places $2 Billion Bet on SpaceX Ahead of IPO
Brookfield has picked up $2 billion in shares of Elon Musk's SpaceX ahead of its initial public offering as the investment firm taps into businesses that stand to benefit from the rapid adoption of artificial intelligence.
Brookfield shares gained 5.4% to settle at C$65.29.
Brookfield said it has amassed SpaceX shares at the current pre-IPO mark, with about $1 billion of the shares owned directly and the remainder by its affiliates.
The satellite builder and rocket operator has confidentially filed IPO paperwork with the Securities and Exchange Commission, putting it on track to potentially list shares by July. SpaceX is aiming for an IPO that could raise between $40 billion and $80 billion, The Wall Street Journal has reported.
Canada Aims to Double Power-Grid Capacity By 2050
Canadian Prime Minister Mark Carney said the country needs to double the capacity of its electricity grid by 2050, a project with a trillion-dollar price tag but necessary to ensure the country's sovereignty and prosperity.
In a shift from his predecessor, Justin Trudeau, Carney is signaling that the government is open to natural-gas production to meet future electricity needs. The Trudeau administration's clean-energy initiatives aimed to discourage, but not necessarily ban, the use of natural gas.
"We cannot pursue business as usual. We cannot simply rely on restrictions and prohibitions. We must do things differently," Carney said at a press conference in the capital.
The doubling of electricity capacity is required to meet demand, officials said, from sectors such as rare-earths mining, artificial-intelligence data centers and advanced manufacturing. Carney linked this effort to nation building, arguing the country cannot thrive and demonstrate resilience without the ability to produce and control its own power supply.
Existing Home Sales Rose 0.7% in April But Prices Edged Lower
Canada's housing market remains sluggish, with sales of existing homes picking up slightly last month even as prices dipped.
National home resales were up 0.7% in April from the month before, after slipping 0.1% a month earlier, the Canadian Real Estate Association said.
Sales on a unadjusted basis were 4% below year-earlier levels.
Uncertainty among Canadian businesses and consumers remains elevated as the surge in energy costs with the Iran war adding to concerns about trade and U.S. tariffs. The acceleration in inflation has boosted bond yields, which in turn has led to a jump in fixed-mortgage rates.
Wholesale Sales Rose 1.9% in March
Canada Goose Raises Prices to Offset Continued Weak Consumer Demand
Canada Goose is bracing for a pullback in consumer spending and has raised prices to mitigate the impact.
The Canadian apparel company, best known for its pricy winter parkas, is guiding for modest revenue growth this fiscal year as it factors in a tougher macro backdrop and softer consumer sentiment seen this spring.
"We are planning for a more challenging macro environment, reflecting softer demand trends, exiting fiscal 2026 and into April, which we expect will continue to weigh on consumer confidence and travel," Chief Financial Officer Neil Bowden said in an earnings call Thursday.
Calian Profit Jumps on Acquisitions, Defense Demand
Calian Group logged a higher profit in its second quarter, driven by acquisitions and strong defense-sector demand.
For the three months ended March 31, the diversified Canadian services company reported net income of C$6.7 million, or C$0.58 a share, up from C$295,000, or C$0.02 a share, in the comparable quarter a year ago.
Adjusted earnings were C$1.30 a share. According to FactSet, analysts were expecting C$0.97 a share.
Revenue rose to C$228.7 million from C$193.7 million, above forecasts of a rise to C$215.7 million.
Poet Technologies Shares Jump on Supplier Deal With Lumilens
Poet Technologies disclosed a new partnership that could bring in as much as $500 million in purchase orders.
The stock soared 43.1%, settling at $20.57.
The company, which makes parts for data centers and AI, said it agreed to a joint development and commercial technology partnership with optical interconnects company Lumilens.
The partnership is designed to advance a new class of wafer-level photonic integration for AI infrastructure.
Honda Suspension of EV Project Marks Latest Setback for Canada's Struggling Auto Sector
Honda Motor said that it shelved its plan for a $11 billion electric-vehicle supply-chain project in Canada, citing a change in strategy from the Japan-based auto maker.
The decision represents another blow to Canada's auto sector, which is under severe strain from President Trump's 25% tariff on foreign-made cars. Some automakers based in Canada have either scaled back production or moved manufacturing to the U.S. Bets made earlier this decade on an upswing in EV demand and global decarbonization policies have backfired.
Canadian Prime Minister Mark Carney is seeking tariff relief on automobiles and other industrial goods as part of a trade deal with Washington that includes a renewal of the existing U.S.-Mexico-Canada trade treaty, or USMCA. Trump has said the U.S. doesn't need cars made in Canada.
Manulife Shares Down as Softer Canada, U.S. Drag on Results
Manulife Financial said a challenging insurance environment in Canada and the U.S. led to lower-than-expected earnings in the first quarter.
Shares declined 5.7%, ending at C$51.50.
The diversified financial-services company and insurer late Wednesday reported core earnings per share of C$1.06, missing analyst expectations of C$1.10, according to FactSet.
In Canada, Manulife said an unfavorable insurance experience led to a 6% drop in core earnings, while in the U.S. lower investment spreads led to a 4% decline.
Those results offset growth in Asia, where the company saw a 22% increase in core earnings as business continued to grow in the region.
TALKING POINT
Judge Deals Blow to Alberta's Sovereignty Movement on Referendum
By Paul Vieira and James T. Areddy
OTTAWA -- A Canadian judge on Wednesday dealt a potentially significant blow to efforts to hold a referendum in the oil-rich province of Alberta about becoming a sovereign country within North America.
Justice Shaina Leonard of Alberta's Court of the King's Bench said the Alberta government failed to consult indigenous groups about the potential fallout from holding a vote on the province's future within Canada. Under Canadian law, governments have a duty to consult indigenous groups on conduct that might adversely impact their treaty rights.
Indigenous leaders say the referendum can't proceed. Backers for an independent Alberta called on the province's Premier, Danielle Smith, to press ahead with a vote on sovereignty. Smith said the province intends to appeal the ruling. "We think this decision is incorrect in law and anti-democratic," she told reporters.
Lawyers for several indigenous groups in Alberta argued the province contravened the duty to consult when its chief electoral officer allowed pro-secession backers to begin collecting a minimum 177,732 signatures on a petition that would trigger a referendum. The pro-indepdence movement this month said they had gathered over 300,000 signatures.
Per a previous court ruling and "as a matter of logic and common sense, there can be no doubt that Alberta's secession from Canada will have an impact" on the livelihood of indigenous communities, wrote Justice Leonard. As a result, the judge quashed the chief electoral officer's decision to start the sovereignty-referendum process.
"This decision should close the chapter on the suggestion of an independence referendum," said Allan Adam, the Chief of the Athabasca Chipewyan First Nation, one of the main plaintiffs.
Mitch Sylvestre, who launched the referendum effort, said the decision "won't change anything we are doing." He said the court was never going to rule in the independence movement's favor and Wednesday's outcome was 100% predictable. He added Smith has a clear mandate to call a referendum.
The push for Alberta independence stems from decades of frustration with federal-government policy set in Ottawa. Tensions escalated over the past decade due to environmental measures from former Prime Minister Justin Trudeau that business and political leaders in the province argued threatened their livelihood and thwarted efforts to develop their oil and gas reserves. Backers of an independent Alberta say their residents are fed up that their demands take a backseat to the bigger population centers around Toronto and Montreal, which ideologically are more akin to America's bluest cities.
Prime Minister Mark Carney is in talks with Smith about finalizing a deal that would have Ottawa back Alberta's efforts to build a new pipeline linking the energy patch to a Pacific-coast port in order to sell more crude oil to Asia. In return, Alberta would agree to a more stringent industrial-carbon tax.
A tougher tax is not sitting well with oil-sector executives. Canada has "created a set of national policies and regulations that make resource development and investment in Canada uncompetitive with the rest of the world," Jon McKenzie, chief executive of Cenovus Energy, said this month.
Smith has said a new pipeline is crucial in her attempt to persuade Albertans that remaining in Canada is the best option. "We have to demonstrate the cooperative federalism works," she said last week at a conference in Ottawa.
Trump administration officials have welcomed Alberta's independence leaders to visit Washington for discussions on energy and trade. Allies of Trump, including Steve Bannon, have fanned Alberta's independence talk.
Write to Paul Vieira at [paul.vieira@wsj.com]
Expected Major Events for Friday
06:00/JPN: Apr Preliminary Machine Tool Orders
08:00/ITA: Apr CPI
12:15/CAN: Apr Housing Starts
12:30/US: May Empire State Manufacturing Survey
12:30/CAN: Mar Monthly Survey of Manufacturing
12:30/CAN: Mar International transactions in securities
13:00/RUS: Weekly International Reserves
13:15/US: Apr Industrial Production and Capacity Utilization
14:00/US: ISM Semiannual Supply Chain Planning Forecast
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
ARS Pharmaceuticals Inc $(SPRY)$ is expected to report $-0.49 for 1Q.
Abaxx Technologies Inc (ABXX.GR) is expected to report for 1Q.
AgEagle Aerial Systems Inc (UAVS) is expected to report for 1Q.
Arrive AI Inc (ARAI) is expected to report for 1Q.
Bally's Corp $(BALY)$ is expected to report for 1Q.
Canlan Ice Sports Corp (ICE.T) is expected to report for 1Q.
Cenntro Inc $(CENN)$ is expected to report for 1Q.
Chaince Digital Holdings Inc $(CD)$ is expected to report for 1Q.
ComScore Inc $(SCOR)$ is expected to report for 1Q.
ContextLogic Holdings Inc (LOGCD) is expected to report for 1Q.
DNA X Inc $(SONM)$ is expected to report for 1Q.
Flexible Solutions International Inc (FSI) is expected to report $-0.05 for 1Q.
HLS Therapeutics Inc (HLS.T) is expected to report for 1Q.
Hyperscale Data Inc (GPUS) is expected to report for 1Q.
Immuneering Corp (IMRX) is expected to report for 1Q.
Jasper Therapeutics Inc (JSPR) is expected to report $-0.34 for 1Q.
Koil Energy Solutions Inc (KLNG) is expected to report for 1Q.
Lument Finance Trust Inc (LFT) is expected to report $0.01 for 1Q.
Mastech Digital Inc $(MHH)$ is expected to report $0.02 for 1Q.
McCoy Global Inc (MCB.T) is expected to report for 1Q.
Noble Romans Inc (NROM) is expected to report for 4Q.
Northern Dynasty Minerals Ltd (NAK,NDM.T) is expected to report for 1Q.
Onex Corp (Canada) (ONEX.T) is expected to report for 1Q.
PrimeEnergy Resources Corp $(PNRG)$ is expected to report for 1Q.
ProKidney Corp $(PROK)$ is expected to report for 1Q.
RBC Bearings Inc (RBC) is expected to report $2.72 for 4Q.
Ravelin Properties REIT (RPR.UN.T) is expected to report for 1Q.
Skillz Inc (SKLZ) is expected to report for 1Q.
Smith-Midland Corp $(SMID)$ is expected to report for 1Q.
Solana Co (HSDT) is expected to report for 1Q.
Spanish Broadcasting System Inc - Class A (SBSAA) is expected to report for 4Q.
Streamex Corp $(STEX)$ is expected to report for 1Q.
Tofutti Brands Inc (TOFB) is expected to report for 1Q.
Tree Island Steel Ltd (TSL.T) is expected to report $0.00 for 1Q.
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(END) Dow Jones Newswires
May 14, 2026 16:26 ET (20:26 GMT)
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