HEADLINES
Inflation Heated Up to 3.2% in May, Highest Level in More Than Two Years
The hit Canadians took at the pumps last month pushed inflation to a 29-month high, though price pressures beyond gasoline remained largely contained.
The consumer-price index climbed 1% in May, pushing the annual rate to 3.2%, Statistics Canada said. That is the highest level since December 2023, when inflation hit 3.4%.
A third straight month of rising gasoline prices as the conflict in the Middle East continued to restrict crude oil supplies meant Canadians were paying the most for gas since mid-2022, when Russia invaded Ukraine.
Inflation now sits just above the top end of the 1% to 3% window the Bank of Canada looks to maintain. Economists expect central bankers will be able to continue looking through the hot headline figure following the recent retreat in gas prices after the U.S. and Iran agreed on a deal to reopen the Strait of Hormuz and allow oil shipments to resume.
Alamos Gold Shares Rise With Drilling Results for Canadian Gold Mine
Alamos Gold's shares advanced after exploration results from one of its Canadian gold mines showed potential upside for sources of high-grade feed for its mill.
The stock rose 7.9% to C$45.22.
Alamos said fresh underground and surface drilling at its Island mine in northern Ontario has defined high-grade mineralization across multiple areas that are being targeted as sources of additional feed for its expanded Magino mill. The company has plans to develop the Island gold district into one of the largest and lowest cost gold operations in Canada.
Antitrust Authority Obtains Court Orders to Accelerate Probe of Empire's Commercial Leases
Canada's antitrust watchdog said it obtained court orders that compel grocery owner Empire to hand over documents and deliver oral testimony in its investigation regarding the company's use of leases to thwart competition.
The Competition Bureau said it's examining whether Empire, through commercial real estate agreements, is harming competition in the retail grocery industry. A lack of competition, the bureau said, can result in higher prices and lower-quality products.
The court orders will provide the watchdog "additional information about the scope of Empire's practices in Canada, including how the company negotiates property controls and their potential impacts on competition across Canada."
A spokesperson for Empire did not immediately respond to a request for comment.
Canada Eyes Expansion of Large-Scale Nuclear Reactors to Meet Energy Needs
Canada outlined a strategy to ramp up the construction of nuclear reactors across the country as officials look to expand power generation while capitalizing on the country's abundant reserve of high-grade uranium.
Officials said the aim is to build 10 new large-scale reactors within Canada--with at least two under construction by 2035. Federal officials also pledge to accelerate regulatory reviews, and to develop by early next year a new financing framework aimed at attracting capital from pension and sovereign-wealth funds to kick-start the nuclear-power expansion.
The strategy, unveiled by Canada's Energy Minister Tim Hodgson, provides some insight on how the country is hoping to attain its goal of doubling the capacity of Canada's electricity grid by 2050. This expansion is necessary, officials say, to meet demand from sectors such as rare-earths mining, artificial-intelligence data centers and advanced manufacturing.
G2 Goldfields Wins Court Approval for G Mining Takeover, G3 Spin-Out
G2 Goldfields has received final court approval for its takeover by G Mining Ventures, clearing a final legal hurdle before spinning out a new exploration company, G3 Goldfields.
The Ontario Superior Court's sign-off allows G2 to proceed with its plan of arrangement under which investors will receive shares in both G Mining and the newly created G3.
Last week, shareholders approved G Mining's agreement to acquire Canadian miner G2 in a deal valued at about C$3 billion.
The move will allow G Mining to extend its footprint in Guyana and consolidate a pair of projects in an emerging gold district. The transaction is expected to close in July.
TALKING POINT
Canada Industry Minister Suggests 'Good News' in Offing From Honda
By Paul Vieira
OTTAWA--Canada's Industry Minister Melanie Joly hinted Honda Motor will unveil new plans at its main Canadian manufacturing facility near Toronto that promise to be a boon for the local economy.
"What I can tell you is I'm confident good news is coming," Joly said Monday in a virtual media briefing from Tokyo. She had wrapped up a roughly weeklong visit to China and Japan to meet with automakers.
"We're working with the company, so stay tuned," the minister added, but didn't elaborate.
A spokesman for Honda said the company had no changes to share regarding its Canadian operations.
Honda's Canadian operations produced about 400,000 vehicles last year, and the company said it on pace to match that level based on year-to-date figures.
Last month, Honda formally shelved plans for a $11 billion electric-vehicle supply-chain project at its main manufacturing facility in Alliston, Ontario, about 42 miles northwest of Toronto, due to evolving business conditions and a change in corporate strategy.
In remarks this month at auto-industry conference, Honda Canada's Chief Executive Dave Jamieson warned that Canadian industrial policy isn't aligned with environmental or trade initiatives.
"When trade uncertainty is looming, regulations are evolving, and government policies are misaligned to consumer demand, it becomes increasingly difficult to move forward with capital-intensive, long-term investments of this scale," Jamieson said of the company's decision to indefinitely suspend its Canadian EV project. "Canada loses its competitive advantage."
He warned the present global economic backdrop marks a "direct test of both Honda's footprint in Canada and the long-term future of Canadian auto manufacturing."
Canada is seeking tariff relief from Washington on its U.S.-bound auto exports. Auto exports to the U.S. face a 25% tariff and Canada is demanding relief on sector-specific duties in exchange for U.S.-led changes to the existing U.S.-Mexico-Canada trade treaty, or USMCA. Officials from the three countries are set to meet regarding USMCA and whether it should be renewed for another 16 years.
Jamieson said keeping USMCA intact "is critical for Honda Canada and the long-term viability and competitiveness of the entire sector."
Write to Paul Vieira at [paul.vieira@wsj.com]
Expected Major Events for Tuesday
00:30/JPN: Jun Japan Flash Manufacturing PMI
05:00/JPN: May Supermarket sales
06:45/FRA: Jun Monthly business survey (goods-producing industries)
07:15/FRA: Jun France Flash PMI
07:30/GER: Jun Germany Flash PMI
08:30/UK: Jun Flash UK PMI
10:00/UK: Jun CBI Industrial Trends Survey
12:55/US: 06/20 Johnson Redbook Retail Sales Index
13:45/US: Jun US Flash Manufacturing PMI
13:45/US: Jun US Flash Services PMI
14:00/US: May State Employment and Unemployment
14:00/US: Jun Richmond Fed Business Activity Survey
17:00/US: May Money Stock Measures
20:30/US: API Weekly Statistical Bulletin
23:30/JPN: Apr Final Labour Survey - Earnings, Employment & Hours Worked
23:50/JPN: May Services Producer Price Index
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
Beyond Air Inc (XAIR) is expected to report for 4Q.
Carnival Corp Ltd $(CCL)$ is expected to report for 2Q.
Cerebras Systems Inc (CBRS) is expected to report for 1Q.
Clairvest Group Inc (CVG.T) is expected to report for 4Q.
Fathom Holdings Inc (FTHM) is expected to report $-0.06 for 1Q.
FedEx Corp $(FDX)$ is expected to report $5.35 for 4Q.
KB Home (KBH) is expected to report $0.46 for 2Q.
Kewaunee Scientific Corp $(KEQU)$ is expected to report for 4Q.
Korn Ferry $(KFY)$ is expected to report $1.37 for 4Q.
Mega Matrix Inc (MPU) is expected to report for 1Q.
Scorpius Holdings Inc $(SCPX)$ is expected to report for 4Q.
Scully Royalty Ltd (SRL) is expected to report for Full year.
Waldencast PLC $(WALD)$ is expected to report $-0.19 for 1Q.
Wins Finance Holdings Inc (WINSF) is expected to report for Interim.
Worthington Enterprises Inc $(WOR)$ is expected to report $1.07 for 4Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
June 22, 2026 16:30 ET (20:30 GMT)
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