November 16-30, 2025

2025-12-02

Laurentian Bank splits up: Laurentian Bank of Canada has reached agreements to break up and sell itself to Fairstone Bank for $1.9 billion. National Bank of Canada will acquire all Laurentians’ retail and small-business assets and liabilities. Fairstone will operate Laurentians’ commercial lending business. Fairstone is an alternative mortgage lender that also offers a variety of other financial products. It’s privately held, but in January it was announced that Smith Financial, the vehicle of Canadian billionaire Stephen Smith, had taken a majority voting interest. Laurentian put itself up for sale in 2023 but failed to find a buyer. Analyst John Aiken at Jefferies says National not only benefits by increasing its scale in its home province but does not have to deal with the legacy issues associated with Laurentian’s branch system. “Getting the assets, deposits and mutual funds at book value is simply icing on the cake,” he says.

Scotia tops estimates: Bank of Nova Scotia topped adjusted profit estimates in its latest quarter, on better-than-expected results in its capital markets and wealth management divisions. Scotia also booked a restructuring charge primarily related to workforce reductions. Scotiabank is two years into a strategic overhaul with its international division tracking ahead of plans while earnings growth at home has been slower.

2025-11-27

[BNN Bloomberg, Canada]: Prime Minister Mark Carney and Alberta Premier Danielle Smith have signed a major new energy cooperation agreement outlining the emission and other climate conditions that need to be met in order for a new oil pipeline to the Pacific to be approved under the federal major projects law.

[BNN Bloomberg, Terry Cain - Canada]: Carney’s pipeline announcement: Prime Minister Mark Carney is expected to announce a framework agreement for a new oil pipeline in Calgary today. The Alberta government has been negotiating with Ottawa to allow the proposed Pathways Alliance project to move forward along with a pipeline to the west coast. Carney has vowed to make Canada an ‘energy superpower’, but a 2019 tanker ban is blocking a new pipeline from being built. Ottawa has yet to say whether it would end the ban.

Ottawa’s support for steel and lumber: PM Carney announced the federal government will add a 25 per cent tariff on all steel-derivative imports as part of a suite of measures to help steel and softwood lumber producers Tuesday. The new levies will take effect Dec. 26 and will affect $10 billion worth of goods. Ottawa will also subsidize freight-rail rates for the steel and lumber industries, as well as provide an additional 500 million dollars in loans for the forestry sector.

Steel sector skepticism: Canadian steel stocks may rise today due to the support plan announced by Ottawa – however some analysts are skeptical on how sustained the boost will be. James McGarragle of RBC Capital Markets sees the support measures as positive for the domestic steel industry, including Algoma Steel. However, in a report he writes that “we still believe the Canadian market will be in a position of oversupply; and we are therefore uncertain if this will be enough to drive pricing to a level where Algoma is able to profitably service its customers.” He notes that the government’s plan to reduce freight rates for inter-provincial steel transportation should increase demand for Canadian steel and make Ontario steel more competitively priced.

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2025-11-26

[BNN Bloomberg, Terry Cain - Canada]: Feds to help lumber and metals sectors: CTV News is reporting Prime Minister Mark Carney will announce measures today to help the Canadian steel and lumber sectors. Multiple reports suggest more financial aid will be announced for both industries. The move comes as steel, aluminum and lumber sectors continue to deal with high tariff rates imposed by U.S. President Donald Trump. Carney is also expected to announce the framework for a new pipeline that would run from Alberta to Canada’s west coast.

Brookfield down under deal: Brookfield Asset Management and Singapore’s wealth fund GIC have offered to buy National Storage REIT in a deal valued at over US$2.5 billion. The Australian self-storage provider says it aims to finalize the deal by Dec. 7. National Storage operates more than 270 storage centers across Australia and New Zealand.

Stock exchange consolidation: The Globe and Mail is reporting the Canadian Securities Exchange is considering buying CBOE Canada and CBOE Australia. The report says talks are preliminary and there is no guarantee a deal will emerge. A CBOE spokesperson told the Globe the company was selling its Canadian business after only a few years because it is realigning its portfolio of businesses to sharpen its strategic focus. Formerly known as the NEO Exchange before being acquired by CBO Global Markets in 2021, CBOE Canada is home to 270 exchange-traded funds, 150 Canadian Depositary Receipts and 25 operating businesses. Chicago-based CBOE put its Canadian and Australian operations up for sale in late October.

Deere feels tariff squeeze: Shares of Deere traded lower in the premarket. The tractor maker’s profit outlook for the year ahead fell short of expectations. Deere estimates 2026 sales for its large agriculture segment will be down 15 to 20 per cent in the U.S. and Canada. In August, the world’s biggest farm machinery maker said tariffs cost the company US$600 million.

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2025-11-25

[BNN Bloomberg, Terry Cain - Canada]: Carney and Smith pipeline deal: Multiple reports suggest Ottawa and Alberta have agreed to the broad terms of a deal to support a new oil pipeline to Canada’s west coast. The reports say provincial and federal leaders are set to announce special exemptions and political support in Calgary on Thursday. B.C. Premier David Eby has been opposing the plan. Eby told reporters on Monday that he spoke with Prime Minister Mark Carney, who told him the details were not finalized.

Mixed results for Couche-Tard: Canadian convenience store operator Alimentation Couche-Tard posted mixed results in its latest quarter. Profit beat expectations, while revenue was slightly below estimates. Revenue was driven by same store merchandise sales growth across all of its regions. The Circle K owner says its results were also helped by acquisitions despite lower fuel prices and wholesale fuel revenue. Couche-Tard is still developing its growth strategy after its failed attempt to acquire the Japanese owner of rival convenience store chain 7-Eleven.

H&R sells US$1.5B in assets: H& RReal Estate Investment Trust is selling retail and office properties in Canada and the United States amounting to US$1.5 billion. The Canadian company says the step is a part of its portfolio simplification strategy. Earlier this month H&R ended its strategic review process without a sale. It also reported operating income that missed estimates.

Nvidia’s loss is Google’s gain?: Nvidia shares fell in the premarket after The Information reported that Meta is considering using chips designed by Google. Google launched its first-generation processors in 2018. They were initially designed for its own internal use for its cloud computing business. Since then, Google has launched more advanced versions of its chip that are designed to handle artificial intelligence workloads.

[Investopedia, USA]:  Recently graduated with a bachelor's degree, but having a hard time finding a job? Going to graduate school in these fields may lead you to some better prospects.

This year, the labor market has been slow to add workers, with tariffs stifling many companies' abilities to hire. Additionally, a significant factor contributing to the slowing labor market, particularly for recent college graduates, is the growing presence of AI in the workforce. Those factors have pushed many students to turn to graduate school instead of immediately entering the labor market.

However, some graduate degree programs may offer students better job prospects than others.

Of those with a graduate degree, substance abuse, behavioral disorder, and mental health counselors are expected to be in high demand over the next nine years, according to a recent report from the Bureau of Labor Statistics.

 Lawyers, as well as education and career counselors, are also projected to have plentiful job openings.

Why This Matters

As more undergraduate students complete their education and enter a stagnant job market, graduate school is becoming a more attractive option for many. Knowing the graduate degrees that are more likely to lead to a job can set students up for success.

Grad School Is Becoming a Better Option for Many Recent Bachelor Graduates

Recent college graduates typically have lower unemployment levels than the average of all workers. As of June 2025, 4.8% of recent college graduates were unemployed, compared to 4% of all workers, according to the most recent data available from the Census Bureau and Bureau of Labor Statistics.

Additionally, entry-level positions are being disproportionately replaced by AI, and many young workers feel unprepared to enter a workforce that is increasingly advancing with the technology.

More recent bachelor's degree graduates are seeking alternative paths rather than trying to navigate the weakening labor market. In particular, law school admissions during the 2024-2025 admissions cycle were at the highest level in over a decade.

Attending graduate school can delay repayment on student loans and typically leads to higher-paying jobs than those held by workers with just a bachelor's degree.

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2025-12-24

[Bnn Bloomberg]: Canada to resume trade talks with India

Canada and India have agreed to resume bilateral trade talks. The announcement came this weekend after a meeting between Prime Minister Mark Carney and Indian Prime Minister Narendra Modi on the sidelines of the G20 summit in South Africa. The leaders aim to reach US$50 billion in bilateral trade by 2030. The two countries exchanged about 31 billion dollars in goods and services last year.

Canada to intensify Mercosur trade talks

Prime Minister Carney has also agreed to intensify free trade talks with the South American trade bloc known as Mercosur. Carney met with Brazil’s President during the G20 summit. Ottawa claims bilateral trade with Mercosur is a significant opportunity for Canada’s economy in sectors like industrial goods, chemicals, forestry and seafood. Mercosur has a combined GDP of over 4 trillion dollars.

Joly heading to South Africa

Industry Minister Melanie Joly is heading to South Korea today to meet with major Asian companies to attract large investments into Canada’s defence sectors. The meetings will include talks with one of two bidders on Canada’s major procurement project. Joly is also meeting with a Korean business conglomerate and heading to Tokyo afterward. Her talks will cover the automotive industry, battery manufacturing, ship building and mining.

2025-11-21

[BNN Bloomberg, Terry Cain - Canada]: The investment will be in vital sectors including energy, artificial intelligence, logistics and mining. Prime Minister Mark Carney is visiting UAE officials in Abu Dhabi to strengthen bilateral trade.

Feds pressure Anglo: Bloomberg News is reporting Ottawa is pressuring Anglo American to make stronger commitments to executive and managements jobs at its proposed Vancouver base as a condition for taking over Teck Resources. Anglo has promised to move its global headquarters from London to Vancouver to win government approval – but will officially remain a foreign company. Industry Minister Melanie Joly is reviewing the mining companies’ consolidation plan.

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2025-11-19

Tim Regan’s Top Picks: Strathcona, Quebecor, Blackstone

BNN Bloomberg

MARKET OUTLOOK:

In Canada, the gold sector has accounted for almost one-third of the increase in the S&P/TSX Composite Index.

Gold is up over 50 per cent in 2025 year-to-date, the largest run since 1979. It is up 25 per cent since July 31st. Astounding! A rise like this has happened very few times in the past. In each case the following year, gold shares collapsed relative to the stock market. Not just by a little, by a lot!

Right now, the U.S. stock market loves growth, tech and volatility — only tech, communications and consumer discretionary companies have outperformed the relevant index. The other eight sectors have underperformed.

The U.S. experience differs dramatically from Canada. For the most part, high priced U.S. companies have built in very high expectations of future performance which have pushed the stock prices of these companies to rarified heights. That these expectations will be met is an extremely tough bet!

In the U.S. it is widely reported that the market is overvalued because the price-to-earnings ratio.

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2025-11-18

[BNN Bloomberg, Terry Cain - Canada]: Home Depot cuts forecast: Shares of Home Depot traded lower in the pre-market after the company cut its full year earnings guidance. The world’s largest home improvement retailer says ongoing consumer uncertainty and continued pressure on housing are impacting demand. Home Depot also reported lower than expected profit and sales in its latest quarter, citing a lack of storms that hampered demand in roofing, generators and other categories.

Bitcoin keeps sliding: The price of Bitcoin has dropped below US$90,000, deepening a month-long slide that has erased the cryptocurrency’s gains for 2025. Bitcoin last traded below $90,000 after U.S. President Donald Trump upended financial markets worldwide with his initial plan for trade tariffs. Some analysts are pointing to explanations such as rising economic headwinds and renewed concerns over interest-rate policy … but the key factor would seem to be that Bitcoin’s is vulnerable as its value is almost entirely based on speculation.

Cloudflare outage: Shares of Cloudflare came under pressure in the pre-market after the software company experienced a widespread, worldwide, networking outage. Websites including ChatGPT and social media platform X were impacted. The company website said it had been experiencing issues with a customer service portal and was scheduled for maintenance in some areas. Cloudflare’s system has gone down multiple times before.

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2025-11-17

[BNN Bloomberg, Terry Cain - Canada]: Bay Street eyes Ottawa

Canadian businesses and financial markets are keeping an eye on Ottawa today, as Prime Minister Mark Carney’s government faces a confidence vote on its budget. To avoid a new election, the Liberals need at least two votes from opposition members or four MPs to abstain from voting. Green Party leader Elizabeth May is also speaking with the government, hoping to achieve policy goals in return for her vote.

Inflation cools by less than expected

Inflation in Canada cooled by less than expected last month, supporting the Bank of Canada’s move to the sidelines after back-to-back rate cuts. The latest Statscan data shows headline inflation decelerated to 2.2% in October, driven by a faster yearly decrease in gasoline costs. On a monthly basis, the consumer price index rose by 0.2%, matching expectations. Core inflation -- CPI excluding eight volatile components and indirect taxes -- also accelerated to 2.9%.Real estate rebound

Canada’s housing market bounced back in October, with national home sales climbing 0.9% in September. According to data from the Canadian Real Estate Association, the benchmark price of a home rose 0.2% on a seasonally adjusted basis. The number of new listings declined. However, sales activity and the benchmark price were both lower than a year ago.