HEADLINES

Retail Sales Slip After Rising a Sixth Straight Month in June

Canadian spending, which has helped underpin a sluggish economy, stalled last month and snapped a run of rising retail trade through the first half of 2026.

The value of retail trade in the country rose a stronger-than-expected 0.6% in June from the month before to a seasonally adjusted C$74.28 billion, Statistics Canada said.

Yet an early tally of receipts indicates sales in July declined 0.8%, the first drop since the end of 2025. Sales growth in March, April and May was revised slightly higher.

Consumer Spending to Slow on Tepid Hiring, Sticky Gas Prices

Early Canada Retail Indicator Should Calm Fears About Overheating

Endeavour Silver Falls as Terronera Negotiations Continue Endeavour Silver shares finished lower after the company said that discussions are still underway with peaceful local community members who have temporarily blocked access to its Terronera mine in Mexico to demand basic infrastructure investments.

Key demands include proper road maintenance, controlled access to local water supplies, assistance establishing medical care and telecommunications access, as well as increased community financial aid.

Shares closed down 3.4% at C$14.62.

Domtar Idles British Columbia Pulp Mill Amid Low Asian Demand, Fiber Shortages

Canadian forest-products company Domtar is indefinitely idling its Howe Sound pulp mill and Bayview Fibre facility in British Columbia, its second closure in less than a year.

Domtar, a privately-owned manufacturer of diversified forest products, said the decision was made as it continues to feel the pressure of lower demand from Asia.

The decision will remove about 380,000 metric tons of northern bleached softwood kraft pulp from the market annually, and will include laying off 400 employees.

Blue Ant Media Increases Buyback Program to Up to 10% of Public Float

Blue Ant Media has increased the scope of its current share-repurchase program.

The streamer, production studio and rights business said that it has increased the number of subordinate shares it can repurchase to 1.81 million from 1.09 million.

Shares of Blue Ant have been under pressure in 2026, falling 26% since the year began.

Roots' Go-Private Deal Likely to Go Through

Roots agreed to go private in a buyout deal that TD Cowen analyst Brian Morrison called the best offer the apparel retailer is likely to receive.

Roots, a household brand in Canada, has agreed to be acquired by a consortium led by Marquee Brands and JM&A Design & Development for C$4.10 a share.

This represents a 36% premium to its price right before Roots announced a strategic review in March. The analyst downgraded the stock rating to sell from hold as a result.

Bunker Hill Mining to Acquire Silver47 in $163 Million All-Stock Merger

Bunker Hill Mining has agreed to acquire Silver47 Exploration in an all-stock merger valued at around $163 million, forming a larger U.S. silver and critical minerals producer.

The junior mining company said that Silver47 shareholders will receive 0.1724 Bunker Hill common shares for each Silver47 share held.

Sivler47, which trades on the TSX Venture Exchange, has been under pressure throughout the year. The company's stock has fallen nearly 36% since the start of 2026.

Transat Faces Mounting Pressure in Third Quarter

Transat A.T. continues to face steep fuel costs as surging oil prices squeeze margins and passenger fare increases are stalled.

The Montreal-based parent of airline Air Transat said higher jet fuel prices resulted in about C$105 million in added costs in the third quarter.

The surge brings its cumulative fuel burden to C$175 million since the closure of the Strait of Hormuz disrupted global energy markets.

TALKING POINT

Canada, U.S. Trade Teams Rush to Finalize Deal as Midnight Deadline Looms

By Adrian Morrow of the Globe and Mail

Dominic LeBlanc, the Minister responsible for Canada-U.S. trade, and chief negotiator Janice Charette will meet with U.S. Trade Representative Jamieson Greer in Washington on Friday, hours before the latest deadline to lock down the details of a trade deal.

The trio will hunker down at Mr. Greer's office near the White House. The sit-down follows a more than three-hour meeting on Thursday afternoon, followed by more meetings between Ms. Charette and Mr. Greer's subordinates.

At stake is a trade agreement Canada is banking on to lower U.S. President Donald Trump's current tariffs and avoid the imposition of new ones.

Mr. Trump on Tuesday postponed his latest threatened tariffs by three days, saying the two countries had reached a trade deal but still needed to finalize its wording. He will have to take action again. Otherwise, the 50% levies on US$20 billion worth of Canadian exports will start at 12.01 a.m. Saturday.

In the negotiations, Canada is seeking to reduce Mr. Trump's current tariffs of 50% on steel and aluminum, 25% on autos, and between 10% to 25% on forestry products, imposed last year under Section 232 of the Trade Expansion Act of 1962. Canada is also hoping to avoid Mr. Trump's new threatened tariffs, which would take effect under Section 338 of the Smoot-Hawley Tariff Act of 1930.

In exchange, the U.S. wants Canada to concede on a long list of trade demands, The Globe and Mail has reported: ending retaliatory tariffs on U.S. autos, changing how licences are allocated under the dairy supply-management system, and having provincial premiers end retaliatory bans on U.S. alcohol and Buy Canadian procurement policies.

The U.S. has also demanded that Canada give Washington right of first refusal on purchasing Canadian critical minerals, complete the purchase of F-35 fighter jets, buy U.S. military equipment as part of joining the planned Golden Dome missile defence system and increase oil exports.

The prospective deal, in which Canada is being asked to make numerous concessions and accept Mr. Trump's tariffs in exchange for not having the tariffs be even higher, is likely to be a difficult sell for Prime Minister Mark Carney.

Mr. Carney, who rode to power promising an "elbows up" approach to Mr. Trump's tariffs and threats of annexation, has already drawn criticism from Manitoba Premier Wab Kinew for not holding out for a better deal. He warned that making concessions now puts Canada in a weaker position ahead of a planned overhaul of the U.S.-Mexico-Canada Agreement later this year or early next.

"I just wonder if accepting the idea that Trump tariffs are here forever is the move where we wanted to give up some of that leverage, " Mr. Kinew told reporters on Thursday. "If we kept pushing, I think that we'd probably get more."

The co-operation of Mr. Kinew and other provincial premiers will be key for getting the deal through, as they will have to stop their bans on U.S. alcohol. Ontario Premier Doug Ford and B.C. Premier David Eby who, along with Mr. Kinew, have been the most outspoken critics of Mr. Trump, have not said what they will do. Quebec Premier Christine Fréchette has said she is still deciding.

Expected Major Events for Monday

10:00/FRA: 2Q OECD Quarterly National Accounts: GDP growth

12:30/US: Jul Chicago Fed National Activity Index (CFNAI)

12:30/CAN: 2Q Quarterly financial statistics for enterprises

17:59/UK: Jul Adzuna UK Job Market Report

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Expected Earnings for Monday NAPCO Security Technologies Inc (NSSC) is expected to report $0.38 for 4Q.

VOC Energy Trust $(VOC)$ is expected to report for 2Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.