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Prime Minister Mark Carney says Canada will launch its first ever national sovereign wealth fund, an investment account that he says will ensure all Canadians reap the rewards of government support for major new projects.

The Canada Strong Fund will begin with an initial endowment of $25-billion.

The Prime Minister made the announcement Monday, one day before his government releases a spring economic update.

A sovereign wealth fund is a state-owned investment account that is typically independently managed.

“This will be a Government of Canada fund, but more importantly, it will be a people’s fund. It will be your fund,” Mr. Carney said at a news conference in Ottawa at the Canada Science and Technology Museum, according to his prepared remarks.

Mr. Carney described the fund as a national savings and investment account that is designed to grow wealth for future generations.

“Many countries that are blessed with natural resources, like Norway, have them. Canada has not. Until now. The new Canada Strong Fund will give all Canadians a direct stake in building Canada strong,” he said.

Canada to host September summit in Toronto to help draw billions in foreign investment, Carney says

The fund is linked to planned federal support for what the government describes as nation-building projects, including ports and natural resources projects.

“Over time, the fund will grow through asset recycling and reinvestment, creating even greater opportunities for future generations,” he said, adding that Canadians will be able to invest directly in the fund if they wish.

The Prime Minister said the fund will be professionally managed and will operate at arm’s length from the government as an independent Crown corporation. The government will hold consultations over the coming months on the details of the fund.

“This is about ensuring that you – and your children, and your children’s children – benefit from the prosperity we create today,” he said.

It was not immediately clear from Mr. Carney’s comments how the new fund would interact with other federal entities with similar responsibilities, including the Canada Infrastructure Bank and the Canada Growth Fund.

Finance Minister François-Philippe Champagne will have a separate and related event in Montreal.

Mr. Champagne’s office invited leaders of the country’s largest banks, pension plans and construction companies to the minister’s event, which was described to them as a pre-release of his spring economic statement, focused on infrastructure investment.

By late Sunday, the minister’s team and staff at the Prime Minister’s Office had yet to supply them with any details on the Finance Minister’s announcement.

Opinion: Mark Carney, the banker for all seasons

The Globe is not identifying the business leaders who relayed details of the event, because they were not authorized to comment on the matter.

Mr. Carney has travelled abroad extensively to attract more foreign capital to Canada, including from sovereign wealth funds in regions such as the Middle East.

He’s also inviting more than 100 of the world’s largest investors to a summit in Toronto in September.

The suspect in the White House Correspondents’ Dinner shooting told law enforcement after his arrest Saturday night that he intended to target Trump administration officials, senior federal law enforcement sources confirmed to Fox News.

Authorities identified the suspect as 31-year-old Cole Allen, of Torrance, Calif., adding that he prepared a manifesto outlining his intent and shared anti-Trump and anti-Christian rhetoric on social media.

As the dinner was underway, Allen allegedly rushed a Secret Service checkpoint at the Washington Hilton while armed with multiple weapons and opened fire, striking a Secret Service officer in his ballistic vest.

Agents returned fire and tackled Allen to the ground. The suspect and the injured officer were transported to a hospital. The Secret Service agent is expected to recover.

The incident adds to a growing list of threats against President Donald Trump, including two confirmed assassination attempts and a recent incident involving an armed intruder at Mar-a-Lago.

Overnight, the FBI and local law enforcement secured Allen’s home in Torrance, California. A federal judge in the Central District of California is expected to approve a search warrant, which would allow investigators to search the residence.

The White House said Sunday that Allen’s brother contacted the New London Police Department in Connecticut prior to the shooting, reporting that Allen had sent family members an alleged manifesto outlining his intent to target administration officials.

Officials also said Allen’s social media included anti-Trump and anti-Christian rhetoric. President Trump speaking on Fox News’ “The Sunday Briefing,” described Allen as “a very troubled guy,” citing the manifesto

Allen’s sister, Avriana Allen, told investigators in Rockville, Maryland, that her brother had made increasingly radical statements and often spoke about doing “something” to address issues in the world.

She said he had purchased two handguns and a shotgun, which he stored at their parents’ home without their knowledge, and that he regularly trained at a shooting range.

Investigators believe Allen traveled from Los Angeles to Washington, D.C., by train, with a stop in Chicago, according to acting U.S. Attorney General Todd Blanche. He said the investigation is ongoing and that more details are expected as formal charges are filed.

Blanche also noted that while the motive remains under investigation, authorities preliminarily believe Allen was targeting administration officials.

Executive Summary

• TSX ended last week slightly negative (~-1.3% weekly) after a 4-week run → momentum cooling
• Market now driven by geopolitics (oil), rates, and earnings transition
• Bank of Canada expected to hold (~2.25%), anchoring financials
• Industrial and energy signals mixed → higher volatility regime
• Upcoming week = macro + earnings + commodities interplay

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1) Macro Drivers (Primary Layer)

Interest Rates / Central Banks

• Global central banks (Fed, ECB, BoC) expected to hold rates
• Market focus:
  • Forward guidance (inflation vs growth trade-off)

Implication (TSX):

• Stable rates → supports banks (RY, TD, BMO)
• But caps upside (no multiple expansion catalyst)

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Inflation / Growth Data

• Canada inflation ~2.4% (within target band)
• Factory sales trending +3.5% MoM (industrial strength)

Watch:

• Any upside inflation surprise → bearish for equities
• Weak growth data → cyclical sectors (industrials/materials) risk

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2) Geopolitics & Commodities (Dominant Short-Term Driver)

Oil / Middle East (Critical)

• Oil volatility tied to Iran / Strait of Hormuz tensions
• Oil recently fluctuating ~$90–$96/bbl range

Market Sensitivity:

• ↑ Oil → Energy ↑, inflation risk ↑
• ↓ Oil → Energy ↓, broader TSX stabilizes

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Gold & Metals

• Gold recently declined (~-2.6%) with USD strength
• Materials sector weak → drag on TSX

Watch:

• Bond yields + USD direction (key drivers)

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3) Sector-Level Watchlist

Financials (Largest TSX Weight)

• Supported by:
  • Stable rates
  • Earnings positioning (May cycle upcoming)

Watch:

• Bond yields (10Y Canada/US)
• Credit risk headlines

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Energy

• Most sensitive sector next week
• Direction entirely dependent on:
  • Geopolitical headlines
  • Oil price swings

---

Industrials (TTIN context)

• Mixed signals:
  • Strong factory sales
  • But macro uncertainty

Watch:

• Rail volumes
• Infrastructure announcements

---

Technology

• Recently weak (AI disruption concerns)
• High sensitivity to:
  • Rates
  • Risk sentiment

---

4) Earnings Calendar (Early Cycle Signals)

• Light TSX earnings next week, but:
  • Industrials + materials names reporting (e.g., Aecon, West Fraser)
• Broader trend:
  • Banks report in May → positioning phase now

Implication:

• Market trading more on expectations than actual results

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5) Key Market Indicators to Track Daily

Indicator	Why It Matters	Bull Signal	Bear Signal
Oil price	TSX weighting driver	>$100	<$90
Bond yields	Bank margins	Rising gradually	Falling sharply
USD strength	Commodities inverse	Weak USD	Strong USD
VIX / volatility	Risk appetite	<15	>20
TSX Financials Index	Leadership signal	Outperformance	Breakdown

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6) Scenarios (Next Trading Week)

Bull Case

• TSX +1–2%
• Drivers:
  • Oil stable / rising
  • No escalation in geopolitics
  • Stable yields

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Base Case (Highest Probability)

• Flat (±1%)
• Drivers:
  • Market digestion after rally
  • Mixed sector signals

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Bear Case

• TSX −2–4%
• Triggers:
  • Escalation in Middle East
  • Sharp drop in commodities
  • Risk-off rotation

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7) What Would Change the Outlook (Disconfirmers)

• Sudden ceasefire → oil collapse → sector rotation
• Unexpected rate shift (BoC/Fed tone change)
• Earnings pre-announcements (banks or energy)

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Actionable Takeaways

• Market regime = macro-driven, not company-specific
• Focus areas:
  • Oil (primary driver)
  • Bond yields (secondary driver)
  • Financials leadership (confirmation signal)
• Expect higher volatility + lower directional conviction vs prior weeks

Monday April 27

Bank of Japan’s monetary policy meeting (through Tuesday)

China’s industrial profits

Germany’s consumer confidence and retail sales

(10:30 a.m. ET) U.S. Dallas Fed Manufacturing Activity index for April.

Earnings include: Celestica Inc., Nucor Corp., TFI International Inc., Verizon Communications Inc.

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Tuesday April 28

Japan’s jobless rate

ECB’s three-year CPI expectations

(8:15 a.m. ET) U.S. ADP employment for April 11.

(9 a.m. ET) U.S. S&P Cotality Case-Schiller Home Prince Index (20 city) for February.

(9 a.m. ET) U.S. FHFA House Price Index for February. The Street is projecting a rise of 0.1 per cent from January and up 1.6 per cent year-over-year.

(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for April.

Also: Ottawa’s spring update and U.S. Fed meeting begins.

Earnings include: Aecon Group Inc., Booking Holdings Inc., Coca-Cola Co., General Motors Co., Hilton Worldwide Holdings Inc., Robinhood Markets Inc., Spotify Technology SA, Starbucks Corp., T-Mobile US Inc., Toromont Industries Ltd., United Parcel Service Inc., Visa Inc., Winpak Ltd.

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Wednesday April 29

Japan’s markets closed

Euro zone economic and consumer confidence

Germany’s CPI

(8:30 a.m. ET) U.S. durable and core orders for March. The Street expects month-over-month increases of 0.5 per cent for both.

(8:30 a.m. ET) U.S. goods trade deficit for March (first reading).

(8:30 a.m. ET) U.S. wholesale and retail inventories for March.

(8:30 a.m. ET) U.S. housing starts for March.

(8:30 a.m. ET) U.S. building permits for March.

(9:45 a.m. ET) Bank of Canada’s policy announcement and the release of its Monetary Policy Report with Governor Tiff Macklem’s press conference to follow.

(2 p.m. ET) U.S. Fed announcement with Chair Jerome Powell’s press briefing to follow.

Earnings include: Alamos Gold Inc., Alphabet Inc., Brookfield Infrastructure Partners LP, Canadian National Railway Co., Canadian Pacific Kansas City Ltd., Capital Power Corp., Capstone Mining Corp., Centerra Gold Inc., CGI Inc., Choice Properties REIT, Ebay Inc., FirstService Corp., GFL Environmental Inc., Kinross Gold Corp., Meta Platforms Inc., Methanex Corp., Microsoft Corp., Qualcomm Inc., West Fraser Timber Co. Ltd., Whitecap Resources Inc.

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Thursday April 30

China’s PMI

Japan’s retail sales and industrial production

Euro zone’s GDP and CPI

Germany’s GDP and unemployment

ECB’s monetary policy meeting

(8:30 a.m. ET) Canada’s monthly real GDP for February. Consensus is a rise of 0.2 per cent from January.

(8:30 a.m. ET) Canada’s payroll survey for February.

(8:30 a.m. ET) U.S. GDP and GDP price index for Q1. The consensus projections are annualized rate increases of 2.1 per cent and 4.0 per cent, respectively.

(8:30 a.m. ET) U.S. personal spending and income for March. The Street expects month-over-month rises of 0.9 per cent and 0.3 per cent, respectively.

(8:30 a.m. ET) U.S. core PCE price index for March. Consensus is a gain of 0.3 per cent from February and up 3.2 per cent year-over-year.

(8:30 a.m. ET) U.S. employment cost index for Q1. Consensus is a rise of 0.8 per cent from Q4 and up 3.3 per cent year-over-year.

(8:30 a.m. ET) U.S. initial jobless claims for week of April 25. Estimate is 212,000, down 2,000 from the previous week.

(9:45 a.m. ET) U.S. Chicago PMI for April.

(10 a.m. ET) U.S. leading indicator for February.

Earnings include: Agnico Eagle Mines Ltd., Air Canada, AltaGas Ltd., Apple Inc., Aritzia Inc., Bombardier Inc., Caterpillar Inc., Cenovus Energy Inc., Eldorado Gold Corp., Eli Lilly and Co., Endeavour Mining Corp., Gildan Activewear Inc., Labrador Iron Ore Royalty Corp., Lumine Group Inc., Mastercard Inc., Merck & Co. Inc., NextGen Energy Ltd., Spin Master Corp., Trisura Group Ltd.

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Friday May 1

China and Euro zone markets closed

Japan’s CPI, consumer confidence and manufacturing PMI

(8:30 a.m. ET) Canada’s provincial GDP for 2025.

(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for April.

(9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for April.

(10 a.m. ET) U.S. ISM Manufacturing PMI for April.

Also: U.S. and Canadian auto sales for April.

Earnings include: Arc Resources Ltd., Brookfield Renewable Energy Partners LP, Chevron Corp., Colgate-Palmolive Co., Exxon Mobil Corp., Hudbay Minerals Inc., Imperial Oil Ltd., Magna International Inc., Premium Brands Holdings Corp., Sprott Inc., TC Energy Corp., Telus Corp., Westshore Terminals Investment Corp.

CALGARY – Federal Natural Resources Minister Tim Hodgson says the government has approved Enbridge Inc.’s $4-billion Sunrise project in B.C.

The plan will see an expansion of the company’s Westcoast natural gas pipeline system.

The project includes the addition of about 139 kilometres of new pipeline by constructing 11 pipeline looping segments, parallel to the existing line.

It will add up to 300 million cubic feet per day of transportation capacity on B.C.’s major natural gas transmission system.

The government says the increase will help ensure B.C. has enough gas supply as LNG export facilities like Woodfibre LNG come online.

Construction is expected to begin this summer.

This report by The Canadian Press was first published April 24, 2026.

TORONTO , April 20, 2026 /CNW/ – MDA Space Ltd. (TSX: MDA) (NYSE: MDA), a leading provider of advanced technology and services to the rapidly expanding global space industry, has been selected by Airbus to design and build more than 880 Ka-band steerable antennas and 440 Ku-band user replacement antennas for the OneWeb low Earth orbit (LEO) constellation owned by the global operator Eutelsat. This award follows an initial order to supply close to 2,000 antennas to the constellation, the second largest in lower Earth orbit with approximately 650 satellites, given to MDA Space by OneWeb in 2016.

With a heritage of delivering high-quality antenna systems for over 350 satellite missions, MDA Space leverages its expertise in high-volume production and capabilities as a leading supplier of innovative antenna systems to support the deployment of large-scale constellations like OneWeb. MDA Space antennas received a performance award from OneWeb for the original deployment.

“The selection of MDA Space for this repeat order underscores our company’s reputation as a reliable partner in enabling advanced satellite communications and connectivity around the world,” said Mike Greenley, CEO of MDA Space. “With the growth of satellite constellations continuing to accelerate, MDA Space is ideally positioned to meet full constellation life cycles from the initiation to expansion to the replacement of satellites, antennas and subsystems.”

Eutelsat awarded Airbus the contracts to build the OneWeb constellation extension in December 2024 and December 2025, for 100 and 340 satellites respectively. The antennas from MDA Space will be built, assembled and tested at the company’s state-of-the-art high-volume satellite production facility in Montréal, and integrated into Arrow telecommunications satellites manufactured by Airbus.

A magnitude 7.7 earthquake struck off the northeastern coast of Japan on Monday, prompting authorities to urge residents to stay away from coastal areas where tsunami waves of up to 3 meters (10 ft.) were expected.

Two hours after the tremor, which struck at 4:53 p.m. (0753 GMT), tsunami waves as high as 80 cm had been detected. A tsunami warning was later downgraded to a tsunami advisory.

There were no immediate reports of casualties or major damage, Japan’s top government spokesperson Minoru Kihara told a news conference as night fell in the capital Tokyo.

Getty Images

Several port towns including Otsuchi and Kamaishi — both hard-hit by a massive earthquake and tsunami in 2011 — earlier issued evacuation orders for thousands of residents, according to public broadcaster NHK. Bullet train services were halted and some motorways were closed due to the tremors.

Following the quake, the government issued a warning of a heightened risk of a megaquake.

Normally, the probability of an earthquake of magnitude 8 or stronger striking along the Japan Trench and Kuril Trench in the Pacific off northern Japan in a week is about 0.1%, but during the week that follows Monday’s quake, it will be higher at around 1%, a government official told a press conference.

“Please take anti-disaster steps, while embracing the idea that one must protect one’s own life,” the official said.

No abnormalities reported at idled nuclear plants

The quake measured an “upper 5” on Japan’s seismic intensity scale — strong enough to make it difficult for people to move around and cause un-reinforced concrete-block walls to collapse. The tremor had an epicenter in the Pacific Ocean and was 20 km deep, the Japan Meteorological Agency said.

A 3-meter tsunami could cause damage to low-lying areas by flooding buildings and carrying off anybody exposed in its currents, according to JMA.

Located in the “Ring of Fire” of volcanoes and oceanic trenches partly encircling the Pacific Basin, Japan is one of the world’s most earthquake-prone countries, with a tremor occurring at least every five minutes.

It accounts for about 20% of the world’s earthquakes of magnitude 6.0 or more, such as the 2011 disaster that caused nuclear meltdowns at a Fukushima power plant.

There are no nuclear power plants currently in operation in the affected areas and Hokkaido Electric Power and Tohoku Electric Power said there were no abnormalities reported at their idled facilities there.

Canadian gold miner Agnico Eagle Mines Ltd. AEM-T -3.06%decrease is bulking up considerably in northern Finland by unveiling three acquisitions worth roughly $3.8-billion.

Toronto-based Agnico on Monday announced it has reached agreements to buy Rupert Resources Ltd. RUP-T +64.16%increase for up to $2.9-billion in stock and cash, Aurion Resources Ltd. AU-X +43.82%increase for $481-million in cash, and B2Gold Corp.’s BTO-T -1.31%decrease 70-per-cent stake in Fingold Ventures Ltd. for US$325-million.

By buying all three, Angico will consolidate its presence in Lapland. The company’s Kittilä mine has been in operation since 2009 and is one of the biggest gold operations in Europe. Kittilä is located 150 kilometres north of the Arctic Circle.

Under the agreement, Toronto-based Rupert’s shareholders will receive a mix of Agnico shares and up to $3 in cash payable over 10 years for each of their securities. The cash portion will be paid out depending on the company’s minerals projects hitting certain milestones. The offer equates to a 67-per-cent premium to Rupert’s closing price on Friday. Rupert’s flagship project is Ikkari in northern Finland. Production at the site is targeted for 2030, and the mine is expected to have a 20-year life.

U.S. allows mining near Minnesota wilderness area, with waters flowing into Canada

The acquisition of St. John’s-based Aurion Resources will see Agnico take ownership of several exploration projects held by the company in Lapland, including its 100-per-cent owned Risti property and its 30-per-cent stake in Fingold.

By buying B2’s stake in Fingold, Agnico will control 100 per cent of the project.

Agnico is Canada’s biggest gold company by market value and the second biggest globally after Colorado-based Newmont Corp.

Canada’s annual inflation rate rose to 2.4 per cent in March, with prices jumping 0.9 per cent on the month, as higher crude oil costs drove up gasoline prices, data showed on Monday.

The annual inflation rate was last at this level in December. The monthly inflation spike was the highest in 14 months, Statistics Canada said.

The war in Iran, which began at the end of February, has disrupted crude shipments through the Strait of Hormuz, removing nearly a fifth of global supply. The shock has pushed up pump prices and strained household budgets.

Analysts polled by Reuters had forecast annual inflation of 2.6 per cent from 1.8 per cent in the prior month, and monthly inflation at 1.1 per cent, up from 0.5 per cent in February.

https://charts.theglobeandmail.com/0CIph/35

Canada’s inflation has been benign for well over a year and has stayed around the mid-point of the Bank of Canada’s target range of 1 to 3 per cent.

Bank of Canada Governor Tiff Macklem said last week that the central bank was not concerned about a short-term spike in inflation expectations.

Gasoline prices were up by 5.9 per cent on a yearly basis and drove a 21.2-per-cent surge on a monthly basis in March. The year-over-year figure was partly muted due to higher gasoline prices during the same period last year due to a carbon levy which was dropped in April, 2025.

Canadians likely to save 10 cents per litre as federal tax break on gas and diesel takes effect

Higher fuel prices increased the cost of transportation, which is the second biggest contributor to the CPI basket, by 3.7 per cent in March from a year ago.

Food prices were another major contributor to the increase in headline annual inflation, data from the statistics agency said.

Prices for food purchased from stores rose 4.4 per cent annually in March, after increasing 4.1 per cent in February. Prices for fresh vegetables increased 7.8 per cent, the largest increase since August, 2023, Statscan said.

Since headline inflation could be volatile, the BoC and economists also monitor core inflation metrics to gauge the underlying trend of inflation.

Its closely tracked measure, the CPI-median, the centermost component of the CPI basket, stayed unchanged from the prior month at 2.3 per cent, while CPI-trim, which excludes the most extreme price changes, edged down to 2.2 per cent in March.

“Pass-through from higher energy prices into core measures of inflation may become more evident closer to the summer months, particularly as higher air fares are picked up more fully,” said Andrew Grantham, senior economist at CIBC Capital Markets.

He, however, added that the slack within the Canadian economy should prevent those measures from re-accelerating too much.

The Canadian dollar was slightly firm and was trading up 0.04 per cent to $1.3687 to the U.S. dollar, or 73.06 U.S. cents. Yields on the two-year government bonds were down 1.6 basis points to 2.755 per cent.

Money markets do not expect any change in interest rates by the BoC this month and are pricing in a 25 basis point hike in December.