HEADLINES

Inflation Cooled to 1.8% in February

Inflation in Canada eased off in February to a nine-month low and fell back below the Bank of Canada's target, a break for consumer wallets ahead of a likely acceleration as the conflict in the Middle East lifts energy costs and clouds the outlook.

The consumer-price index rose 1.8% from a year earlier, the national statistics agency said. That was a tick slower than the 1.9% inflation economists had expected after the pace dipped to 2.3% the month before.

The positive inflation report is the last major indicator to land before the Bank of Canada's governing council decides Wednesday on interest rates, having twice now left them on hold.

Bank of Canada Seen Remaining on Hold Even If Oil Spurs Inflation

Celestica, AMD Partner on New Hardware Platform to Power AI Models

Celestica is partnering with chip giant AMD to build new large-scale hardware to power artificial intelligence systems.

As part of the collaboration, Celestica, a hardware manufacturer, will design and manufacture the high-speed switches that will connect AMD's next generation of AI chips when the Helios rack-scale AI architecture launches in 2026. A rack-scale AI platform is a prebuilt, room-sized computer system designed to run large AI models.

Celestica shares rose 2.3% to C$370.50.

Housing Starts Climbed 4.5% in February

Canadian housing starts rose in February, while the outlook remains cloudy due to trade-policy uncertainty and higher construction costs.

Housing starts across Canada came in at a seasonally adjusted annualized rate of 250,900 units in February, a 4.5% increase from the month before, Canada Mortgage and Housing Corp. said. The market was expecting about 252,500 housing starts in February, according to economists at Bank of Nova Scotia.

The trend measure--a six-month moving average of the monthly seasonally adjusted annual rate of housing starts--edged slightly upward, 0.4%, to 256,005 units last month, Canada's national housing agency said.

BCE Plans to Build Large AI Data Center in Saskatchewan

BCE is gearing up to build a massive artificial intelligence data center in Saskatchewan to boost domestic computing power and said it expects higher growth through 2028 than previously anticipated.

The Canadian telecom company, through its main operating company Bell, said it plans to begin the construction of a new 300-megawatt data center in Sherwood, Saskatchewan, near the city of Regina.

The facility, which is developed in partnership with the provincial government, will act as a regional hub for running large-scale computing, and is expected to bring jobs and economic activity to the province.

BCE shares rose 2.2% to C$35.42.

Altus Group Plans $200 Million Buyback Program

Altus Group plans to launch a repurchase program to buy back up to C$200 million in shares.

The Canadian software, data, and advisory services company said that the substantial issuer bid will be done by way of a modified Dutch auction where shareholders can auction their shares for C$42 to C$52 each.

The company's board thinks its a good use of cash on hand to buy back shares, given current prices, but noted that it doesn't believe the current price is reflective of the fundamental value of the business.

Altus Group shares ended Monday's session up 9.3% at C$47.53.

Tilray Quenches Thirst for U.S. Beer Assets With BrewDog Deal

Tilray Brands has reached a deal to acquire the U.S. assets of BrewDog, the struggling Scottish beer company that it started buying pieces of earlier this year.

The Canadian cannabis company is landing BrewDog's brewery and branded hotel in Columbus, Ohio, along with three branded pubs in Ohio, another in Las Vegas, a franchised location in Denver and a licensed location in Columbus International Airport. It acquired the BrewDog assets for an undisclosed amount.

The deal, set to close later this year, rounds out a larger takeover of the once-thriving BrewDog business and adds to its slate of well-known beer brands acquired in recent years.

Almonty Restarts Long-Idled South Korean Tungsten Mine

Almonty Industries said it brought back online a tungsten mine in South Korea after it had been dormant for more than 30 years.

The tungsten-concentrate producer said that it has completed the phase 1 commissioning of its Sangdong tungsten mine in Gangwon Province.

The mine is now producing about 2,300 metric tons of tungsten concentrate a year, which is expected to roughly double in 2027 when an extension to the mine comes online, Almonty said.

Bank of Montreal Launches EUR500 Million Green Bond Offering

Bank of Montreal launched a EUR500 million "green" bond offering that will be used to finance renewable energy, sustainable food and agriculture, and green building projects.

The offering is expected to settle on March 24, and the big Canadian bank said it will report publicly on the use of the proceeds from the bond within one year of that and annually thereafter.

Bank of Montreal in October unveiled a C$200 million four-year bond that earmarked proceeds for indigenous-owned enterprises and indigenous communities.

TALKING POINT

Alimentation Couche-Tard Could Benefit From War-Driven Oil Volatility

By Adriano Marchese

Alimentation Couche-Tard may benefit from the oil price volatility caused by the war in the Middle East, even as surging crude costs squeeze its fuel margins in the short term, analysts say.

The conflict in the Middle East has driven U.S. retail gasoline prices to an average of $3.72 a gallon as of Monday, up from around $2.30 a month ago, according to the American Automotive Association. The immediate hit to the Circle K parent is real, since the wholesale price of oil is rising faster than the company can pass it onto consumers at the pump, compressing margins in the near-term. But more than a decade of fuel data points to a different longer-term picture, analysts say.

"Volatility is the sweet spot," said Scotiabank analyst John Zamparo. "With oil price volatility potentially in play--rather than merely a sharp, persistent rise--this should bode well for the business."

Couche-Tard runs a network of about 17,300 stores globally, roughly three-quarters of which include gas stations. Last quarter, fuel sales brought in about $13.05 billion, with more than half generated in the U.S.

When oil prices swing sharply for a couple of quarters in a row, Couche-Tard tends to earn noticeably higher fuel margins, by almost 10 cents a gallon, according to the analyst. During the volatile periods, Zamparo said that its margins beat the national average by about 3.7 cents per gallon, compared with only about one cent in more stable quarters.

Since Feb. 28, when the U.S. and Israel launched their attacks on Iran, the price of oil has fluctuated from around $65 a barrel to around $95 a barrel currently in volatile trading.

Jefferies analyst Corey Tarlowe agrees. Based on 10 years of weekly fuel data, the analyst found margins have historically bottomed within the first two weeks of a large price increase and then peaked roughly four to eight weeks after prices stabilized.

The war has added uncertainty to global oil supplies and a recovery isn't guaranteed, which could put pressure on Couche-Tard's margins for longer since sustained price increases tend to limit or postpone margin recovery.

In the longer-term, margins stabilize even to higher prices. "If oil rises and stays elevated, this is unfavorable for margins, but even then, it's not particularly worrisome," Zamparo said.

The company is scheduled to report its third-quarter results Tuesday after markets close.

Write to Adriano Marchese at [adriano.marchese@wsj.com]

Expected Major Events for Tuesday

04:30/JPN: Jan Tertiary Industry Index

04:30/JPN: Jan Revised Retail Sales

09:00/ITA: Feb CPI

09:30/UK: Feb Monthly Insolvency statistics

09:30/UK: Dec Card Spending statistics

10:05/GER: Mar ZEW Indicator of Economic Sentiment

12:55/US: 03/14 Johnson Redbook Retail Sales Index

14:00/US: Feb Pending Home Sales Index

20:30/US: API Weekly Statistical Bulletin

23:50/JPN: Feb Provisional Trade Statistics for the Month

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Tuesday

Abeona Therapeutics Inc (ABEO) is expected to report $-0.35 for 4Q.

Academy Sports & Outdoors Inc $(ASO)$ is expected to report $1.97 for 4Q.

Achieve Life Sciences Inc (ACHV) is expected to report $-0.27 for 4Q.

Alimentation Couche Tard Inc (ATD.T) is expected to report for 3Q.

Aterian Inc $(ATER)$ is expected to report for 4Q.

Cibus Inc $(CBUS)$ is expected to report for 4Q.

Citi Trends Inc (CTRN) is expected to report $0.80 for 4Q.

ClearPoint Neuro Inc (CLPT) is expected to report for 4Q.

Coda Octopus Group Inc (CODA) is expected to report for 1Q.

Colabor Group Inc (COLFF) is expected to report for 4Q.

ComScore Inc $(SCOR)$ is expected to report for 4Q.

Crescita Therapeutics Inc (CTX.T) is expected to report for 4Q.

Docusign Inc (DOCU) is expected to report $0.26 for 4Q.

ECA Marcellus Trust I (ECTM) is expected to report for 4Q.

HealthEquity Inc (HQY) is expected to report $0.45 for 4Q.

Instil Bio Inc (TIL) is expected to report for 4Q.

Lifeway Foods Inc $(LWAY)$ is expected to report $0.29 for 4Q.

Lithium Americas Corp (LAC,LAC.T) is expected to report $-0.07 for 4Q.

Neuronetics Inc $(STIM)$ is expected to report $-0.10 for 4Q.

NextNav Inc $(NN)$ is expected to report $-0.15 for 4Q.

Ocean Power Technologies Inc (OPTT) is expected to report $-0.04 for 3Q.

Oklo Inc $(OKLO)$ is expected to report $-0.17 for 4Q.

Ovid Therapeutics Inc $(OVID)$ is expected to report $-0.13 for 4Q.

Permianville Royalty Trust $(PVL)$ is expected to report for 4Q.

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March 16, 2026 16:31 ET (20:31 GMT)

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