• Trump turns back to Canada, U.S. → Canada rail traffic nears pandemic lows

• Which companies are set to benefit from a mining boom?

• New home prices remain flat, local trends continue

• Despite hourly wage inflation, Canadians are working more

• Trump pumps his meme coin by offering White House tours (yes, seriously)

• Another one bites the dust, as UPS takes out Andlauer at a ~30% premium

We’re starting to see the impact of U.S. tariffs on the revenue side, as customs duties just hit a monthly record.

There’s been a lot of he said, she said on progress with China so we’re turning our attention back to Canada - with Trump making his usual threats in the press yesterday but signalling talks were going well.

Recently released rail data looks anything but, as February traffic from the U.S. into Canada nears pandemic lows.

A mining boom is coming, who benefits?

Liberal or Conservative, Canada’s mining industry should get more support over the next four years than it had in the last four.

We’ve started digging into which non-mining companies are poised to benefit from increased mineral production. Check it out!

If the above link doesn’t work, try this: https://www.bullpen.finance/content/100

New home prices flat, with puts & takes

As they’ve been for the past year, new home prices were flat in March…

… with core markets weighing down continued price appreciation in Quebec, the prairies, and the atlantic provinces.

While rate cuts haven’t helped get the market moving, a government-led boost in the supply side of the equation (direct or indirect) could get things unstuck soon.

Despite wage hike, Canadians work more

We got payroll data for February yesterday, with a 5.4% Y/Y lift in weekly earnings. With just 3.8% Y/Y wage growth, Canadians are clocking in more hours.

Payroll employment fell roughly 50K M/M, led by education and food services.

While the drop in education offset gains from January, food services employment continued its slide, which could persist if food inflation stays hot.

The leader of the free world is pumping his meme coin again, announcing the top 220 holders will get to have dinner with him, while the top 25 get a VIP reception and White House tour…

… turns out you can pay for friends. Let’s hope other leaders don’t get any ideas.

• Empire Co. says CEO Michael Medline to retire in May 2026

• Lindt stockpiling chocolate in Canada amid tariff uncertainty

• Congress should seize the deep sea mining opportunity for America

It was a great day for transportation names, who have faced headwind after headwind lately.

Canadian trucking was up huge after UPS announced it was buying Andlauer Healthcare Group (AND) for $55/sh in an all-cash, $2.2B deal. While we don’t love another foreign takeout, we can appreciate the ~7% boost it gave to Mullen Group (MTL) and TFI International (TFII). Plus, now Michael Andlauer can turn his attention towards his Ottawa Senators ownership… they need it.

Cargojet (CJT) was up big too after reporting strong numbers, with 8% Y/Y revenue growth and $1.62 of EPS, crushing the street’s $1.08. The company bought back 273K shares in Q1 ($32M), and notched record on-time arrival performance of 99.1%.

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