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Canada's Prime Minister Mark Carney Calls Cabinet Meeting as US Trade War Escalates

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Canada's government will bring cabinet ministers and secretaries of state together Thursday and Friday in a meeting to strengthen the economy and expand global partnerships as the country navigates an ongoing trade war with the US, said Prime Minister Mark Carney.

The meeting will be held in Banff, Alberta, according to a press release from the prime minister on Monday.

Carney said the government will use the meeting to assess its progress and outline next steps as it confronts growing global economic and geopolitical challenges.

Canada's counter-tariffs on US exports worth about CA$28 billion come into effect on Tuesday. The US imposed similar tariffs on Canada on Aug. 22 after talks between the two broke down.

As part of the government's plan to address US trade tariffs, it's looking to broaden Canada's global trade and defense partnerships.

"Canada is growing stronger and less dependent on any single partner," wrote Carney in a separate Monday statement. "We are already giving ourselves far more than anyone can take away."

Over the weekend and into Monday's Labor Day holiday, President Donald Trump continued to take aim at Canada and Prime Minister Mark Carney in posts on Truth Social, accusing Canada of treating the US unfairly in trade and business relations.

Trump also shared posts featuring the US flag displayed over Canada and other countries in the region.

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Mining & Metals

Panther Minerals Closes CA$3 Million Private Placement

Panther Minerals (PURR.CN) after trade Friday said it closed a CA$3 million brokered private placement, issuing six-million units and six-million special warrants.Both the units and special warrants were priced at CA$0.25 each, generating CA$1.5 million in gross proceeds from each, it added.Each unit includes one common share and one warrant. Each warrant allows the holder to buy one additional common share at CA$0.33 per share for 24 months from the closing date, according to the statement.The company said it plans to use the net proceeds to explore and develop its East Brouillan Property, including drilling and geophysical work, as well as for general working capital purposes.

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Mining & Metals

Premium Income, Premium Global Income Fund Maintain Monthly Cash Distributions

Premium Income (PIC-A.TO) and Premium Global Income Split Fund (PGIC.TO) Friday after trade maintained their monthly cash distribution.Premium Income will pay CA$0.09 per class A share on Sept. 29 to shareholders of record on Sept. 15.Premium Global Income Split Fund will pay CA$0.08 per class A share, also on Sept. 29 to shareholders of record on Sept. 15.Premium Income shares closed down CA$0.01 at CA$10.27 on the Toronto Stock Exchange, while Premium Global Income shares closed up CA$0.06 at CA$7.37.

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Mining & Metals

TSX Closer: The Index Falls as Energy, Financials Weigh; Canada Posts Surprise August Job Loss

The S&P/TSX Composite Index closed lower on Friday ahead of the Labor Day holiday weekend as weakness in energy and financial stocks outweighed gains in industrials and utilities, while investors assessed a surprise decline in Canadian employment and stronger US jobs growth.The index closed down 119.32 points, or 0.3%, at 36,513.8. Energy led decliners, down 1.0%, followed by Financial, down 0.3%. Industrials and Utilities were up 0.7% each.The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, jumped 1.6%.In commodities, West Texas Intermediate (WTI) and Brent crude edged higher on Friday as renewed hostilities between the US and Iran and reduced vessel traffic through the Strait of Hormuz kept concerns over Middle East oil supplies in focus. October WTI crude oil contract settled up $0.18, or 0.2%, at $91.48 per barrel, while November Brent oil was last seen up $0.48, or 0.5%, at $96.00 per barrel.Meanwhile, December Comex gold futures sked 1.3%, or $57.60, to $4,482.30 per ounce at last look.In currencies, the US dollar edged higher 0.3% against the Canadian dollar, with USD/CAD at 1.3834 at last look.On the economic front, Canada lost 42,000 jobs, or 0.2% month over month, in August, while the unemployment rate was unchanged at 6.4%, Statistics Canada reported in its Labour Force Survey (LFS) released on Friday. August's employment drop came as a surprise, as a Bloomberg survey saw a 15,000 gain. The unemployment rate was as expected.By sector, employment fell most sharply in business, building and other support services, which shed 20,000 jobs, or 2.8%. Average hourly wages rose 2.0% year over year in August to CA$37.02, slowing from 2.8% growth in July and marking a second consecutive month of deceleration, according to agency."It is worth noting that the manufacturing sector, which we closely monitor amid trade tensions, gained 22,000 jobs during the month, following an 11,000 increase in July," National Bank of Canada wrote in a note.Whereas, the US economy added 162,000 jobs last month, the biggest monthly job gain since March, adding to other signs that point to a resilient economy, including "healthy" vehicle sales, said Economist Ksenia Bushmeneva in a TD Economics note.

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