Canada Daily Briefing

Williams Companies is reportedly nearing a $5.5B acquisition of Momentum Midstream, per Financial Post. This is the kind of large-cap US midstream deal that affects Canadian pipeline valuations through sector multiple repricing — Enbridge and TC Energy operate in the same institutional client pools and see their EV/EBITDA multiples move when US peers transact. Watch TC Energy and Enbridge for read-through on Monday; a deal at a premium multiple lifts the Canadian midstream comp set.

Financial Post's analysis of the SpaceX IPO ecosystem focuses on the supply chain plays investors will pivot to after launch — a read that has direct Canadian implications. MDA Space, the Montreal-based satellite tech company, operates directly in the SpaceX ecosystem as a payload systems provider. If the market is rotating into 'what sells to SpaceX' post-IPO, MDA and Canadian aerospace names with US defence/space contracts are worth watching on Monday.

The Bank for International Settlements flagged that an AI bust carries ripple effects from growth into credit markets — a macro warning that's particularly relevant for Canadian banks given their large corporate credit books and rising exposure to tech-adjacent lending. RBC and TD, the two TSX-heaviest banks, both have significant US cross-border corporate lending. If AI capex spending slows materially, project finance and leveraged loan books tied to US hyperscaler build-outs could see credit quality deterioration that flows upstream to Bay Street.