HEADLINES

TD Bank Plans Stock Repurchase of Up to C$10 Billion

Toronto-Dominion Bank is planning to repurchase up to C$10 billion of its common shares, or about $7.06 billion.

TD Bank said the buyback program, which is subject to the approval of the Office of the Superintendent of Financial Institutions Canada, would not exceed 61 million common shares.

The bank said it intends to complete the buyback program by July 2027.

The new repurchase program comes after the bank completed the repurchase of C$7 billion of its common shares on September 25 under its existing Toronto Stock Exchange normal course issuer bid.

DEA Pauses Cannabis Rescheduling Proceedings, Dinging Cannabis Stocks

Trulieve Cannabis and other marijuana stocks tumbled after the Drug Enforcement Administration paused pending rescheduling proceedings for a case that could federally recognize cannabis for medical use.

A DEA administrative law judge paused the proceedings Tuesday, citing a need to address a report from the Government Accountability Office highlighting gaps in federal drug scheduling policies. With a response due by Oct. 13, the expected decision timeline shifts to the first half of 2027 from late 2026.

The case aims to move cannabis to a Schedule III drug from a Schedule I, which could recognize its medical value federally and ease research hurdles.

The news rattled investors, sending shares of Trulieve Cannabis down 12.2%. Other cannabis stocks took a hit. Curaleaf Holdings dropped nearly 5% and Tilray Brands fell 4.8%.

Uranium Prices Could Hit $100 a Pound by Year-End

Uranium prices are heading higher over the medium term, Berenberg analysts wrote.

Uranium has a compelling outlook, which could push prices over $100 a pound by the end of the year, they said. Prices are currently around $90 a pound.

Over the near term, new projects in Kazakhstan and Canada face risks that lead to a slower ramp-up of supply, they added. Demand is also set to grow as new nuclear reactors are rolled out, they said.

Major Wall Street Banks Lift Oil-Price Forecast, Survey Shows

Major Wall Street banks have raised their oil-price forecasts for this year and early next, as stalled efforts to end the Iran war leave the market vulnerable to fresh supply shocks despite a rebound in Middle East crude exports.

A survey compiled by The Wall Street Journal-including projections from Goldman Sachs, J.P. Morgan and Morgan Stanley-puts Brent crude at an average of $90.22 a barrel in the fourth quarter, while West Texas Intermediate is seen at $85.47 a barrel. Both are sharply above previous estimates of $78.92 and $74.62 a barrel, respectively.

The physical supply picture has improved, with Middle East crude exports excluding Iran back at prewar levels, according to data provider Kpler. Saudi Arabia has also resumed shipments through its East-West pipeline after repairing damage from drone strikes, easing pressure on regional supply.

TALKING POINT

Defying Trump Has Given Carney a Popular Mandate to Transform Canada

By Amanda Coletta

TORONTO-Overhauling environmental reviews and accelerating approvals of oil pipelines and mines. Massive increases in military spending. Mending ties with China, India and Saudi Arabia.

Prime Minister Mark Carney is barreling forward with a rewiring of Canada's economic, national-security and foreign policies that, in some cases, would once have been unthinkable and unpopular. A political novice until he won the premiership last year, Carney has vanquished opposition that might have felled his predecessors thanks to a confrontation with President Trump that has given him highflying popularity.

Polls show that Carney's Liberals would win a majority if an election were held today. A survey released Tuesday from Nanos Research found that Carney was the preferred choice for prime minister of more than 60% of respondents, the highest level it has recorded for him.

Several lawmakers from across the political spectrum have defected to the Liberals in the past year. His opponents are laboring to land a punch. Conservative Party leader Pierre Poilievre has spent recent months squaring off against critics within his own party.

Even in Alberta, a traditionally conservative stronghold, people have more favorable views of Carney than Poilievre and Alberta Premier Danielle Smith, according to an Ipsos poll last week.

"I cannot remember, in my adult life, a prime minister having this good an 18 months," said Darrell Bricker, chief executive of Ipsos. "There has been very little pushback against any of the things that he's proposed."

Analysts said Carney has succeeded in framing most of his domestic and international agenda around reducing Canada's reliance on the U.S. It has worked with a Canadian public furious about the hits their economy has taken from the Trump administration's tariffs and the threats the president has made about annexing America's northern neighbor.

In normal times, polls show building pipelines and spending more on defense have been divisive issues here, but a majority of Canadians now support both. A Pew Research Survey this year found that Canadians have a more favorable view of China than the U.S. In 2026, 44% of Canadians viewed China favorably, it found, up from just 14% in 2023.

Lori Turnbull, a political scientist at Nova Scotia's Dalhousie University, said Carney likely wanted to pursue many of these policies as prime minister, but the conflict with the U.S. "gives him a logic, gives him a narrative that might make more sense to people."

"The way he's describing it is essentially we're in an emergency situation, we're in a kind of something that's similar to a war," she said. "He's made this about our sovereignty, and so it all kind of fits together."

A sign of bipartisan support for parts of Carney's agenda was on display this month as he hosted Canada's inaugural investment summit, where former Conservative Prime Minister Stephen Harper delivered the closing keynote address and backed the current Canadian leader's approach to dealing with Trump.

"It is clear that the current U.S. administration views our level of economic integration as incompatible with our separate sovereignty," said Harper, who called himself one of the most pro-U.S. prime ministers. "Thus, to maintain that sovereignty, we must pursue diminished reliance on the United States."

Carney's public defiance in the face of Trump's attacks has set him apart from other world leaders, who have often cut quick trade deals with Trump, only to get threats of even more tariffs. In private, the prime minister has also played a key role in pushing allies to reduce their dependence on the U.S.

In a January speech at Davos, Carney urged middle powers to stand up to hegemons and called for the formation of "different coalitions for different issues based on common values and interests."

"Put simply, we're in a position where we need to pursue calibrated alliances, integrating deeply with those countries who share our values, remaining open-eyed with those who do not," he said last week at a news conference at the United Nations General Assembly in New York.

Just because Carney is popular now doesn't mean he isn't generating criticism.

Write to Amanda Coletta at amanda.coletta@wsj.com

Expected Major Events for Thursday

00:30/JPN: Sep Japan Manufacturing PMI

05:00/JPN: Sep Auto sales

06:00/UK: Sep Nationwide House Price Index

06:00/RUS: Sep Russian Manufacturing PMI

07:45/ITA: Sep Italy Manufacturing PMI

07:50/FRA: Sep France Manufacturing PMI

07:55/GER: Sep Germany Manufacturing PMI

08:00/ITA: Aug Unemployment

08:30/UK: Sep S&P Global UK Manufacturing PMI

09:30/US: Sep Challenger Job-Cut Report

12:30/US: 09/26 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: U.S. Weekly Export Sales

13:00/RUS: Weekly International Reserves

13:30/CAN: Sep Canada Manufacturing PMI

13:45/US: Sep US Manufacturing PMI

14:00/US: Sep ISM Report On Business Manufacturing PMI

14:00/US: Aug Construction Spending - Construction Put in Place

14:30/US: 09/25 EIA Weekly Natural Gas Storage Report

15:00/US: Sep Global Manufacturing PMI

20:00/US: Sep Domestic Auto Industry Sales

20:30/US: Foreign Central Bank Holdings

20:30/US: Federal Discount Window Borrowings

23:30/JPN: Sep CPI (Tokyo), CPI ex-Food (Tokyo)

23:30/JPN: Aug Labour Force Survey

23:50/JPN: Sep Monetary Base

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

Expected Earnings for Thursday Accenture PLC $(ACN)$ is expected to report $3.18 for 4Q.

Acuity Inc $(AYI)$ is expected to report $4.66 for 4Q.

Amerityre Corp (AMTY) is expected to report for 4Q.

McCormick & Co Inc $(MKC)$ is expected to report $0.74 for 3Q.

NIKE Inc (NKE) is expected to report $0.43 for 1Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.