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Canada’s banks say they face hurdles financing defence firms because many SMEs lack prior procurement contracts and compliance track records. The government plans to expand defence spending, including a $6-billion BDC defence financing program and a defence industrial strategy to triple revenue. Banks cite regulatory and risk constraints, while procurement cycles can take about seven years.

Nano Labs Ltd. (Nasdaq: NA) said it was approved to join the Canton Network as a Validator Node, adding its node infrastructure to the network’s validator ecosystem. The Canton Network is described as an institutional blockchain involving firms such as Goldman Sachs, BNY Mellon, Visa, and DTCC. Nano Labs expects expanded collaboration on digital asset infrastructure and institutional blockchain applications.

Canada’s S&P/TSX Composite (^GSPTSE) closed at 35,369.08, up 408.76 points (+1.17%). The move was attributed to rebounds in tech and materials, plus higher metals and oil amid U.S.-Iran ceasefire hopes and ongoing tariff/geopolitical concerns. Notable gainers included DSV, HBM, TKO, CLS; losers included BRE, NA, BN, CM.

Canada’s TSX fell 62.93 points to 35,200.92 by midday as financial and healthcare stocks declined amid cautious sentiment over escalating U.S.-Iran tensions and a softer-than-expected CPI. Canadian Imperial Bank of Commerce and National Bank of Canada dropped, while Celestica rose. Statistics Canada said June CPI rose 2.8% y/y.

Bloomberg reports National Bank of Canada is exploring a significant risk transfer (SRT) deal tied to a portfolio of project finance loans, to free up balance-sheet capacity. The potential structure would typically cover about 5% to 15% of the portfolio value, with investors receiving coupons that can exceed 10%. TD and RBC have also discussed similar SRTs this year.

National Bank of Canada (through its Natcan Trust Company subsidiary) agreed to acquire Vancouver-based Truvera Trust Corporation. The purchase price was not disclosed. National said the deal will not have a material impact on its financial position and is aimed at strengthening its Western Canada presence and expanding wealth management. Closing is expected in the coming months, subject to conditions.

National Bank of Canada (TSX: NA) agreed to acquire B.C.-based Truvera Trust Corporation via its Natcan Trust Company subsidiary. The purchase price was not disclosed, and National said it will not materially affect its financial position. Truvera provides estate and trust planning services. The deal is expected to close in coming months, subject to customary conditions.

The article notes several Canadian-listed stocks hitting 52-week highs: Air Canada at $25.06, Allied Critical Metals at $2.39, Bombardier at $340.31, CN at $173.09, and others. It cites Air Canada cutting/delaying eight U.S. routes, Allied Critical reporting first assays at its Borralha tungsten project, and Bombardier’s role in NATO’s planned radar jets. Additional items include bond offerings, earnings dates, and distributions.

Scotiabank analyst Mike Rizvanovic says large Canadian bank valuation multiples are likely to stay elevated, citing stronger fundamentals and a higher ROE; he expects mid-single-digit total return upside over the next year based on revised targets using an average 15.2x P/E. He rates BMO, National Bank, RBC and TD “outperform.” Separately, RBC links a U.S./Iran ceasefire to copper back above $6.20/lb and potential cost relief.

RBC Capital Markets raised its gold forecasts, citing new highs in 2026: $4,600/oz (+17%), $5,100/oz for 2027 (+24%) and long-term $3,000/oz (+15%). It also lifted silver and copper assumptions and adjusted stock targets. SSR Mining was upgraded to “outperform” with a $40 target. Desjardins shifted Canadian banks to “market weight,” raising TD and RBC targets.