Canada's economy expanded 0.5% in April, handily beating economist forecasts, as oil and gas extraction rebounded 3.7% — almost entirely from Alberta's unconventional wells. The GDP beat effectively silences recession chatter and arrives alongside Mark Carney's biggest bet yet on fossil fuels.

Money Moves

• Carney and Smith Unveil C$44B West Coast Pipeline — A consortium of Trans Mountain Corp., Alberta's Petroleum Marketing Commission, and...