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Bitcoin Hits $100,000

Bitcoin surpassed $100,000 for the first time on Wednesday, rallying on President-elect Donald Trump’s choice of crypto advocate Paul Atkins to head the Securities and Exchange Commission.

The cryptocurrency hit the milestone shortly after Trump announced Atkins, a former SEC commissioner, as his nominee to replace current chairman Gary Gensler, who is expected to step down on Inauguration Day.

The latest surge extends a rally that began when Trump secured his electoral victory on November 6, which triggered a $6,000 single-day price jump to $74,000. Bitcoin has gained 130% this year, significantly outperforming the S&P 500’s 28% rise.

You can read more on the matter here.

What’s going on?

• French PM Barnier to Resign After Historic No-Confidence Vote (theDeepDive)

• Mali issues arrest warrant for Barrick CEO, reports say (Globe)

• BMO Q4 2024 Earnings: Profits Soar 35% But Credit Losses Triple (theDeepDive)

• Europe races to set up €500bn defence fund (FT)

• CIBC Rakes in Record Revenue for 2024 Amid Margin Declines And Cost Control (theDeepDive)

• Canada to See Small Revenue Bump from China Tariffs, Report Says (Bloomberg)

• TD Bank’s $3.2B Earnings in Q4 2024 Eclipsed By $4.2B Money Laundering Charge, $1.1B Credit Loss Provisions (theDeepDive)

• OPEC+ members to delay oil production increases (CNBC)

• Royal Bank of Canada Reports 11% Profit Growth for 2024 but Rising Costs (theDeepDive)

• France's Macron seeks new prime minister as Barnier resigns (Reuters)

• National Bank’s Q4 2024 Profit Jumps 27%, Yet Credit Losses Surge 41%  (theDeepDive)

• US Jobless Claims Rise to One-Month High in Thanksgiving Week (Bloomberg)

• Air Canada to Ban Carry-On Bags for Basic Economy Passengers in 2025 (theDeepDive)

What’s the latest?

• OPEC+: OPEC+ has extended its combined production cap of 39.725 million barrels per day until December 31, 2026, instead of ending in 2025. Voluntary production cuts of 2.2 million bpd will continue into early 2026, with incremental increases planned from April to September that year. Another 1.7 million bpd cut will now last through 2026 instead of ending next year. Despite these measures, oil prices remain subdued amid weak global demand.

• Trade: Canada's October trade deficit narrowed to C$924 million, down from C$1.3 billion in September, as exports rose 1.1% and imports increased 0.5%. The trade surplus with the US dropped to C$6.2 billion, with the US accounting for 73% of Canada's exports and 62% of imports. Gold exports surged 20.9%, driving the overall rise, though most other sectors saw declines. Economists warn of potential revisions to data and the economic impact of a proposed 25% US tariff on Canadian goods.

• Strike: The Canada Post strike has reached three weeks, with negotiations resuming as the union representing 55,000 workers submitted counter-proposals via a federal mediator. A key dispute is over weekend delivery expansion, with Canada Post viewing it as a revenue opportunity and the union focused on staffing, wages, and service priorities. Canada Post’s latest framework offers flexibility but has yet to meet the union's demands.

• Battery Plant Halted: Plans for a $1-billion lithium-ion battery plant in Maple Ridge, B.C., have been shelved as Taiwan Cement Corp. shifts focus to its Taiwanese operations. The halted project had promised $284.5 million in federal and provincial funding and was expected to create 350 jobs. No government funds were disbursed, and research and development at the existing Maple Ridge facility will continue.

• CIBC: CIBC reported a fourth-quarter profit of $1.88 billion, up from $1.49 billion a year earlier, with revenue rising to $6.62 billion from $5.85 billion. Earnings per diluted share increased to $1.90 from $1.53, and adjusted earnings reached $1.91 per share, beating analyst estimates of $1.79. The bank raised its quarterly dividend to 97 cents per share from 90 cents. Credit loss provisions dropped to $419 million from $541 million.

National Bank Q4 2024 Earnings

The stock market and stuff

• IAMGOLD Extends Westwood Complex Life Of Mine To 2032 (theDeepDive)

• New ‘anti-woke’ ETF makes Starbucks its first target (FT)

• Ex-Celsius CEO Alex Mashinsky Pleads Guilty to Fraud in $1 Billion Celsius Collapse (theDeepDive)

In the juniors

• Plurilock Lands $2.5 Million Order From Department Of National Defense (theDeepDive)

• Omineca Mining Expands Lode Gold Drilling Program Employing Second Drill Rig at Wingdam (JMN)

• Gold Play: How to Structure a No-Dilution Mining Deal with Majors | Chad Peters – Ridgeline Minerals (theDeepDive)

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