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BRICS Summit Presses Putin

The BRICS summit is convening as Russia faces increasing pressure from its partners to end the conflict in Ukraine, even as the group seeks to demonstrate the growing influence of non-Western economies. The expanded alliance now represents 45% of the world’s population and 35% of global GDP, with China accounting for more than half of its economic strength.

Russian President Vladimir Putin, speaking to reporters ahead of the summit, emphasized that BRICS “does not put itself into opposition to anyone” and defended the group as an association of states working together based on shared values and mutual interests. However, he maintained a firm stance on Ukraine, refusing to relinquish control of four eastern regions Russia claims as its territory, despite not fully controlling them.

You can read more on the matter here.

What’s going on?

• BRICS Summit Opens as Partners Press Putin on Ukraine Peace (theDeepDive)

• Marie-Philippe Bouchard named next president, CEO of CBC/Radio-Canada (Globe)

• UK Interest Rates Will Settle at Higher Level, Warns BOE’s Greene (Bloomberg)

• CBC Head Refuses to Reject Exit Package Under MP Scrutiny (theDeepDive)

• 117 homebuyers out millions, as Ontario builder admits to selling homes without legal approvals (CBC)

• The 2025 Tax Brackets Are Here. See Where You Land. (WSJ)

• South Korea Considers Military Response to North Korean Troop Deployment in Russia (theDeepDive)

• IRS announces bigger estate and gift tax exemption for 2025 (CNBC)

• Federal officials provided intelligence about India to Washington Post, sources say (Globe)

What’s the latest?

• IRS: The IRS announced an increased estate and gift tax exemption for 2025, raising the "basic exclusion amount" to $13.99 million per person, up from $13.61 million in 2024. This allows for tax-free transfers during life or at death. After 2025, the exemption may revert to pre-2018 levels unless Congress acts, as the higher limits from the 2017 Tax Cuts and Jobs Act are set to expire.

• Moody’s Corp: Moody’s Corp. reported third-quarter earnings of $3.21 per share, beating estimates of $2.88. The company raised its annual earnings forecast to $11.90-$12.10 per share, up from $11-$11.40. Revenue from its debt rating business surged 70%, driven by increased bond issuance, including a 137% rise in investment-grade deals. Despite the earnings beat, Moody's stock dropped 3.46% after a strong rally earlier in the year.

• Crude Oil: U.S. crude oil futures rose 0.94% to $71.22 per barrel on Tuesday, after a 2% gain the previous session. Brent crude increased 0.75% to $74.85 per barrel, while RBOB gasoline climbed 0.97% to $2.0342 per gallon. Natural gas edged up 0.26% to $2.318 per thousand cubic feet, though it's down nearly 8% year-to-date. Recent price movements reflect limited supply concerns in the Middle East and weak demand in China.

• ECB: European Central Bank member Mario Centeno said the ECB may consider faster monetary easing if data supports it, including potential half-point rate cuts. The ECB recently cut its key interest rate by a quarter point to 3.25%, with expectations of further cuts until it hits 2% or lower by mid-2025. Money markets are now pricing in a 28% chance of a half-point cut in December. Centeno sees inflation rising slightly above 2% in the coming months but believes the risks of undershooting the inflation target are greater.

• Economy: The IMF raised its 2024 growth forecasts for the U.S. (up to 2.8%), Brazil (up to 3.0%), and Britain (up to 1.1%) but lowered them for China (down to 4.8%), Japan (down to 0.3%), and the euro zone (down to 0.8%). Global growth is projected to remain at 3.2% in 2024 and decline slightly to 3.1% by 2025. The IMF highlighted risks from potential trade wars, armed conflicts, and tight monetary policies. India remains the fastest-growing major economy with forecasts of 7.0% in 2024.

The next big uranium district

The stock market and stuff

• Thomson Reuters Bets on AI Revolution in Accounting with Materia Acquisition (theDeepDive)

• S&P 500 Exposure Hits Levels That Preceded 10% Slide, Citi Says (BNN)

• Logitech CEO says global consumer confidence holding up (Reuters)

• Peloton falls as Costco partnership is viewed cautiously (SA)

• Boeing CEO Charts Course for Major Company Downsizing Amid Crisis (theDeepDive)

In the juniors

• A Fully Permitted Copper Project in the Heart of Michigan? | Highland Copper with Barry O’Shea (theDeepDive)

• Silver Investors Anticipate Market Surge | Equity Metals with Robert Macdonald (theDeepDive)

• High-Grade Shallow Copper: 113 Meters at 1.12% | Intrepid Metals with Ken Engquist (theDeepDive)

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