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Canadians head for greener pastures at growing rate

Tens of thousands of Canadians are emigrating from Canada to the United States, reaching levels not seen in over a decade, according to data compiled by CBC News. This surge reflects a variety of motivations, from economic opportunities to political discontent under Prime Minister Justin Trudeau’s leadership.

The American Community Survey (ACS), conducted by the U.S. Census Bureau, reported that 126,340 people moved from Canada to the U.S. in 2022. This represents a nearly 70% increase from the 75,752 who made the move in 2012. Of those who emigrated in 2022, 53,311 were Canadian-born, 42,595 were Americans returning to their native land, and 30,434 were foreign-born immigrants to Canada opting for the U.S.

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What’s going on?

• Canadian GDP Growth Falls Short As Economy Narrowly Avoids Stall (theDeepDive)

• Biden secretly gave Ukraine permission to strike inside Russia with US weapons (Politico)

• OpenAI Board Found Out About the Launch of ChatGPT on Twitter (theDeepDive)

• TikTok preparing a US copy of the app’s core algorithm (Reuters)

• Trump Becomes First U.S. President Convicted Of A Crime Amidst 2016 Election Scandal (theDeepDive)

• Trump campaign raises record $34.8 million in donations after guilty verdict (CNBC)

• North Korea Sends Balloons Filled with Garbage and Poop to South Korea (theDeepDive)

• Ukraine and Russia announce major prisoner swap (Reuters)

• US Moves Again To Boost Local Nuclear Industry (theDeepDive)

• Canada Economy Grew 1.7% in First Quarter, Missing Forecasts (Bloomberg)

What’s the latest?

• Trump Conviction: Former President Donald Trump, now the first U.S. president convicted of a crime, awaits a July 11 sentencing that could potentially send him to prison. Found guilty on 34 counts of falsifying business records related to a hush money payment to Stormy Daniels, Trump faces a maximum sentence of four years. His conviction introduces unprecedented complications to his 2024 presidential campaign against President Joe Biden.

• Canada GDP: Canada's economy grew at an annualized rate of 1.7% in the first quarter, below expectations of 2.2% and the Bank of Canada's forecast of 2.8%. Weak inventory growth offset strong consumption gains, prompting increased speculation of a potential rate cut by the Bank of Canada next week.

• Aramco Sale: Saudi Arabia is set to begin taking orders for up to $13.1 billion worth of shares in its energy giant Aramco on Sunday, with the order-taking period running through June 6 and pricing set for June 7. This offering, which involves selling up to 0.7% of the state-controlled oil company, serves as a significant test of international investor interest in Saudi markets.

• OPEC Cuts: OPEC+ is working on a deal to extend some of its oil production cuts into 2025, sources said ahead of its meeting on Sunday. The group, led by Saudi Arabia and Russia, is currently cutting output by 5.86 million barrels per day, about 5.7% of global demand, with existing cuts set to expire at the end of 2024 and June 2023.

• WestJet Strike: WestJet Encore and its pilots have reached a new agreement, avoiding a potential strike that could have disrupted services starting this weekend. The Air Line Pilots Association, representing 358 pilots, had issued a 72-hour strike notice, while WestJet had responded with a lockout notice. The new deal, which does not include wage hikes, addresses pilot retention, working conditions, and work-life balance.

Silver bull run on a 200M oz deficit

The stock market and stuff

• Brookfield enters deal to buy France’s Neoen for $6.6-billion (FT)

• Ninepoint halts cash payouts on three funds, skips redemptions on flagship private debt product (Globe)

• RBC Tops Q2 2024 Estimates, Hikes Dividend, Announces 30-Million Share Repurchase Plan (theDeepDive)

• Bill Ackman selling stake in Pershing Square at $10.5 billion valuation, aiming for IPO one day (CNBC)

• Nvidia set to overtake Apple as world's second-most valuable company (Reuters)

In the juniors

• Acreage Holdings Posts Negative Gross Margins In Q1 2024 (theDeepDive)

• Sassy Gold Walks Away From US$8.4 Million Purchase Of Uranium Assets (theDeepDive)

• Canada Jetlines Sees CEO Resign, Board Chair To Assume Role On Temporary Basis (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.