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China Launches Historic Military Purge

China’s Defense Ministry announced Friday the expulsion of nine senior military officers from the Communist Party and armed forces, including one of two vice chairmen of the powerful Central Military Commission, in the most dramatic purge of military leadership since the Cultural Revolution.

The nine officers, including He Weidong, the second of two CMC vice chairmen and a member of the elite 24-member Politburo, face accusations of “serious violations of discipline” involving “exceptionally large amounts of money,” Defense Ministry spokesperson Zhang Xiaogang said in a statement.

You can read more on the matter here.

What’s going on?

• Trump Signals Openness to China Deal as November 1 Tariff Deadline Looms (theDeepDive)

• Israel urges Canadian PM Carney to drop pledge to arrest Netanyahu (Reuters)

• Ottawa Updates Major Projects List, Adding Churchill Port And Alto High Speed Rail Projects (theDeepDive)

• U.S.-Canada trade deal could be ready for approval at APEC summit, sources say (Globe)

• Colombia Pulls US Ambassador Following Military Strikes And Aid Cuts (theDeepDive)

• US army taps private equity groups to help fund $150bn revamp (FT)

• Trump Reposts Video Of Himself Dumping Sh*t On Americans (theDeepDive)

• OpenAI Takes On Google With AI-Powered ChatGPT Atlas Browser (Bloomberg)

• Trump Cuts Aid to Colombia, Escalates Caribbean Military Operations (theDeepDive)

• China says U.S. and Australia ‘should play a proactive role’ to bolster rare earths supply chains (CNBC)

• Canada Grants Tariff Exemptions for Chinese, US Steel and Aluminum Imports (theDeepDive)

What’s the latest?

• Economy: Canada’s annual inflation rose to 2.4% in September, up from 1.9% in August, slightly above forecasts. The increase was driven by smaller year-over-year declines in gas prices and rising grocery costs, with sugar and confectionery up 9.2% and vegetables up 1.9%. Rent inflation accelerated to 4.8%, while clothing and footwear costs slowed. The Bank of Canada will use this data ahead of its Oct. 29 rate decision, as core inflation remains above 3%.

• Markets: U.S. stocks stayed near record highs Tuesday as earnings season kicked off. The S&P 500 was flat, the Dow rose 27 points, and the Nasdaq slipped 0.1%. GM surged 9% after raising its profit forecast, while Coca-Cola and GE Aerospace beat expectations. Investors await reports from Netflix, Mattel, and Tesla, as corporate results take on added weight amid a U.S. government shutdown delaying economic data. European and Asian markets mostly gained, with Japan’s Nikkei up 0.3% following Sanae Takaichi’s election as the country’s first female prime minister.

• Trade War: Prime Minister said Canada may reach a new sectoral tariff deal with the U.S. by month-end but warned against “overplaying it.” Talks focus on steel, aluminum, copper, autos, and lumber, with progress reported but no firm deadline. said details are advancing though more work remains. Carney will meet at in South Korea following trade talks in Malaysia.

• Cenovus: Cenovus Energy postponed the MEG Energy takeover vote after falling short of the required two-thirds approval, with only 63% of shares backing the deal. The $8.6 billion cash-and-stock offer, supported by MEG’s board, faces opposition from Strathcona Resources, which owns 14% of MEG. The vote is now delayed to Oct. 30, with proxy submissions due Oct. 29. This marks the second postponement as Cenovus urges remaining shareholders to support what it calls its “best and final” offer.

• Real Estate: Housing Minister Gregor Robertson told MPs that average housing prices in Canada must fall to restore affordability — a shift from his earlier stance in May. He said this adjustment should come from building more lower-priced homes, not through declining individual property values. Robertson defended the Liberals’ Bill C-4, which includes up to $50,000 in federal tax waivers for first-time buyers and the creation of the Build Canada Homes agency to boost supply.

A Gold District Hidden in Plain Sight!?

The stock market and stuff

• Canada’s inflation rate quickens to 2.4% ahead of BoC rate decision (Globe)

• MEG Energy Delays Vote On Cenovus Transaction After Failing To Secure Shareholder Approval (theDeepDive)

• Gold tumbles 5% in biggest sell-off since 2020 (FT)

In the juniors

• PMET’s Shaakichiuwaanaan Feasibility Study Confirms US$1.19B NPV, 18.1% IRR (theDeepDive)

• Amex Drills 213.11 g/t Gold Over 3.75 Metres At Champagne Zone (theDeepDive)

• Silver Storm Begins Rehab Of La Parrilla Mine Comple (theDeepDive)

• Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco (theDeepDive)

FULL DISCLOSURE: Canadian Copper is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Canadian Copper. The author has been compensated to cover Canadian Copper 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.