Sponsored by Mercado Minerals

Cruz’s Attack Raises Questions for Trump

Sen. Ted Cruz intended to argue that socialism allows political leaders to enrich themselves while the public bears the cost. Instead, the Texas senator produced a definition of corrupt political wealth that could be redirected almost immediately toward the billionaire president leading his own party.

The complete exchange of his interview shows he was targeting New York City Mayor Zohran Mamdani. Appearing on Fox News’ Hannity Cruz called Mamdani a “full-on communist” while discussing the mayor’s tax on expensive second homes and plans for subsidized grocery stores.

“Fidel Castro was a billionaire. Putin is a billionaire. The leaders of communist regimes are always rich. They steal and rob from those they govern,” he explained.

You can read more on the matter here.

What’s going on?

• Former Harper Minister Challenges Chow In Toronto Mayoral Race (theDeepDive)

• Trump vows to deliver ‘beating’ to Iran in retaliation for latest attack (FT)

• Congress Can Force Fauci to Talk but at a Price (theDeepDive)

• Fauci refuses to answer questions at U.S. Senate hearing on COVID-19 (Globe)

• Nevada Judge Rules Against Kash Patel in Stewartson Defamation Case (theDeepDive)

• Germany's Uniper firms up 20-year LNG purchase deal with Canada (Reuters)

• DOJ Joins Trump in Asking Supreme Court to Toss $83 Million Carroll Verdict (theDeepDive)

• OpenAI CEO Sam Altman Discusses Next AI Model With US Lawmakers (Bloomberg)

• Kyiv and Tehran Step Back From the Brink After Tense Phone Call (theDeepDive)

What’s the latest?

• Energy: Uniper signed a 20-year agreement to buy 2 million tonnes of LNG per year from Ksi Lisims LNG, with deliveries expected to begin in 2032, marking the first major long-term LNG supply deal between Canada and Germany. The C$10B project in northern British Columbia aims to export up to 12 million tonnes annually, strengthening Canada’s position as a long-term LNG supplier to Europe.

• Markets: U.S. stocks fell sharply as renewed U.S.-Iran hostilities pushed Brent crude up 6.7% to US$87.55/barrel, reigniting inflation concerns ahead of the Federal Reserve’s rate decision. The Dow dropped 878 points (-1.7%), the S&P 500 fell 1.0%, and the Nasdaq lost 1.2%, led by AI chip stocks including Nvidia (-2.8%), AMD (-6.1%), and Micron (-6.3%), while markets priced a 34% chance of a Fed rate hike.

• Politics: President Trump said the U.S. will launch heavy retaliatory strikes on Iran after Iran fired ballistic missiles at U.S. forces, though all missiles were intercepted with no reported damage. The renewed fighting ended a brief pause in hostilities, prompted U.S. and Saudi strikes on Iran-aligned militias in Iraq, and pushed oil prices higher again as concerns grew over potential disruptions to key Middle East shipping routes, including the Strait of Hormuz and Bab el-Mandeb.

• Economy: Canada’s labour market stabilized in Q2 2026, with the working-age employment rate reaching its highest level since mid-2024, helped by slower population growth rather than stronger hiring. Indeed expects job growth to remain modest through the rest of 2026 as immigration slows and retirements increase, while long-term unemployment remains elevated and job postings are generally flat, with health care and education showing signs that labour shortages are easing.

• Tech: Microsoft’s earnings are expected to trigger a 6.6% move (about US$190B in market value)—far larger than its typical earnings reaction—as investors look for proof that the company’s billions in AI investments are translating into stronger growth. Markets will focus on Azure cloud growth, adoption of Microsoft’s AI tools, and whether rising AI spending can be justified, while Meta’s earnings are also in focus, with options implying a 7.8% stock move as investors scrutinize its AI spending and advertising performance.

The Quiet Money Printing Has Already Started

The stock market and stuff

• BMW Asks Employees to Voluntarily Leave As Part Of 8,000-Job Cut Move (theDeepDive)

• Centerra Raises Öksüt Guidance, Doubles Down on Buybacks After Strong Quarter (theDeepDive)

• Glencore Traders Turn Commodity Turmoil Into $3.3B Haul (theDeepDive)

• First Quantum Books Q2 Profit as Copper Climbs and Costs Run Hot (theDeepDive)

• Shein Now Reveals FTC Probe Ahead Of Hong Kong IPO Debut (theDeepDive)

In the juniors

• Zijin’s Allied Gold Buyout Collapses, Replaced by Minority Investment (theDeepDive)

• Newcore Gold Drilling Intersects 3.67 g/t Gold over 25.3 Metres, at the Enchi Gold Project, Ghana (JMN)

• Mercado Minerals Extends Copalito Drilling With Fresh El Pilar Silver Hits (theDeepDive)

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