Sponsored by First Phosphate

Explosion Sparks Major Essex Industrial Fire

More than 100 firefighters are battling a major blaze at an industrial facility in Rettendon, Essex, following an explosion that residents reported feeling across the surrounding region.

Details on the cause of the explosion, the nature of the facility, and any injuries had not been confirmed as the emergency operation continues. The presence of ambulances at the scene suggested authorities were prepared to treat casualties, though no figures were available.

The situation remains active as crews work to bring the fire under control and assess the extent of the damage.

You can read more on the matter here.

What’s going on?

• Rettendon Industrial Site Erupts in Flames Following Explosion (theDeepDive)

• More than 9,100 federal workers apply for early retirement as deadline arrives (CBC)

• Russia’s Funeral Business Keeps Growing, but Not Because of Demand, Industry Says (theDeepDive)

• Trump says original Gordie Howe bridge deal is dead, contradicting Carney (GN)

• House Directs Trump to End Unauthorized Iran Hostilities; Senate Blocks (theDeepDive)

• Canadian government urged to block Thomson Reuters data deal with US ICE (TG)

• DOJ Withdraws Subpoenas Against NYT Reporters After Judge Blasts ‘Sloppy’ Legal Work (theDeepDive)

• US tech groups cut 140,000 jobs despite AI spending boom (FT)

• Russia Quietly Sets the Stage for a New Mobilization Wave (theDeepDive)

What’s the latest?

• Prediction Markets: Prediction market Kalshi now places the odds of Strait of Hormuz traffic returning to normal by July 2027 at just 47%, down from nearly 70% two days earlier, following a 13th consecutive night of U.S. strikes on Iran and renewed escalation. Current shipping remains severely disrupted, with a 7-day average of about 12 transit calls versus the 60+ needed to qualify as "normal," while analysts now expect recovery could take into 2027 due to continued Iranian and Houthi threats, despite reports that Pakistan and China are encouraging renewed U.S.-Iran peace talks.

• Markets: Canada’s TSX rose 176 points (+0.5%) to 35,369, while U.S. markets were mixed (Dow +236, S&P 500 +4, Nasdaq -162). The Canadian dollar slipped to US$0.7096, WTI crude fell US$2.88 to US$89.31/barrel—its first weekly decline in oil prices—and gold gained US$20.60 to US$4,070.80/oz.

• Politics: Canada held a Canada-only ribbon-cutting ceremony for the Gordie Howe International Bridge, which is still expected to open Monday, with officials saying both sides are operational despite the U.S. not formally confirming the date. The bridge will share 50% of net revenues with the U.S. for 15 years under a new agreement, replacing Canada’s previous right to retain all toll revenues until recovering its C$6.4B construction cost, while political tensions over Trump’s proposed 50% tariffs led to the cancellation of a joint opening ceremony.

• Tariffs: President Trump announced a Section 301 trade investigation into the European Union, arguing that the EU’s fines against Google, Apple, Meta, and Amazon unfairly target U.S. companies. He said the administration expects the EU’s penalties to be reversed and warned that the probe will likely lead to substantial new U.S. tariffs on the bloc, adding to trade tensions as the administration also faces a lawsuit challenging its recent use of Section 301 tariffs.

• Media: Paramount Skydance agreed to delay its $110B acquisition of Warner Bros. Discovery until as late as June 2027 as it battles a lawsuit from U.S. state attorneys general seeking to block the merger on antitrust grounds. The delay could increase the purchase price by over $1B through quarterly $0.25/share ticking fees, while a failed deal would require Paramount to pay a $7B breakup fee, even though U.S. federal and European regulators have already approved the merger.

The Battery Boom Has a China Problem

The stock market and stuff

• Cadillac Mines Upsizes IPO to $385 Million as Agnico Eagle Takes 11% Position (theDeepDive)

• Waymo explores split with Uber as robotaxi tensions deepen (FT)

• Newmont’s Q2 Free Cash Flow Slides 30% to $2.2 Billion on Softer Metal Prices (theDeepDive)

In the juniors

• Sunshine Silver Mining & Refining Reports Drill Results Exceeding 1,000 grams per tonne Silver from Multiple Zones including New "10 Vein" (JMN)

• Integra Sees Production Climb 30% To 16,379 Ounces of Gold in Second Quarter (theDeepDive)

• Scottie Resources Completes over 10,000 M of Drilling on Its Scottie Gold Mine Project (JMN)

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