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FBI Hunts Leak on Iran Strikes

It appears Defense Secretary Pete Hegseth now hates leaks. On Wednesday, he said the FBI is investigating the leak of a classified intelligence report that contradicts President Donald Trump’s claims that US strikes “obliterated” Iranian nuclear facilities.

The Defense Intelligence Agency assessment, leaked to CNN and other outlets, found that weekend strikes on three Iranian nuclear sites likely set back Iran’s nuclear program by only months rather than destroying it completely. Trump has repeatedly claimed the strikes “completely and totally obliterated” Iran’s nuclear enrichment facilities.

You can read more on the matter here.

What’s going on?

• ‘Big Success’: Trump Secures NATO Agreement to More Than Double Defense Spending (theDeepDive)

• Trump trade deadline of July 9 ‘not critical’: White House (CNBC)

• Alberta Premier Creates Panel as Separation Support Rises (theDeepDive)

• Officials defend Liberal bill that would force hospitals, banks, hotels to hand over data (CBC)

• Canada Investigates Entry of Dozens of Suspected Iranian Officials (theDeepDive)

• Trump sees Africa deal as key to reviving peacemaker claims as he pursues Nobel prize (Globe)

• New York Bets On First Big US Reactor Push in a Generation (theDeepDive)

• Early intelligence suggests Iran’s uranium largely intact, European officials say (FT)

• EU Bows to Industry Pressure on Energy Costs for Manufacturers (theDeepDive)

• Trump wants more missiles and drones, fewer F-35s in $893 billion budget request (Reuters)

• ‘Flat-Out Wrong’: White House Denies Intelligence Findings on Iran Strikes (theDeepDive)

What’s the latest?

• Economics: Average weekly wages for Canadians rose 4.4% year-over-year in April to $1,297, outpacing the 1.7% inflation rate. Top sector gains included information and culture (+10%, $1,875/week) and real estate (+9.7%, $1,361/week). The highest-paying industry was mining and oil extraction at $2,492/week. Accommodation and food services remained the lowest at $521/week. Meanwhile, job vacancies dropped sharply, especially in health care (-23.9%), food services (-21.7%), and construction (-13.8%), with the biggest declines in Newfoundland and Labrador (-26.3%) and New Brunswick (-16.8%).

• AI: A new survey from Broadridge shows Canadians are increasingly using AI to guide investment decisions, especially millennials who combine AI insights with social media and peer input. While 88% of AI users say they’re likely to act on AI-generated advice, 87% remain concerned about risks like data security and misinformation. Gen Z investors are the most cautious, with 93% citing concerns. Broadridge Canada president Karin Kirkwood says AI enhances, rather than replaces, financial advisors by personalizing insights. She stressed the importance of regulatory safeguards and data protection in AI-powered financial tools.

• Politics: The Senate may vote today on Prime Minister Mark Carney’s contentious Bill C-5, which would give the federal government power to fast-track major economic projects. The bill, already passed in the House, must be voted on by tomorrow under a programming motion. Carney argues it's urgent due to the U.S.-Canada trade war, but critics say the government is pushing it through too quickly, especially since no fast-tracked projects would begin before fall.

• Markets: U.S. stocks are nearing record highs, with the S&P 500 up 0.4% and just 0.5% below its February peak. Strong earnings from McCormick and Micron boosted markets, while Nvidia continues its AI-driven rise, gaining 15.3% this year. Economic data showed stronger durable goods orders and fewer jobless claims, although Q1 GDP was revised downward due to pre-tariff stockpiling. Treasury yields dipped amid reports Trump may soon name a Fed chair nominee, adding pressure on current Chair Powell. Oil prices edged up to $65.55 after earlier steep declines.

• Crypto: Kraken has launched a peer-to-peer payments app, Krak, allowing users to send and receive both crypto and fiat currencies across 100+ countries. This expands Kraken’s services beyond trading and positions it as a competitor to PayPal, Venmo, and CashApp. The app supports 300+ assets and enables instant payments via blockchain and internal fiat transfers. Kraken also plans to roll out additional features, including debit cards and loan services.

Dundee Precious Metals Acquires Adriatic Metals

The stock market and stuff

• Shell Rumored To Acquire BP; Company Denies Merger Talks (theDeepDive)

• Copper Spreads Spike Again as Goldman Says Shortages to Worsen (Bloomberg)

• Powell Resists Trump Pressure for Aggressive Rate Cuts (theDeepDive)

• Tesla executive, Elon Musk confidant leaves EV maker, source says (CNBC)

• Toronto New-Home Sales At “Rock Bottom”, Worst Level Since 1991 Crash (theDeepDive)

In the juniors

• Integra Resources Guides To 72,500 Ounce Production Midpoint For 2025 (theDeepDive)

• Tudor Gold Enters Definitive Agreement For American Creek Resources Purchase (theDeepDive)

• Nexus Uranium To Acquire Basin Uranium As Consolidation Continues Across Sector (theDeepDive)

FULL DISCLOSURE: Silver47 Exploration is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Silver47 Exploration. The author has been compensated to cover Silver47 Exploration 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.