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Ford Says He’s Not After Poilievre’s Job

Ontario’s Conservative premier is ruling out any federal leadership aspirations, distancing himself from turmoil in Pierre Poilievre’s national campaign.

Doug Ford claimed he has no desire to replace the embattled federal Conservative leader, declaring his provincial role “the greatest job in the world” during a press conference on trade relations.

The issue follows Ford publicly defending his former strategist Kory Teneycke, who warned that federal Conservatives face defeat against Mark Carney’s Liberals next month, calling Poilievre’s campaign “delusional” and accusing them of “campaign malpractice” after they lost a 20-point lead against the Liberals.

You can read more on the matter here.

What’s going on?

• Canada 2040: 9 In 10 Stay Trapped In The Class They’re Born Into (theDeepDive)

• Mark Carney lays out his plan for 'the biggest crisis of our lifetimes' (CBC)

• As Immigrant Workforce Shrinks, Florida Eyes Child Labor (theDeepDive)

• Canada’s Prime Minister Pushes Country to Become the Housing Factory of the World (Bloomberg)

• Trump’s Demand for ‘Preemptive Cuts’ Triggers Market Slide (theDeepDive)

• Hundreds of planned condo units cancelled: ‘Market cratered almost overnight’ (TS)

• US Agrees To Link Ukraine Minerals Deal To Budapest Memorandum … As White House Appears To Remove Document (theDeepDive)

• Conservative election platform pledges $75-billion in tax cuts, referendums before future tax hikes (Globe)

• Miami Housing Market Shows Dramatic Cooling as Florida Boom Fades (theDeepDive)

• IMF warns of rising US recession risk and defends Fed rate policy (FT)

• Can Alberta Succeed Where Decades of Canadian High-Speed Rail Plans Have Failed? (theDeepDive)

• Trump Is Laying the Groundwork to Blame Powell for Any Downturn (WSJ)

• Russia’s Hollow Easter Ceasefire Exposed by Immediate Assaults on Ukraine (theDeepDive)

What’s the latest?

• Treasury: U.S. two-year Treasury yields rose 5 basis points to 3.81%, while Germany’s two-year yields fell 6 basis points, hitting their lowest since 2022. The U.S. Treasury is auctioning $69 billion in two-year notes, the first in a three-day cycle, amid weakening investor confidence due to President Trump’s tariff agenda and pressure on the Fed. Short-term U.S. yields have declined from a 4.42% peak in January, as markets now price in 90 basis points of Fed cuts by year-end. In contrast, European markets are anticipating 70 basis points of ECB cuts, with German bonds gaining haven status.

• Tesla: Tesla is expected to report flat revenue and a 12% drop in earnings for Q1 2025, as sales hit a three-year low and the stock plunged 53% from its December peak. The brand is grappling with political fallout from Elon Musk’s involvement with the Trump administration, delayed model launches, and intensifying EV competition. Despite this, Tesla still trades at a high 78x forward earnings, compared to the S&P 500’s 19x average. Investors are closely watching for Musk to re-focus on Tesla and provide updates on robotaxi launches and new affordable models to reignite growth.

• IMF: The IMF cut its 2025 global growth forecast to 2.8%, down from 3.3%, marking the slowest pace since the 2020 pandemic and second-weakest since 2009. The U.S. growth forecast dropped to 1.8% (-0.9 pts), with inflation revised up to 3%, while China’s growth was trimmed to 4%. The IMF attributed the cuts to escalating trade tensions triggered by Trump’s tariffs, which pushed U.S. effective tariff rates to a 100-year high. It also lowered global trade growth by 1.5 points and warned risks are “firmly to the downside.”

• Lumina Gold:  CMOC Group will acquire Canada’s Lumina Gold Corp. for $581 million (US$420 million) in an all-cash deal at $1.27 per share, a 40% premium over Lumina’s April 17 closing price. The acquisition gives CMOC access to Cangrejos, Ecuador’s largest primary gold deposit. This comes as gold prices hit all-time highs amid global trade tensions. Despite Canadian restrictions on foreign mining investment, the deal is expected to close in Q3 2025, pending regulatory approvals.

• Gold: Gold briefly surged past US$3,500 an ounce for the first time, gaining as much as 2.2% before settling around $3,453.78, amid fears that President Trump might fire Fed Chair Jerome Powell. The metal is up 32% year-to-date, outperforming most asset classes as investors flee U.S. assets amid trade wars and rate cut pressure. Goldman Sachs forecasts it could reach $4,000 by mid-2026. Central bank demand, ETF inflows, and strong Chinese trading volumes are driving the rally, with Jefferies calling gold “the only true safe haven left.”

Pierre vs. Carney: Who Really Won the Debate?

The stock market and stuff

• MicroStrategy Acquires 6,556 Bitcoin For $555.8 Million (theDeepDive)

• Gold hits $3,500 for first time as Donald Trump’s attack on Jay Powell rattles markets (FT)

• Boeing to Sell Some of Its Navigation Business in $10.55 Billion Deal (WSJ)

• Barrick Sells Interest In Donlin Gold Project For $1.0 Billion In Cash To NovaGold And Paulson Advisors (theDeepDive)

In the juniors

• Orogen Royalties To Be Acquired For $2.00 Per Share By Triple Flag Precious Metals (theDeepDive)

• Sitka Gold Hits 4.52 g/t Gold Over 45.0 Metres Within 352.8 Metres Of 1.55 g/t Gold (theDeepDive)

• CanAlaska Drills 24.82% eU3O8 Over 8.3 Metres At West McArthur (theDeepDive)

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