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Is Justin Trudeau Losing His Party’s Support?

In the wake of several political defeats and declining popularity, Prime Minister Justin Trudeau is facing increasing pressure from within his own party to step down as leader of the Liberal Party of Canada. Recent reports have surfaced about a “Code Red Petition,” a document allegedly signed by a growing number of Liberal MPs, calling for Trudeau to resign before the next federal election.

The push for Trudeau’s resignation has reportedly been brewing behind closed doors for some time, with MPs meeting discreetly to discuss the future of the party. Initially, the revolt was intended to remain private, but in mid-October 2024, media outlets began reporting on the growing movement within the Liberal caucus.

You can read more on the matter here.

What’s going on?

• Auditor General Launches Full Probe of GC Strategies’ $107M Government Contracts (theDeepDive)

• Frustrated Liberal supporters call for secret-ballot vote on whether Trudeau should remain leader (Globe)

• US finalises $20bn loan to Ukraine (FT)

• Bank of Canada Further Cuts Policy Rate by 50 Basis Points to 3.75% (theDeepDive)

• How to harvest cash crops amid a retail drought (Reuters)

• Canadian homes show higher levels, exposure to radon gas, report says (Globe)

• Citron Research Associate Ryan Choi to Settle SEC Fraud Case for $1.8 Million (theDeepDive)

• Warren Buffett Says He Won’t Endorse Any Political Candidates (Bloomberg)

• Coca-Cola CEO says McDonald’s E. coli outbreak won’t hurt beverage company’s sales (CNBC)

• Did ByteDance’s Intern Really Cause Millions in AI Damage? (theDeepDive)

• Home Sales on Track for Worst Year Since 1995 (WSJ)

• U.S. Defence Secretary says there’s evidence North Korea has sent troops to Russia (Globe)

What’s the latest?

• Air Canada: Air Canada and airBaltic have signed a codeshare agreement effective Nov. 6, allowing travelers to fly between Canada and the Baltic states on a single ticket. Air Canada will add its marketing code to 10 airBaltic routes connecting to Latvia, Estonia, and Lithuania. In return, airBaltic’s code will be added to two Air Canada routes from Toronto to Copenhagen and Amsterdam, with further expansions planned for summer 2025.

• McDonald's: McDonald's Canada confirmed that the E. coli outbreak in the U.S. linked to sliced onions on Quarter Pounder burgers does not affect its Canadian restaurants. The outbreak in the U.S. has resulted in 10 hospitalizations and one death, primarily in Colorado and Nebraska. The U.S. Centers for Disease Control (CDC) linked the illness to Quarter Pounders consumed between Sept. 27 and Oct. 11. McDonald's Canada reassured customers that the situation does not impact Canadian menu items or locations.

• Tesla: Tesla Inc. is facing increased pressure as its profits shrink and shares fall by 12% this year, contrasting with the gains of its Big Tech peers. Analysts expect Tesla’s earnings per share for Q3 to drop 10% to 60 cents, while revenue is estimated to grow 8.9% to $25.4 billion. Automotive gross margin is forecasted at 14.9%, slightly above the prior quarter’s 14.6%.

• Trade Tariffs: Gita Gopinath of the IMF warned that escalating U.S.-China trade tensions could hurt global growth, lowering output and raising inflation. She emphasized the importance of stable U.S.-China relations for global stability, while the IMF's report cautioned that protectionist policies could disrupt supply chains and harm long-term growth.

• Home Sales: Sales of previously owned homes fell 1% in September to an annualized rate of 3.84 million units, the slowest since October 2010. Inventory rose 1.5% from August, but prices continued to rise, with the median home price up 3% year-over-year to $404,500. Cash buyers accounted for 30% of sales, while first-time buyers hit a low at 26%. Homes are sitting on the market longer, averaging 28 days.

What’s fueling the $1 to $100 Biotech stock frenzy?

The stock market and stuff

• IAMGOLD Drills 19 Meters At 5.15 g/t Gold In Nelligan Project (theDeepDive)

• Tokyo Metro Shares Ride High in Trading Debut After Strong IPO (Bloomberg)

• Boeing Posts $6 Billion Loss Ahead of Strike Vote (WSJ)

• First Quantum Sees Lower Earnings, Production In Q3 2024 Amid Challenging Quarter (theDeepDive)

In the juniors

• Volt Lithium Extracts Battery-Grade Lithium Carbonate from Texas Oilfield Brine (theDeepDive)

• Collective Mining Assays 57.65m at 8.18 g/t AuEq at Apollo (theDeepDive)

• MAG Silver Boosts Output with 4.9M Silver Ounces in Q3 2024 (theDeepDive)

• IsoEnergy and Purepoint Uranium Launch Joint Venture to Explore Athabasca Basin Properties (theDeepDive)

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