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Leaders' Debate Bumped for Hockey

The French-language federal leaders’ debate scheduled for Wednesday will take place two hours earlier to avoid conflicting with a Montreal Canadiens hockey game, organizers announced Tuesday.

CBC/Radio-Canada moved the debate to 6 p.m. instead of 8 p.m., allowing viewers to watch both the political forum and the Canadiens’ game against Carolina starting at 7 p.m.

Bloc Québécois leader Yves-François Blanchet first requested the change, followed by NDP leader Jagmeet Singh who argued the clash would impact viewership.

You can read more on the matter here.

What’s going on?

• Trump Announces $28B Subsidy For Farmers Affected By His Tariffs (theDeepDive)

• Nearly 900,000 fewer people went to the U.S. in March as cross-border travel plummets (CBC)

• Is US Housing Heading For A Crash As FHA Ends Pandemic-Era Protections? (theDeepDive)

• Green Party removed from both election debates (Globe)

• Mark Carney Defends Carbon Tax in Quebec Media Appearance (theDeepDive)

• US consumers rushed to buy cars ahead of Trump’s auto tariff (FT)

• Doug Ford Defends Former Campaign Manager’s Critique of Poilievre Strategy (theDeepDive)

• Judge Finds Trump Administration Willfully Defied Court Orders in Deportation Case (WSJ)

• Gold Surges On Recession Fears As Analysts Call For $4,000 Target (theDeepDive)

• California sues Trump administration to block tariffs (Reuters)

• Mark Carney Proposes Online Speech Regulation During Campaign Rally (theDeepDive)

What’s the latest?

• Metro: Metro Inc. reported a Q2 profit of $220 million, up from $187.1 million last year, with sales rising 5.5% to $4.91 billion. Food same-store sales rose 5.3% (3.9% adjusted), and pharmacy same-store sales grew 7%, including a 7.8% rise in prescriptions. Canadian products are outperforming other categories amid the U.S.-Canada trade war, aided by focused in-store promotion. Adjusted earnings per diluted share rose to $1.02 from 91 cents year-over-year.

• Keystone Pipeline: The Keystone pipeline has resumed operations after a week-long shutdown caused by a 3,500-barrel oil spill in North Dakota, according to operator South Bow Corp. At the time of the incident, the pipeline was transporting 428,000 barrels per day but will now operate at no more than 80% of that pressure level. Most of the spilled oil has been recovered, and remediation is underway. Keystone has a total capacity of 620,000 barrels per day to the U.S. Midwest and Gulf Coast.

• NVIDIA: Nvidia expects to lose US$5.5 billion due to new U.S. export controls on AI chips like the H20, now restricted indefinitely over national security concerns. Shares of Nvidia and AMD dropped ~6% Wednesday, with AMD warning of a potential $800 million charge tied to the controls. Asian chipmakers also fell: Advantest (-6.7%), Disco Corp. (-7.6%), and TSMC (-2.4%). In response, Nvidia is investing in over 1 million sq ft of U.S. manufacturing for AI chips, part of a $500 billion domestic AI infrastructure push over four years.

• BoC:  The Bank of Canada held its benchmark interest rate steady at 2.75%, pausing after seven consecutive cuts since June, amid ongoing uncertainty from the U.S. trade war. Two economic forecasts were issued: one with mild damage and inflation easing to 1.5%, and another with a year-long recession, 1.2% average GDP contraction, and inflation rising above 3% by 2026. March inflation slowed to 2.3%, partly due to lower gas and travel prices. Despite holding rates, economists noted the bank's tone hinted at potential future cuts due to weakening consumer confidence, retail sales, and employment.

• Oil: U.S. Energy Secretary Chris Wright is promoting oil expansion under Trump, but Liberty Energy — the fracking firm he once led — has dropped 43% in 2025, shrinking his stake to US$30 million. The oilfield services sector is down 28% this year amid tariff-induced price drops and slashed producer spending. WTI crude is down 14% YTD, and JPMorgan warns that sustained prices below $60 could trigger a cut of 50 rigs and reduce U.S. production by 500,000 barrels/day. Despite economic optimism from Wright, analysts expect U.S. shale output and energy service revenues to decline, with $1 billion in revenue loss projected for top frack providers.

Pierre Poilievre’s Election Momentum Shift

The stock market and stuff

• China Hits Back: Halts $40B Boeing Order, Restricts US Tech Firms (theDeepDive)

• Activist Investor Bill Ackman Takes Hertz Stake, Shares Soar (WSJ)

• US Blocks Nvidia Exports to China Under Latest Retaliation (theDeepDive)

• Relief in ‘Honda town’ as automaker shoots down report it’s moving some production to U.S. from Alliston (TS)

• Bank of Canada Maintains Rates At 2.75%, Citing Unpredictable US Trade Policies (theDeepDive)

In the juniors

• ESGold Closes On $3.5 Million In Support Of Development Of Montauban Project (theDeepDive)

• Rua Gold Hits 13.3 g/t Gold, 8.1% Antimony Over 1.25 Metres At Auld Creek (theDeepDive)

• Aya Gold & Silver Sells Off Moroccan Gold Project For 42% Stake In Private Issuer (theDeepDive)

FULL DISCLOSURE: Rua Gold is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Rua Gold 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.