Sponsored by Element 29 Resources

A new stock exchange is coming

A new national stock exchange, the Texas Stock Exchange (TXSE), is set to launch in Dallas, backed by major investors including BlackRock (NYSE: BLK) and Citadel Securities. 

The exchange has raised approximately $120 million and plans to file registration documents with the Securities and Exchange Commission later this year to operate as a national securities exchange.

You can read more on the matter here.

What’s going on?

• Rate Cuts Are Here: Bank of Canada Cuts Rates 25 Bps (theDeepDive)

• UN Secretary General Urges Ban on Fossil Fuel Ads As Planet Warms (Bloomberg)

• Harvard University Drops Diversity Statement Requirement for Faculty Hiring (theDeepDive)

• Virginia Passed a Law Adopting California’s EV Standards. Now It Wants Out (WSJ)

• Biden Cracks Down on Asylum Claims at Southern Border (theDeepDive)

• Boeing Starliner launches for the first time carrying NASA astronauts to the ISS (CNBC)

• Parisians Plan Unusual Protest Against Seine River Cleanup for 2024 Olympics (theDeepDive)

• Amanda Knox reconvicted in slander case (BBC)

• Parliamentary Budget Officer Reportedly Faced Gag Order Over Federal Carbon Pricing (theDeepDive)

• NBA Nears $76 Billion TV Deal, a Defining Moment for Media and Sports (WSJ)

• The Epoch Times CFO Arrested in $67 Million Money Laundering Scheme (theDeepDive)

What’s the latest?

• Rate Cuts Begins: The Bank of Canada has cut interest rates by a quarter of a percentage point to 4.75%, initiating an easing cycle. Policymakers, led by Governor Tiff Macklem, expressed confidence that inflation is on track to meet the 2% target, suggesting further rate cuts may follow if progress continues.

• WestJet Changes: WestJet Airlines has introduced a new "UltraBasic" fare category, which eliminates a free carry-on bag and other perks. This no-frills fare, the lowest of seven fare classes, assigns seats at the back of the aircraft, charges extra for seat selection, and boards passengers last. The UltraBasic fare aims to reduce prices across routes and streamline the boarding process by freeing up overhead bin space.

• GTA Home Sales: The Toronto Regional Real Estate Board reported a 21.7% decline in home sales in May compared to last year, with 7,013 homes sold versus 8,960 in May 2023. Despite the drop in sales, new listings increased by 21.1%, with 18,612 properties on the market. The average selling price in the Greater Toronto Area fell 2.5% year-over-year to $1,165,691.

• US Cuts Coming?: The U.S. Federal Reserve is expected to cut its key interest rate in September and again later this year, according to most forecasters in a Reuters poll, though there's a significant chance they may opt for only one or no cuts. Nearly two-thirds of economists polled predict the first rate cut to a 5.00%-5.25% range will occur in September, with 60% anticipating two cuts this year.

• US Embassy Attack: A gunman fired shots at the U.S. embassy in Lebanon on Wednesday and was wounded in an exchange of fire with troops. The Lebanese army reported that the attacker, a Syrian national, was detained and taken to the hospital for treatment. The U.S. embassy confirmed that its facility and staff were safe, though a member of the embassy's Lebanese security team was lightly wounded.

Copper boom: 650M lb. equivalent deposit in focus

The stock market and stuff

• New Texas Stock Exchange Backed by BlackRock and Citadel Securities Set to Launch in Dallas (theDeepDive)

• Nasdaq 100 Climbs 1% as Tech Powers Stock Gains (Bloomberg)

• HanesBrands to sell sportswear business Champion to Authentic Brands in $1.2 bln deal (Reuters)

• Copper Prices Tumble as Inventories Surge (theDeepDive)

In the juniors

• C3 Metals Intercepts 294 Metres of 0.30% Copper At Bellas Gate (theDeepDive)

• Fortuna Silver sinks on plan to offer up to $172.5M in convertible notes (SA)

• NuRan Adds To Current Backlog With 250 Site Agreement For Telecom Towers (theDeepDive)

FULL DISCLOSURE: Element 29 Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Element 29 Resources. The author has been compensated to cover Element 29 Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.