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Pentagon Bolsters Mideast Defense

As tensions continue to flare in the Middle East, rumors of US fighter-bombers streaking toward Iranian targets ricocheted across social media last night, but the Pentagon was quick to swat them down saying that they remain in a defensive posture and have not conducted strikes.

Alongside, Defense Secretary Pete Hegseth ordered the USS Nimitz carrier strike group and additional air-defense batteries into the US Central Command theatre “to enhance our defensive posture.”

Privately, Pentagon planners concede the hardware also gives President Donald Trump leverage—visible proof the United States could join the fray if Iran retaliates too hard against Israel.

You can read more on the matter here.

What’s going on?

• Meatpacking Plant Left Scrambling After Raid Removes Longtime Immigrant Worker (theDeepDive)

• Why the Fed Isn’t Cutting Rates Despite Cool Inflation (WSJ)

• Conservatives Vote With Liberals to Fast-Track Major Projects Bill (theDeepDive)

• Japanese and Canadian leaders agree to enhance security ties (JT)

• G7 Drafts Critical Minerals Action Plan To Break China’s Rare Earth Grip (theDeepDive)

• Genetic testing firm 23andMe fined millions for failing to protect customer data (CTV)

• Trump Mobile Launch Rings Loud, But the Signal on Substance Is Weak (theDeepDive)

• Canadian banks increased fossil fuel funding in 2024 despite record heat, report says (Globe)

• 15,000 Sign Up for Trump’s $5M Immigration Program that Doesn’t Yet Exist (theDeepDive)

• Elon Musk’s xAI nears $9.3bn equity and debt deal (FT)

• Trump Tariffs Hurt Nearly 80% of US Manufacturers (theDeepDive)

What’s the latest?

• Politics: The Canadian government says it will introduce final open banking legislation “at the earliest opportunity,” but fintech advocates warn momentum may be stalling. Open banking would allow Canadians to securely share financial data with third-party apps, but legislation is still needed to accredit providers and set industry rules. Delays are tied to political changes, including a spring election and the lack of a federal budget under Prime Minister Mark Carney. Without the final law, regulators remain in “regulatory purgatory,” unable to implement the system fully.

• Mitsubishi: Mitsubishi Motors will raise U.S. vehicle prices by an average of 2.1% starting Wednesday, citing rising costs from Trump’s 25% auto import tariffs imposed in April. Deliveries from Japan had been temporarily halted but resumed last week. The price hike won’t affect vehicles already in showrooms. Mitsubishi, which saw an 11% U.S. sales jump in Q1 2025, is also investing in new models and EVs, including a joint project with Nissan. Other automakers like Subaru and Ford have also recently raised prices in response to the tariffs.

• Retail Sales: U.S. retail sales fell 0.9% in May, a sharper drop than the 0.7% decline forecast, as car purchases slowed following a pre-tariff buying surge. April sales were also revised lower to a 0.1% dip. Excluding autos, gas, building materials, and food, core retail sales rose 0.4%, suggesting moderate consumer spending despite economic headwinds. Weaker job growth, resumed student loan payments, and tariff-driven market volatility are raising downside risks. The Atlanta Fed still projects Q2 GDP to rebound at 3.8%, mainly due to falling imports.

• TikTok: U.S. President Donald Trump signaled he would likely extend the deadline for TikTok’s Chinese owner to divest the app, marking a possible third extension. The current 75-day window, set in April, followed stalled negotiations with American buyers. Trump said he expects China’s approval and believes President Xi will ultimately back the deal. The divestment is part of ongoing U.S.-China tensions, with tech and trade remaining key friction points.

• 23andMe: 23andMe was fined £2.31 million (C$4.24 million) by the U.K. for failing to protect sensitive customer data in a breach affecting 6.9 million people globally, including 320,000 Canadians. Canada, lacking enforcement powers under current privacy laws, called for modernization to issue similar fines. The 2023 hack exposed DNA-based health and ancestry data, and regulators say 23andMe lacked basic security measures and failed to alert customers properly. The company filed for bankruptcy in March and was recently bought for US$305 million by a non-profit led by co-founder Anne Wojcicki.

What’s Fueling the Silver Rally w/ Paul Andre Huet

The stock market and stuff

• JPMorgan Files Trademark for ‘JPMD,’ Fueling Stablecoin Speculation (theDeepDive)

• Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone (theDeepDive)

• Amazon's workforce to reduce on rollout of generative AI, agents (Reuters)

• Mitsubishi in Talks for $8-Billion US Shale Acquisition (theDeepDive)

In the juniors

• Canadian Copper Obtains Financing Commitment From Ocean Partners For Caribou Complex Purchase (theDeepDive)

• Kootenay Silver Establishes 54 Million Ounce Silver Resource At Columba (theDeepDive)

• PTX Metals Hits 49 Metres of 0.35% Copper In Latest W2 Drill Results (theDeepDive)

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