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Portugal Reconsiders F-35 Purchase

Portugal may back out of its planned €5.5 billion purchase of US-made F-35 fighter jets, with its defense minister citing concerns about the unpredictability of the Trump administration’s policies as a key factor in their decision.

Outgoing Defense Minister Nuno Melo told Portuguese media outlet Público that although the Portuguese Air Force recommended purchasing Lockheed Martin F-35s, recent US positions within NATO have raised serious concerns.

You can read more on the matter here.

What’s going on?

• FBI Moves To Criminalize Climate Groups (theDeepDive)

• Japan and Canada to further strengthen G7 unity (HT)

• Carney to Cut Cabinet Size in Half, Prepares for Trump Trade Challenges (theDeepDive)

• America’s automakers aren’t rushing to move production to US factories to avoid tariffs (CNN)

• Trump Family Mulls Binance Stake While Founder Pursues Pardon (theDeepDive)

• Young homebuyers seeking to climb the property ladder are stuck with hard-to-sell condos (Globe)

• ‘I Am Responsible’: Duterte Acknowledges Drug War Role as ICC Detention Begins (theDeepDive)

• US Consumer Sentiment Drops, Price Expectations Soar on Tariffs (Bloomberg)

• Snap Election Likely, Carney Avoids NDP Talks on Government Extension (theDeepDive)

• Canada resumes imports from biggest U.S. pork plant run by Smithfield Foods (Globe)

What’s the latest?

• First Quantum: First Quantum Minerals has been authorized to export 120,000 metric tons of stockpiled copper from its $10 billionCobre Panama mine, which was shut down in December 2023. The mine previously contributed 5% of Panama’s GDPand 40% of First Quantum’s revenue, with its closure affecting 54,000 jobs. Panama’s President Jose Raul Mulinosignaled discussions on the mine’s future may begin soon but won’t negotiate until First Quantum drops arbitration proceedings. First Quantum’s Toronto-listed shares surged 12.6% on the news.

• Brookfield: Brookfield Asset Management has filed a $2.7 billion arbitration claim against Peru, alleging illegal expropriation of its Rutas de Lima toll roads under the Canada-Peru free trade agreement. The city of Lima has already been ordered to pay $200 million in previous cases but has refused. Lima countersued in U.S. federal court, alleging the toll concession was originally obtained through bribery before Brookfield’s ownership. The dispute puts pressure on Mayor Rafael Lopez Aliaga, who campaigned on canceling Brookfield’s toll collections and may run for president in 2026.

• FED: Economists surveyed by Bloomberg expect the U.S. Federal Reserve to hold interest rates steady through mid-2025 before making two rate cuts, likely in September and December. The Fed faces stagflation concerns, as Trump's tariffs on China, Canada, and Mexico raise inflation risks while slowing growth. 73% of economists now predict weaker U.S. growth in 2025, while 66% forecast higher inflation due to Trump's policies. Fed Chair Jerome Powell emphasized patience, stating, “The economy’s fine. It doesn’t need us to do anything, really, and so we can wait.”

• CATL: China’s CATL, the world’s largest EV battery maker, reported a 9.7% drop in annual revenue to 362 billion yuan ($50 billion), marking its first yearly decline since 2015. Despite this, net profit rose 15% to 50.74 billion yuan, supported by a 40% surge in China’s EV sales to 11 million units in 2024. CATL maintained a 45% market share in China’s EV battery installations, supplying major automakers like Tesla, Volkswagen, and NIO. The company faces U.S. military-related restrictions by 2026 and potential tariff risks but continues expanding overseas, with battery plants in Hungary and Spain.

• Gold: Gold prices surpassed $3,000 per ounce for the first time, driven by Trump’s tariffs, market turmoil, and inflation fears. Gold futures have surged 14% in 2025, hitting an all-time high of $3,017.1 per ounce before settling near $2,995. 52% of global fund managers now see gold as the best hedge against a full-blown trade war. Central banks added 1,045 metric tons of gold to reserves in 2024, continuing a trend of de-dollarization amid geopolitical uncertainties.

Inside First Majestic’s Silver Mine

The stock market and stuff

• Wheaton Precious Metals Touts Record Annual Revenue, But Net Earnings Drop Due To Impairment Charge (theDeepDive)

• Gold hits $3,000 for first time on global growth fears (FT)

• Glencore Overhauls Embattled Canadian Smelters as Margins Plunge (Bloomberg)

• U.S. stock market loses $5 trillion in value in three weeks (CNBC)

• IAMGOLD Secures $1.48 Million In Taxpayer Funds To Electrify Cote Gold Mine (theDeepDive)

In the juniors

• InPlay Oil Posts Lower Annual Production, Net Income Drop in 2024 (theDeepDive)

• Awalé Resources Updates on Drilling at High-Grade Gold Charger Target, Odienné Project (JMN)

• Agnico Eagle Takes 14.99% Stake In Collective Mining With $63.4 Million Investment (theDeepDive)

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