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Russian banks are shuttering over weak profits

Russian banks are being forced to close down their branches across the country due to declining profits, according to a recent report by RIA Novosti which cited Maxim Osadchiy, head of the analytical department of BKF Bank.

In April alone, Osadchiy said 101 offices were shut down, with Sberbank, the country’s largest bank, closing 49 branches. The Tomsk region, Tatarstan, and St. Petersburg were among the hardest hit, with the Stavropol Territory losing 64 bank branches in the first four months of the year.

You can read more on the matter here.

What’s going on?

• U.S. Races to Build Rare Earths Supply Chain by 2027 (theDeepDive)

• China launches 'punishment' war games around Taiwan (Reuters)

• Sales of newly built homes tank in April, as prices and interest rates rise (CNBC)

• Copper Crunch: Six New Mines Needed Every Year Through To 2050 (theDeepDive)

• US Business Activity Expands Most in Two Years, Prices Pick Up (Bloomberg)

• Justice Department Sues to Break Up Live Nation-Ticketmaster (WSJ)

• Canada 7th in foreign aid spending, but a fifth goes to refugees inside the country (BNN)

• Elon Musk, Jake Paul Endorsements May Hurt Candidates with Young Voters, Poll Finds (theDeepDive)

• Trudeau cabinet withholding documents on foreign interference from inquiry (Globe)

• James Gorman to Step Down as Morgan Stanley Chairman (WSJ)

What’s the latest?

• Nvidia Guidance: Nvidia Corp. has issued a bullish sales forecast for the second quarter, projecting revenue of around $28 billion, surpassing analysts' expectations of $26.8 billion. The company's first-quarter revenue also exceeded projections, driven by robust demand for AI accelerators, which are critical for developing AI applications. Nvidia's market valuation has surged to over $2.3 trillion, with shares rising 92% this year.

• Live Nation Break Up: The U.S. Justice Department and several states plan to sue Live Nation Entertainment Inc. for antitrust violations due to its dominant control over concert ticket sales through Ticketmaster. The lawsuit, expected to be filed in the Southern District of New York, seeks to break up Live Nation. This new probe began in 2022, intensified by Ticketmaster's mishandling of Taylor Swift ticket sales.

• Copper Falls: Copper prices fell for the third consecutive day due to Chinese factories' reluctance to pay record prices and hawkish comments from U.S. Federal Reserve officials. Prices have dropped about 7% from Monday's record high as bullish investors took profits and weak demand signs emerged in China.

• CPP Lowers China Exposure: The Canada Pension Plan Investment Board has halved its exposure to investments in yuan over the past two years due to increased risks in China's economy. As of March 31, the fund held 5% of its assets in Chinese currency, down from 10% in 2022. CEO John Graham noted that while their strategy in China remains unchanged, the appetite for investments has decreased.

• TD Earnings: Toronto-Dominion Bank exceeded analysts' expectations with an adjusted earnings of $2.04 per share for the fiscal second quarter, surpassing the forecasted $1.85. This strong performance was driven by its capital-markets division, which saw net income more than double to $441 million, supported by robust trading, investment banking, and lending revenues.

Copper shortage accelerating to 2030

The stock market and stuff

• Segantii Hedge Fund to Return Cash Amid Insider Trading Case (Bloomberg)

• Tesla’s Semi Truck Deliveries to PepsiCo Face More Delays (theDeepDive)

• Norfolk Southern agrees to $15 million civil penalty over 2023 Ohio derailment -- court documents (Reuters)

• Nvidia Stock Surges as Sales Forecast Delivers on AI Hopes (Bloomberg)

In the juniors

• Golden Cariboo Looks To Raise $2.5 Million To Support Further Exploration (theDeepDive)

• PharmaDrug Enters Letter Of Intent With Licensed Dealer For Pharma Grade Cocaine (theDeepDive)

• Aris Mining Acquires Controlling Stake In Soto Norte For $123.3 Million (theDeepDive)

• Giant Mining Strengthens Board Of Directors, Advisory Team (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources 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.