Sponsored by Cytophage Technologies

SEC Approves 24/7 Trading

A startup stock exchange backed by billionaire Steve Cohen’s Point72 Ventures has won regulatory approval to operate almost around the clock. 

The Securities and Exchange Commission on Wednesday authorized 24X National Exchange to run three trading sessions from 4 a.m. to 7 p.m. ET on weekdays, with plans to add overnight trading from 8 p.m. to 4 a.m., pending certain data requirements.

“The SEC’s approval of our new exchange is a thrilling development that the 24X Team has been working toward for many years,” said CEO Dmitri Galinov in a statement.

You can read more on the matter here.

What’s going on?

• Norwegian Party Blocks Arctic Seabed Mining Plans in Budget Deal (theDeepDive)

• White House defends U.S. President Joe Biden’s pardon of his son, Hunter (Globe)

• Santacruz Silver Q3 Earnings: Costing Issues Need Clarity (theDeepDive)

• U.S. Postal Service suspends accepting mail bound for Canada due to strike (CTV)

• Guanajuato Silver: On the Right Track, But Slowly (theDeepDive)

• OpenAI explores advertising as it steps up revenue drive (FT)

• Data Challenges Trump’s Case for Canada Tariffs (theDeepDive)

• New US solar tariffs on Southeast Asia to raise prices, cut profit margins (Reuters)

• Russian Central Bank Struggles to Halt Ruble Collapse (theDeepDive)

• US to Announce a New $725 Million Arms Package for Ukraine (Bloomberg)

• Eastern Europe Central Banks Lead Global Gold-Buying Spree (theDeepDive)

• Canada launches global ad campaign warning asylum-seekers that making a claim is difficult (Globe)

• Australia Becomes the First Country to Ban Social Media for Under-16s (theDeepDive)

What’s the latest?

• Economy: Canada's economy grew at an annualized rate of 1% in Q3, down from 2.2% in Q2, with real GDP per capita falling 0.4%. Household savings rose to 7.1%, a three-year high, driven by high wages and declining interest rates. Monthly GDP growth was weak at 0.1% in September and is expected to remain the same for October. Economists predict a Bank of Canada rate cut on Dec. 11, following inflation rebounding to 2% in October.

• GST Holiday Bill: Canada’s GST holiday bill, set to waive the tax on select items from Dec. 14, 2024, to Feb. 15, 2025, passed the House of Commons with Liberal and NDP support. The measure covers items like children’s clothes, toys, meals, and holiday goods, saving individuals $100–$260 on $2,000 worth of purchases depending on their province. The temporary tax break is projected to cost the federal government $1.6 billion, with no compensation offered for provinces matching the cut. The bill now moves to the Senate.

• OpenAI: A coalition of Canadian news publishers, including The Canadian Press, CBC/Radio-Canada, and Globe and Mail, is suing OpenAI for allegedly using copyrighted news content to train ChatGPT without permission or compensation. The lawsuit marks the first such case in Canada, mirroring similar legal actions in the U.S., such as the New York Times' case against OpenAI and Microsoft.

• Inflation: Eurozone inflation rose to 2.3% in November, up from 2% in October, surpassing the European Central Bank's (ECB) 2% target. Core inflation, excluding energy and food, remained steady at 2.7%, with services inflation slightly easing to 3.9%. Markets expect the ECB to implement a 25-basis-point rate cut in December, its fourth this year, while debates persist over the potential for a larger cut.

• Adani: Adani Group stocks rallied following a statement refuting bribery charges against chairman Gautam Adani. Adani Green Energy surged 19% on Friday, recovering from a prior 18% drop, while Adani Energy rose 14.4% and Adani Total gained 7.2%. The rebound follows allegations of $250 million in bribes for solar contracts, which led to a significant sell-off and Fitch Ratings placing Adani bonds on negative watch.

Trump’s comeback explained

The stock market and stuff

• Stellantis CEO Tavares Resigns After Board Dispute (theDeepDive)

• AirBaltic stalls IPO until at least the first half of 2025 (Reuters)

• JPMorgan agrees to drop lawsuit against Tesla over stock warrants (Reuters)

• Massive Gold Deal: Northern Star Secures Hemi Project in $3.3 Billion Acquisition (theDeepDive)

In the juniors

• Calibre Mining Refutes Condor Gold Statements Related To Purchase Of La India Project (theDeepDive)

• Blue Sky Uranium Options Out Flagship Asset Under Development Arrangement (theDeepDive)

• Seabridge Gold Sees KSM Project Hit With Second Legal Petition (theDeepDive)

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