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Trudeau Resigns as Prime Minister

Canadian Prime Minister Justin Trudeau has announced his intention to step down as leader of the Liberal Party once a successor is chosen, marking the end of a tumultuous era in Canadian politics. Speaking outside his official residence, Rideau Cottage, on Monday morning, Trudeau revealed his decision to resign after nearly a decade at the helm of the country.

Trudeau, who became Liberal leader in 2013 and assumed the role of prime minister in 2015, also disclosed that he had requested and received approval from Governor General Mary Simon to prorogue Parliament until March 24. This move sets the stage for a competitive leadership race within the Liberal Party to find a new leader capable of challenging Conservative Leader Pierre Poilievre in the upcoming federal election.

You can read more on the matter here.

What’s going on?

• Trudeau To Step Down After Liberal Leadership Race, Parliament Prorogued For Months (theDeepDive)

• Thousands of caregivers’ status at risk as immigration programs stall (Globe)

• Nippon Steel and US Steel sue after Joe Biden blocks $15bn deal (FT)

• Haley Breaks with Trump Over TikTok Ban Reversal (theDeepDive)

• TikTok Ban Thrusts Apple, Google Into US-China Geopolitical Fray (Bloomberg)

• German inflation rises more than expected to 2.9% in December (CNBC)

• Volkswagen Invests in Patriot Battery Metals (theDeepDive)

• Trump Seeks to Cancel Hush-Money Sentencing (WSJ)

• Unverified Online Reports of Health Crisis in China Spark Concerns (theDeepDive)

• Trump denies report that his team is eyeing pared-back tariffs (Globe)

What’s the latest?

• Barrick Gold: Barrick Gold may suspend operations at its Loulo-Gounkoto mine in Mali within a week due to a government-imposed gold export restriction amid a tax dispute. The company faces an interim attachment order preventing gold shipments and disrupting operations. Barrick has requested arbitration with the International Centre for the Settlement of Investment Disputes, calling the order unwarranted.

• Equities: The S&P/TSX Composite Index grew 18% in 2024 and is projected to continue rising in 2025, with earnings growth expected at 10-12%. Key drivers include strong corporate profits, lower interest rates, and robust commodity prices in energy and materials. Risks include U.S. tariff threats, overvalued tech stocks, and slower economic momentum compared to the S&P 500. Analysts emphasize portfolio diversification and targeted investments in undervalued sectors to navigate potential volatility.

• Oil: President Joe Biden blocked offshore oil and gas drilling in 625 million acres of U.S. coastal waters, citing environmental risks and low fossil fuel potential. While industry leaders criticize the move as harmful to energy security, conservationists praise its protection of marine ecosystems and coastal economies. Existing leases remain unaffected, but Trump has vowed to reverse the bans.

• Crypto: Bitcoin surged above $100,000, rising 4% to $102,234, as the broader crypto market gained over 3%. Crypto stocks like Coinbase (+6%) and MicroStrategy (+5%) also advanced, with MicroStrategy adding 1,070 bitcoins to its holdings. The rally aligns with a rebound in tech stocks and optimism about supportive regulatory policies under the new administration. Analysts predict bitcoin’s price could double in 2025, with some forecasts reaching $250,000.

• Semiconductor Stocks: Foxconn reported record Q4 revenue of $63.9 billion (+15% YoY), driven by AI server and cloud networking growth, despite slight declines in smartphone sales. Semiconductor stocks surged globally, with TSMC (+5%), SK Hynix (+10%), ASML (+8.7%), and Nvidia (+5%) leading gains. Microsoft’s $80 billion AI investment further boosted chipmakers like Nvidia and AMD (+3%).

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The stock market and stuff

• Microsoft Makes A Massive $80B AI Bet to Dominate the Next Tech Revolution (theDeepDive)

• Global chip stocks climb as Foxconn’s bumper results show a continuation of the AI boom (CNBC)

• Smithfield Foods first to publicly file in 2025 for big US IPO (Reuters)

• Tether’s Top Lawyer Departs as Crypto Giant Faces Growing Scrutiny (theDeepDive)

• US 7-Eleven IPO will invite more unwanted suitors (Reuters)

In the juniors

• Perpetua Resources Receives US Forest Service Approval For Stibnite Gold Project After 8 Year Process (theDeepDive)

• Simply Solventless Buys An Asset For… Free? (theDeepDive)

• Vizsla Silver Reports 222.4 Million Silver Equivalent Measured & Indicated Ounces At Panuco In Latest Resource Estimate (theDeepDive)

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