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Trump Revives ‘51st State’ Taunt

President Donald Trump revived his “51st State!” taunt after Bloomberg framed Canada’s latest GDP data as the country’s first technical recession since 2020. The one-line post turned a narrow statistical argument into a sovereignty fight, giving Washington’s loudest annexation rhetoric a fresh economic hook.

Canada’s economy is weak, but not weak in a way that produces a clean political script. Reuters reported that GDP fell at an annualized 0.1% pace in the first quarter after a revised 1.0% decline in the fourth quarter, enough to trigger the two-quarter shorthand for a technical recession.

On a non-annualized basis, GDP was flat in Q1 after a 0.2% decline in Q4. That split is exactly why the label is politically useful and economically messy.

You can read more on the matter here.

What’s going on?

• Is Canada Actually In A Recession? (theDeepDive)

• Carney attributes ‘weakness’ in economic data to lower immigration targets (Globe)

• Expanding Air[Ford]: Doug Ford Defends Billy Bishop Airport Expansion (theDeepDive)

• US Job Openings Jump to Highest Since 2024 as Layoffs Fall (Bloomberg)

• Carney Government’s National AI Strategy to Launch Startup Fund, Equity Stakes in AI Firms (theDeepDive)

• Donald Trump appoints real estate heir Bill Pulte as head of US national intelligence (FT)

• SEC Defends $1.5M Musk Settlement as Record Penalty in Twitter Disclosure Case (theDeepDive)

• US fires Hellfire missile at tanker heading toward Iran (Reuters)

• Meta’s Own AI Handed Hackers the Keys to Instagram (theDeepDive)

What’s the latest?

• Crypto: Bitcoin fell below US$70,000 for the first time since April, dropping more than 6% to ~US$67,000 as risk sentiment weakened. The selloff was amplified by nearly US$594M in long liquidations, Strategy's first Bitcoin sale since 2022, and a record 11 straight days of net ETF outflows, while Bitcoin remains far below its US$126,000 peak reached in October.

• Oil: Newfoundland and Labrador launched a new offshore oil exploration round covering 16 areas off its east coast and is offering up to $30 million to help fund drilling in frontier regions. The province's offshore sector is strengthening, with oil production reaching 8.2 million barrels in October, its highest level since July 2021, while the last exploration licence bid occurred in 2022.

• Politics: The federal government reached a new infrastructure agreement with Quebec that will transfer billions of dollars for projects such as hospitals and public transit. The deal was announced by Prime Minister Mark Carney and Quebec Premier Christine Fréchette, though opposition parties questioned the timing with a provincial election expected later this year.

• Real Estate: Vancouver home sales fell 3.5% YoY to 2,150 in May and remained 26.6% below the 10-year average, mainly due to weak condo demand. The benchmark home price was C$1.10M, down 6.2% YoY, while condo sales fell 7.2%; inventory remained elevated at 16,917 listings, up 34.6% above the long-term average.

• Tech: Anthropic is expanding access to its cybersecurity-focused Mythos AI model to 150 additional partners across 15+ countries, targeting sectors including power, water, healthcare, communications, and hardware. Since its initial rollout to 50 partners, the model has helped identify over 10,000 high- or critical-severity software vulnerabilities, as Anthropic continues to broaden deployment ahead of its planned IPO.

SSR Mining Walks Away From a World-Class Gold-Copper Project

The stock market and stuff

• Elliott Takes A$1B Stake in Northern Star, Pushes for Strategic Review and Sale (theDeepDive)

• Anthropic Files Confidential S-1 as AI IPO Wave Nears $3 Trillion (theDeepDive)

• SpaceX Eyeing Roughly $1.75 Trillion Valuation in IPO Next Week (WSJ)

• Gold Overtakes, But Yet To Dethrone, US Treasuries In Global Reserves (theDeepDive)

• Canada Spent $46.8 Million on Secret Palantir Contract for Special Forces, Records Show (theDeepDive)

In the juniors

• Nord Drills 61,389 g/t Silver Over 0.30 Metres at Castle East (theDeepDive)

• Questcorp Sharpens La Union Targets With Expanded IP Survey (theDeepDive)

• Mercado Minerals Targets District Scale Silver Play With San Dimas Land Grab (theDeepDive)

• Sterling Metals Consolidates Batchewana Belt in All Stock QcX Gold Deal (theDeepDive)

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