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Trump Targets Russian Oil in New Sanctions

The US finally imposed the first sanctions of President Donald Trump’s second term on Russia, targeting Rosneft and Lukoil, Moscow’s two largest oil producers, with the Treasury giving companies until November 21 to wind down transactions.

The White House framed the move as pressure for a ceasefire in its war with Ukraine, as Trump posts the move on Truth Social with the headline “Treasury Sanctions Major Russian Oil Companies, Calls on Moscow to Immediately Agree to Ceasefire.”

Brent futures rose 4.92% following the news. Sources said Chinese state oil majors suspended seaborne purchases of Russian crude due to sanctions risk.

You can read more on the matter here.

What’s going on?

• Ottawa Spends $2B, Ontario Adds $1B To Fund Darlington SMRs (theDeepDive)

• Ontario anti-tariff Reagan ad will run on U.S. broadcast of World Series despite Trump ire (NP)

• Federal Reforms Target Random Violence and Repeat Offenses Under Bill C-14 (theDeepDive)

• Carney ready to resume US-Canada trade talks halted by Trump over Reagan ad (Reuters)

• Trump Administration Weighs Sweeping Software Export Controls on China (theDeepDive)

• Trump Jr-linked drone company wins Pentagon contract (FT)

• Is TSMC’s Rare Earth Supply Really About To Run Out? (theDeepDive)

• Inflation Edges Up, But Less Than Expected, to 3% Rate (WSJ)

• Florida Gov. DeSantis to Put Property Tax Abolition on 2026 Ballot (theDeepDive)

• Hedge fund assets reach historic $5 trillion as quarterly capital flows hit 18-year high (CNBC)

• More Countries Convert Chinese Debt to Yuan to Cut Interest Costs (theDeepDive)

What’s the latest?

• Trade War: U.S. President Donald Trump has terminated trade talks with Canada after Ontario aired a $75M anti-tariff ad using Ronald Reagan’s voice without permission. The Reagan Foundation accused Ontario of misrepresentation, while Premier Doug Ford defended the campaign, saying it promotes free trade. Trump called the ad “fraudulent” and claimed Canada is trying to influence the U.S. Supreme Court’s upcoming tariff case. Prime Minister Mark Carney said Canada is ready to resume talks when the U.S. is prepared, emphasizing ongoing progress in sectoral negotiations like steel and aluminum.

• Markets: U.S. stocks surged toward record highs Friday after inflation data came in slightly better than expected. The S&P 500 rose 0.9%, the Dow gained 411 points, and the Nasdaq climbed 1.2%. The report boosted confidence that the Federal Reserve will cut interest rates at its next two meetings. Major gainers included Ford (+9.4%), Alphabet (+3%), and Intel (+1.2%), while gold prices dipped for the third time in four days despite a 56% year-to-date gain.

• Data: Statistics Canada will delay releasing September’s international trade data due to the ongoing U.S. government shutdown. The agency depends on the U.S. Census Bureau for export data, which has been unavailable since early October. StatCan says no trade results will be published until the shutdown ends and may create temporary export estimates for Q3 GDP if the delay continues.

• Tech: The European Commission says Meta and TikTok have likely violated EU transparency rules under the Digital Services Act. It accuses both of restricting researcher access to public data, while Meta also allegedly failed to provide proper tools for reporting or appealing content moderation. Both companies dispute the claims, citing compliance efforts. If confirmed, violations could result in fines of up to 6% of their global annual revenue.

• Economy: U.S. consumer prices rose 0.3% in September, slightly below expectations, putting annual inflation at 3%. Core CPI also rose 0.2% monthly and 3% annually, signaling stable inflation and strengthening expectations of a Fed rate cut next week. Gasoline prices jumped 4.1%, while shelter costs rose just 0.2%. Markets rallied on the data, viewing it as confirmation that inflation pressures remain contained despite ongoing tariffs and the government shutdown.

IAMGOLD Buying Spree

The stock market and stuff

• Newmont Q3 2025: Profit Doubles, But FCF Guided To Be Hit In Q4 (theDeepDive)

• Whitecap Q3 Revenue Jumps 86% as EPS Drops 63% (theDeepDive)

• Crisis-hit Porsche plunges to $1.1 billion quarterly loss (Reuters)

• Trump Pardons Binance Founder Changpeng Zhao (theDeepDive)

In the juniors

• Headwater Gold Commences Drilling at TJ Project, Nevada (JMN)

• Aclara To Construct Heavy Rare Earths Separation Facility In Louisiana (theDeepDive)

• Scorpio Gold Commences 50,000 Metre Phase 2 Drilling Program at the Manhattan District, Nevada (JMN)

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