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Trump Threatens Iran Strike

President Donald Trump says he will decide “within the next two weeks” whether to join Israel’s air war against Iran—an elastic deadline he has used in past crises but, this time, one announced as US forces quietly empty forward bases and load hospital pallets.

Within 48 hours of that pledge, every unsheltered US aircraft left Qatar’s Al Udeid Air Base and Navy ships slipped out of Bahrain; CENTCOM also pre-positioned extra blood supplies around the Gulf, a precaution normally taken only when hostile fire is judged highly likely.

You can read more on the matter here.

What’s going on?

• Canada To Adjust Steel Tariffs Against US On July 21 (theDeepDive)

• U.S. court lets Trump retain control of California’s National Guard for now (Globe)

• Majority of Canadians Support National Energy Corridor Despite Environmental Concerns (theDeepDive)

• Top Federal Reserve official calls for rate cuts as soon as July (FT)

• Iran says no nuclear talks under fire, UN atomic watchdog urges maximum restraint (Reuters)

• Is Qatar Behind Tucker Carlson’s Recent Anti-War Stance On Iran? (theDeepDive)

• Supreme Court Upholds Law Allowing Americans to Seek Damages From Palestinian Authorities (WSJ)

• Dabrusin Announces Canada’s Federal Electric Vehicle Rebates Will Restart (theDeepDive)

• US Republicans’ plan to eliminate audit watchdog violates Senate rules (FT)

What’s the latest?

• Global Equity Funds: Global equity funds saw net outflows of US$19.82 billion for the week ending June 18, the largest in three months, driven by Middle East tensions and U.S. trade policy uncertainty. U.S. equity funds lost US$18.43 billion, while Asia saw US$2.86 billion in outflows. In contrast, global bond funds attracted US$13.13 billion, continuing a nine-week inflow streak. Commodity funds focused on gold and metals drew US$2.84 billion—their highest in two months.

• WestJet: WestJet is still investigating a cyberattack detected last week that may have compromised internal systems and sensitive data. While flight operations remain unaffected, users may face intermittent website and app issues. The airline has not disclosed the nature of the breach but is working with law enforcement. The attack occurred just before the G7 summit in Alberta, though no connection has been confirmed.

• Strathcona: Strathcona Resources is challenging MEG Energy’s rejection of its takeover bid, claiming MEG made misleading statements. Strathcona argues its oilsands assets are equal or superior to MEG’s and denies MEG’s claim that the deal poses capital market risk. It also clarified that Waterous Energy Fund has no plans to sell its Strathcona stake after a merger.

• Technology: The CRTC has finalized rules allowing major internet providers to use rival fibre networks outside their home regions. Bell opposes the policy, arguing it discourages infrastructure investment, while Telus supports it to improve competition in areas like Ontario and Quebec. The regulator says the rules strike a balance between competition and investment, with only a modest near-term impact on market share. The CRTC will monitor the framework’s long-term effects.

• Retail Sales: Retail sales in Canada rose 0.3% to $70.1 billion in April, driven by car dealer gains, but May estimates show a 1.1% decline. Economists expect this signals a slowdown, with CIBC and TD forecasting weaker consumer spending due to tariff uncertainty and a softening labor market. Core retail sales rose just 0.1%, and 36% of businesses reported trade-related disruptions. Analysts anticipate interest rate cuts in the second half of 2025.

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The stock market and stuff

• Microsoft to Cut Thousands More Jobs in July, Targeting Sales Teams (theDeepDive)

• Tesla inks first deal to build China’s largest grid-scale battery power plant (CNBC)

• Honda Takes Flight With First Vertical Launch-And-Land Test Of Its Experimental Reusable Rocket (theDeepDive)

• Apollo Reaches £4.5 Billion Bond Deal for EDF’s UK Nuclear Plant (Bloomberg)

• Pro-Israel Hackers Drain $90M From Iran’s Largest Crypto Exchange (theDeepDive)

In the juniors

• Simply Solventless Q1 2025: Revenue Quadruples, Net Income Spike Comes From Humble Buyout (theDeepDive)

• Wesdome Sees Angus Gold Shareholders Approve Of Acquisition (theDeepDive)

• Euro Sun Mining Enters Term Sheet For $200 Million Copper Prepayment Facility (theDeepDive)

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