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Uranium Demand Surge Ahead

Global nuclear power capacity is expected to grow significantly over the next decade, according to the World Energy Outlook 2024 by the International Energy Agency (IEA). The report predicts a nearly 20% increase in capacity by 2035, with China leading the expansion, accounting for almost 40% of global additions. Other countries, particularly in emerging markets, are also set to contribute to the growth as they seek reliable and low-emission electricity sources.

Nuclear power, which currently provides around 9% of global electricity, is seen as crucial for nations looking to decarbonize their power systems and enhance grid stability. The IEA highlights the role of nuclear energy in helping countries meet their net-zero targets by 2050.

You can read more on the matter here.

What’s going on?

• Global Nuclear Expansion Set to Fuel Surge in Uranium Demand (theDeepDive)

• International student cap will cost schools $600-million next year, Ontario universities project (Globe)

• China’s economy grows 4.6% in third quarter (FT)

• BRICS Pay Debuts, Threatening U.S. Dollar Dominance On Global Markets (theDeepDive)

• Spirit Aero to furlough 700 workers for 21 days due to Boeing strike (Reuters)

• JPMorgan Is Lending Panama $1 Billion to Help Plug Budget Gap (Bloomberg)

• First Majestic Silver Reports 5.5 Million Ounces Silver Equivalent Production In Third Quarter (theDeepDive)

• Tobacco companies set to pay $32.5-billion in landmark Canadian legal settlement (Globe)

What’s the latest?

• Netflix: Netflix shares surged 11% after reporting Q3 earnings of $5.40 per share, beating the $5.12 estimate, and revenue of $9.83 billion, above the $9.77 billion forecast. The ad-supported tier grew 35% quarter over quarter, contributing over 50% of sign-ups where available. Netflix projects Q4 revenue of $10.13 billion and expects 2025 revenue growth of 11-13% to reach $43-44 billion.

• Immigration: A recent Environics survey shows nearly 60% of Canadians believe immigration levels are too high, the highest opposition since 1998. The shift marks a 31-point rise in opposition over two years, driven by concerns over housing shortages, rent inflation, and public service strain. Public support for immigration's economic benefits has also declined, with less than 70% viewing it positively, down from over 80% two years ago.

• Trump: A federal judge has unsealed over 1,800 pages of documents in the criminal election interference case against former President Donald Trump. U.S. District Judge Tanya Chutkan rejected Trump's legal team's request to keep the records sealed until after the Nov. 5 presidential election. The documents were filed by special counsel Jack Smith as part of the ongoing case.

• Tesla: Tesla's reveal of its self-driving car left investors disappointed, leading to a 7.5% decline in shares since the October 10 event. Questions remain about the robotaxi's technical details and timeline, as production is not expected until 2026. Analysts expressed concerns over Tesla’s premium valuation, currently at 75 times forward earnings, and the company’s ability to meet expectations amid slowing EV demand and rising competition. Upcoming third-quarter results are anticipated, with a 10% decline in profits expected compared to the previous year.

• China: China's third-quarter GDP grew 4.6% year-on-year, slightly above the 4.5% forecast but below the second quarter’s 4.7%. On a quarterly basis, GDP expanded by 0.9%, up from 0.7% in Q2. Retail sales and industrial production also exceeded expectations, showing positive economic momentum. Analysts believe the full-year growth target of 5% is achievable with additional Q4 stimulus measures. Following the data release, the CSI 300 rose 0.7%, and Hong Kong's Hang Seng index increased by 1.3%.

AI data centers are driving new demand for nuclear energy

The stock market and stuff

• Soft landing’ bets push US corporate spreads to lowest in almost 20 years (FT)

• Netflix shares jump 11% after third-quarter earnings beat (CNBC)

• Oman’s State-Run Energy Giant Pulls in $2 Billion from Landmark IPO (theDeepDive)

• CVS Shares Fall After Earnings Warning, CEO Ouster (WSJ)

In the juniors

• Potash & Lithium: American Potash’s Double Play | Simon Clarke (theDeepDive)

• SLAM Exploration Drilling Copper Nickel Sulphide Zones (JMN)

• Inside Rua Gold’s Bold Siren Gold Acquisition with Robert Eckford (theDeepDive)

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