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US Home Sales Further Decline

Existing home sales in the United States declined to their slowest annual pace in nearly 14 years during September, with transactions falling 1% from August to a seasonally adjusted rate of 3.84 million units, the National Association of Realtors reported Wednesday. 

This represents a 3.5% decrease from September 2022 and falls short of economists’ expectations of 3.9 million units. While sales declined in the Northeast, South, and Midwest compared to last year, the West showed an increase.

You can read more on the matter here.

What’s going on?

• Media Giants Take FTC to Court Over New “Click-to-Cancel” Rule (theDeepDive)

• More than five million Canadians struggle to access primary care, new CIHI report says (Globe)

• Trump Takes Narrow Lead Over Harris in Closing Weeks of Race (WSJ)

• Trudeau Government to Cut Immigration Targets by 120,000 Through 2027 (theDeepDive)

• Novo Nordisk’s diabetes drug Ozempic may reduce the risk of Alzheimer’s disease, study says (CNBC)

• Boeing Workers Reject Contract Offer, Strike Continues into Seventh Week (theDeepDive)

• US Treasury allows miners to access clean energy manufacturing subsidy (Reuters)

• Walmart to Pay $7.5M for Illegal Waste Disposal in California (theDeepDive)

• Ottawa to cut immigration targets in a major policy reversal (Globe)

What’s the latest?

• Teck: Teck Resources Ltd. reported a $748 million loss from continuing operations in Q3, compared to a $48 million loss a year earlier, due to an asset impairment charge. Revenue rose to $2.86 billion from $1.99 billion. Teck lowered its 2024 copper production outlook to 420,000-455,000 tonnes, alongside reductions in molybdenum and zinc forecasts. Adjusted earnings were 60 cents per share, surpassing analyst expectations of 37 cents.

• Mining: The U.S. Treasury will allow mining companies to access the 45X tax credit for clean energy production, including costs for extracting critical minerals like lithium and cobalt. The credit offers a 10% incentive per metric ton for both mining and processing, favoring companies that perform both activities. The change, responding to industry pressure, aims to boost U.S. production of clean energy components and reduce reliance on foreign minerals. Critical mineral credits will not phase out, unlike those for other clean energy components, which will end after 2032.

• Immigration: Canada will admit 20% fewer permanent residents in 2024, dropping to 395,000 from 485,000 this year, with continued reductions through 2027. Temporary immigration, including students and foreign workers, will also be curtailed, with numbers decreasing to 446,000 by 2025-2026. This shift, driven by public backlash over housing shortages and strained services, marks a significant reversal in Canada’s pro-immigration stance under Prime Minister Trudeau.

• Nvidia: Nvidia announced several partnerships with Indian companies and launched a Hindi language model as it expands its presence in India’s tech market. Key collaborations include a deal with Reliance to build AI infrastructure and partnerships with Tata Communications and Yotta to enhance India's computing power, which is expected to grow 20 times by year-end. Nvidia also introduced Nemotron-4-Mini-Hindi 4B, a Hindi language model, while working with Infosys, Wipro, and TCS to train 500,000 developers in AI.

• Nuclear Plant: Slovenian lawmakers voted to cancel a planned referendum on building the new JEK 2 nuclear plant after environmental groups raised legal concerns. The plant, to be built next to Slovenia's existing Krsko nuclear plant, was set to meet energy demands in both Slovenia and Croatia. Sixty-nine MPs voted to cancel the November 24 referendum, citing concerns over whether voters had enough information to make an informed decision. The government plans to draft a special law for the project, estimated to cost between €9.6 billion and €15.4 billion.

The drill core that got Newmont & Eric Sprott hooked

The stock market and stuff

• Bank of Canada may need another big rate cut to adjust for slow growth, economists say (Reuters)

• Rogers Posts 126% Profit Jump in Q3 2024 Amid Wireless Boom and $7B Debt Deal (theDeepDive)

• Tesla shares leap 19% after Elon Musk predicts sales rebound (FT)

In the juniors

• Gold Royalty Sees 90% Revenue Surge in Q3 2024 (theDeepDive)

• Santacruz Silver Produces 4.6 Million Silver Equivalent Ounces In Q3 (theDeepDive)

• Montage Gold Secures US$825 Million Financing Package For Kone Gold Mine (theDeepDive)

• New Found Gold Hits 104.62 g/t Gold Over 2.1 Metres At Kingsway (theDeepDive)

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