Good morning. A team of divers has discovered what they’re calling a once-in-a-lifetime shipwreck at the bottom of Lake Ontario that’s apparently in pristine condition (or at least however "pristine" a sunken ship from the 1850s can be).
If they end up finding buried treasure on the ship, we’d love to see a Pirates of Ontario spinoff. Michael Cera playing a Canadian Captain Jack Sparrow? Who says no?
Today’s reading time is 5½ minutes.
MARKETS
| ▲ | TSX |
30,160.65 |
+0.85% |
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| ▲ | S&P 500 |
6,602.99 |
+0.98% |
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| ▲ | DOW JONES |
46,245.41 |
+1.08% |
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| ▲ | NASDAQ |
22,273.08 |
+0.88% |
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| ▼ | GOLD |
4,068.2 |
-0.28% |
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| ▼ | OIL |
57.7 |
-0.62% |
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| ▲ | CAD/USD |
0.71 |
+0.00% |
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| ▲ | BTC/USD |
86,850.22 |
+2.46% |
Earnings this week: Couche-Tard will report its results after the bell today, while Best Buy and Dell have their earnings calls slated for Wednesday. The Trans Mountain Corp. will also report its earnings this week, providing a snapshot of the oil pipeline's recent performance.
WORLD
Carney plays Let’s Make a Deal
Canada’s foreign policy is now all about the Benjamins — or maybe we should say the Bordens.
What happened: Mark Carney is pivoting Canada’s foreign policy away from a focus on what some might call “promoting our values” and towards striking deals with whoever wants to do business.
Carney highlighted the contrast with his predecessor yesterday when he told reporters at the G20 summit that his government wouldn’t have a “feminist foreign policy,” something Justin Trudeau and his ministers spoke about often.
Plus: Carney is letting bygones be bygones when it comes to China and India, two countries with which Canada has had a strained relationship lately.
The PM met with his Indian counterpart Narendra Modi yesterday, and officials say they will soon start negotiations on a new trade pact.
Why it matters: Carney’s number one foreign policy priority is finding new partners for trade and investment to soften the blow of a trade war with the U.S. Other areas Canada has historically taken an interest in, like international development and human rights, will for now take a backseat.—TS
BIG PICTURE
Source: paparazzza / Shutterstock.
Ukraine meets with allies to talk peace deal. Ukraine and many of its Western allies objected to concessions outlined in a U.S.-backed proposal to end the war between Ukraine and Russia. President Trump has set a Thursday deadline for Ukraine to accept his plan, which includes ceding Ukrainian territory to the Russians and renouncing its bid to join NATO. (The Canadian Press)
First Nations sue over Manitoba mineral rights. Two First Nations groups are suing Manitoba and the federal government over rights to a mineral-rich region in the province that generates $1.3 billion a year. The Dakota Nations want the Crown’s 20% stake in the region transferred to them or compensation for money made off the land. (CBC News)
Moderna has become the most shorted stock on the S&P 500. With COVID-19 vaccine demand slowing (particularly in the U.S.), vaccine-maker Moderna has now had more short bets placed against it than any other company in the S&P 500. Moderna has been unprofitable since 2023 and has seen its revenues plummet by over 80% since 2021. (Financial Times)—LA
LOOKOUT
What’s happening this week
🇨🇦 Canada’s GDP data for Q3 arrives on Friday. The economy contracted in Q2, and forecasters expect that while it likely didn’t shrink again last quarter, growth was probably still tepid.
🛍️ It’s Black Friday. From what we’re seeing, that American shopping import has turned into at least a full week of sales (we already picked up a heavily discounted robot vacuum cleaner), so probably no need to plan your Friday around a trip to the mall.
🇺🇦 U.S. pushing for pre-Thanksgiving Ukraine deal. Our American neighbours celebrate Thanksgiving this week, and it looks like the Trump administration is pushing to get some sort of deal on Ukraine done before the U.S. electorate sits down to their turkey dinners, even if it comes over Ukrainian and European objections.
🚩 Also flagging: There will likely be a slew of delayed U.S. economic reports dumped this week that could move markets, Canadian manufacturing sales data for October drops today, and there will be elections in Honduras, Kyrgyzstan, and Tonga.
TRANSPORTATION
Montreal rides pension cash to transit win
Source: @REMgrandmtl / X.
Torontonians, look away: Montreal’s new train upgrade is going to make your morning streetcar delay feel even worse.
Driving the news: A new 14-station transit line extending Montreal’s Réseau express métropolitain (REM) has begun regular operations, marking the completion of one of Canada’s largest public transit projects in decades.
The swanky-looking REM expansion — mostly funded by an arm of Caisse de dépôt et placement du Québec pension — has high-frequency, driverless trains scheduled to run every 2.5 minutes during rush hour.
Notably, the project was built for just $140 million per kilometre. For comparison, Toronto’s Eglinton Crosstown will cost ~$700 million per kilometre (and is 5 years late, and counting), while the new Ontario Line will cost over $1 billion per kilometre.
Why it matters: The relative success of the REM project is a win for the Caisse, and could serve as a model for pension funds backing other new transit projects.
Without the political turnover and pressures that governments deal with, pension funds may be better positioned to assess a project's viability and bring enough expertise to build it affordably and quickly.
Yes, but: Caisse has a unique mandate to invest a portion of its funds within Quebec. Other major Canadian pensions, tasked only with maximizing returns, may not find that transit projects offer the best bang for their beneficiaries’ buck.—LA
WAIT, THERE’S MORE
Barrick Mining has reached a verbal agreement with the Mali government to resolve a long-standing dispute over its gold mining complex.
Meta and Microsoft have applied for permits to trade electricity from their data centers.
Yop yogurts have been recalled in Canada over plastic contamination risk.
BY THE NUMBERS
🏡 32. Age of the average renter in Canada, with a growing number of Canadians becoming lifelong renters. Over 11% of households currently renting include children.
🐻 3. Grizzly bears that B.C. authorities are searching for after a recent attack on a school trip left 11 people injured. Experts say an attack on such a large group is exceptionally rare.
🍿 US$150 million. Box office revenue that the Wicked sequel brought in over its opening weekend in the U.S., ending a months-long dry spell for theatrical releases.
PEAK PICKS
Want more environmentally sustainable and more accessible community spaces? RBC Foundation just funded 78 projects nationwide with over $18 MM. Check it out*
Fairgrounds Public Racket Club is now open nationwide! Play in Vancouver, Ontario, and Calgary — book now with code PEAK20 for 20% off.*
Read: How Nardwuar went from Canadian cult hero to a global icon (Globe and Mail, paywalled)
Nine affordable ingredients that make any dish taste better, according to home cooks.
Meet the Canadian teacher leading a fermented food movement.
Inside the 300-year-old luxury resort powered by trees.
12 Canadian Christmas markets to visit this year.
Watch: How the dark web actually works.
*This is sponsored content.
