Twin blows from the trade war? Not according to General Motors $GM ( ▼ 1.12% ), which blamed the closure of its Ontario plant on the loss of EV tax credits in America.

But Unifor is blaming tariffs for the second blow to Canada’s auto industry this week: Stellantis $STLA ( ▲ 0.64% ) announced a factory in Toronto would not be revived as expected.

North America’s supposed EV boom? Starting to feel like rush-hour traffic.

— William D.

Then you’re missing out. Every Saturday, Street Sheet Research subscribers receive an institutional-quality PDF outlining all the important happenings on Wall Street over the past week — and dozens of potential ways to play them.

This weekend, we covered why munis had their best month in nearly two years (and whether their moment can continue), an attractive opportunity amid a “minefield for investors”, what’s driving a slew of price target hikes across the crypto sector, and much more.

The best part? Even if you missed it, it’s not too late.

IE: Canada’s latest inflation could complicate the Bank of Canada’s rate decision due next week.

The Globe and Mail: Canada and Ontario pledged $3B to build new small modular nuclear reactors, the country’s first new reactor project in over 30 years.

YF: Desjardins projected Canada’s 2025–26 federal deficit at $70B — the highest in 30 years — citing rising spending, tax cuts, and lost revenues.

BNN Bloomberg: Canada-US trade talks fell into limbo. US President Trump declared an end to negotiations after taking offense to an Ontario TV spot, prompting the province’s Premier Ford to pull the ad.

CBC: FINTRAC fined crypto exchange Cryptomus a record $177M for failing to report over 1,000 suspicious transactions tied to criminal activity.

The S&P/TSX Composite closed 527 points lower on Tuesday, as the latest Statistics Canada report showed inflation rising by 2.4% in September, an acceleration from the 1.9% inflation in August.

Stocks were rattled by the data, as it raised questions for investors of whether the Bank of Canada might deliver on its widely expected interest rate cuts ahead of its October 29 meeting.

However, economists at TD Bank $TD.TSX ( ▲ 0.47% ) and the Royal Bank of Canada $RY.TSX ( ▲ 0.26% ) remained confident that the BOC will lower interest rates as expected. 

In a possible warning sign, CPI-trim inflation, which excludes volatile components such as food and energy prices, came in at 3.1%. This is one of the BoC’s preferred inflation metrics, so the fact that it came in higher than the overall CPI number is significant. 

Nevertheless, economists noted that, even with the uptick, inflation remains within the BoC’s target. Between this, a slowing labor market, and Canada’s falling GDP of 1.6% year-over-year last quarter, the BoC could still have enough confidence to carry out another rate cut next week.

For now, markets have priced in a 70% chance of a rate cut on October 29.

Tariffs are back. Walls are rising. The Red Sea — once a superhighway — is now a bottleneck. Supply chains are being forced into longer, costlier, more fragile routes.

And someone is making money off the chaos.

In our upcoming Street Sheet Research report, we break down this rare shift in shipping — and why it is quietly funneling profits toward a class of operators positioned to win in an increasingly inefficient world. Specifically, we’ve identified one stock directly exposed to this trend, with a rare setup to take advantage.

The full report drops Nov. 1st — but only for Street Sheet Research members.

So, if you want to see the name, the thesis, and the numbers behind it:

Gold prices stumbled early last week, as traders took gains off the table ahead of inflation data. But many experts say the bull case for gold remains intact.

JPMorgan $JPM ( ▲ 0.97% ) forecasts that the yellow metal will hit $6,000/oz. Randy Smallwood, CEO of Vancouver-based Wheaton Precious Metals $WPM ( ▼ 3.63% ), is even more bullish. Earlier this month, the exec said he’s confident gold will hit $5,000/oz in 2026 — but seeing it rise to $10,000/oz by 2030 “wouldn’t surprise me at all.”

Mining companies are risky and capital-intensive. A lot has to go right at each stage of the mining process.

But the royalty streaming business model pioneered by Wheaton Precious Metals provides a way to manage risk in the sector, with the company securing streaming agreements that entitle it to buy percentages of mines’ outputs at a vast discount to spot price for silver, gold, and other metals.

Wheaton Precious Metals has just 44 full-time employees. But it’s raked in $1.7 billion in revenue from these streaming agreements over the year.

Wheaton Precious Metals carries a price-to-earnings ratio of 56.5 after its blistering run. That makes it almost twice as expensive as the average stock on the TSX.

Then again, it’s also grown earnings by 138.9% year-over-year. If it continues at a pace that’s anything like that, it could quickly live up to that valuation, and then some.

No one can know what gold prices will do next year. But a continued run could allow Wheaton Precious Metals to outperform again in 2026.

Are you bullish or bearish on Royal Bank of Canada (RY.TSX) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

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