Author: Consultant

• Honda Motor is ending U.S. production of its Acura ZDX electric crossover, citing market conditions for EVs.
• Production of the vehicle for the 2026 model year was slated to begin this month at GM’s Spring Hill Assembly plant in Tennessee

https://www.cnbc.com/2025/09/24/honda-acura-ev-gm.html

Micron Technology MU forecast first-quarter revenue above market estimates on Tuesday, betting on booming demand for artificial intelligence hardware to boost sales of its advanced memory chips.

Shares of the memory-chip maker rose 4 per cent in extended trading.

The race to build the most sophisticated AI models and expand the data centre infrastructure that they run on has boosted demand for Micron’s high-bandwidth memory chips, or HBM.

Micron supplies HBM for some of AI chip leader Nvidia’s NVDA-Q -1.49%decrease semiconductors, which dominate the lucrative AI accelerator market.

Much of the competition among the world’s largest memory suppliers – Micron, SK Hynix and Samsung SSNLF +9.01%increase – has centered on becoming a key supplier to Nvidia, owing to the world’s most valuable company’s dominant market position.

Micron forecast first-quarter sales of US$12.5-billion, plus or minus US$300-million, compared with the analysts’ average estimate of US$11.94-billion, according to data compiled by LSEG.

The company reported revenue of US$11.32-billion for the fourth quarter, beating estimates of US$11.22-billion.

• Sales of newly built homes rose a much larger-than-expected 20.5% in August compared with July, according to the U.S. Census.
• That’s despite mortgage rates that are higher than they are today.
• The median price of a new home sold in August was $413,500, in increase of 1.9% year over year.

https://www.cnbc.com/2025/09/24/august-new-home-sales-soar.html

• 
  Instagram now has 3 billion monthly active users, Meta CEO Mark Zuckerberg said Wednesday.
• With 3 billion monthly users, Instagram joins the ranks of the Facebook and WhatsApp platforms, both of which crossed the 3 billion user mark earlier this year.
• The company last disclosed Instagram’s user figures in October 2022 when Zuckerberg said during an earnings call that the app had crossed 2 billion monthly users.

https://www.cnbc.com/2025/09/24/instagram-now-has-3-billion-monthly-active-users.html

The U.S. has long accused Canada’s softwood lumber sector of violating rules on anti-dumping – flooding a market with cheaper, subsidized products to disrupt a domestic industry.

The U.S. Commerce Department announced plans last month to nearly triple duties on Canadian softwood lumber to just over 20 per cent.

The Wall Street Journal first reported this week that Canada dropped long-standing appeals earlier this month on two U.S. anti-dumping reviews dating back to the previous decade.

Analysis: Can Canada finally sell more of its lumber overseas?

Lumber prices haven’t bottomed yet. Here’s when they will

Global Affairs Canada spokeswoman Dina Destin says Canada made the decision after consulting with industry players and provinces, and in the interest of securing a long-term deal on softwood lumber with the United States.

She says Canada still believes U.S. anti-dumping duties on softwood lumber are unfair and Ottawa is still pursuing six other legal challenges on the matter.

Canada has dropped two legal challenges of United States duties on Canadian softwood lumber.

The U.S. has long accused Canada’s softwood lumber sector of violating rules on anti-dumping – flooding a market with cheaper, subsidized products to disrupt a domestic industry.

The U.S. Commerce Department announced plans last month to nearly triple duties on Canadian softwood lumber to just over 20 per cent.

The Wall Street Journal first reported this week that Canada dropped long-standing appeals earlier this month on two U.S. anti-dumping reviews dating back to the previous decade.

Analysis: Can Canada finally sell more of its lumber overseas?

Lumber prices haven’t bottomed yet. Here’s when they will

Global Affairs Canada spokeswoman Dina Destin says Canada made the decision after consulting with industry players and provinces, and in the interest of securing a long-term deal on softwood lumber with the United States.

She says Canada still believes U.S. anti-dumping duties on softwood lumber are unfair and Ottawa is still pursuing six other legal challenges on the matter.

Ottawa should regulate the cost and time it takes Canadians to transfer tax-advantaged investment and savings accounts from one financial institution to another, some digital brokers have told federal officials.

In the lead-up to the 2025 federal budget expected on Nov. 4, both Wealthsimple Technologies Inc. and Questrade Financial Group Inc. said they are involved in consultations with the government about setting standards for account transfer fees and timelines. The talks focus on what’s known as registered accounts, such as tax-free savings accounts, or TFSAs, and registered retirement savings plans, or RRSPs.

Transfer fees, also known as exit fees, for registered accounts have roughly doubled since the 2010s, with many banks and investment dealers now charging $150 per account, Wealthsimple said in a recent federal budget submission. Citing internal data, the company also said it often takes more than a month and a half for sending institutions to move the money, even after receiving all required documentation.

Wealthsimple asks Ottawa to review rising bank transfer fees

A Questrade client lost $70,000 in a cyber crime. What happened next shows a growing risk for investors

Wealthsimple and Questrade, which are courting consumers who invest through the big banks or their subsidiaries, have an interest in seeing regulatory checks on transfer fees and delays. But investor advocates say consumers at large would benefit from cheaper and faster account transfers.

“When you think about having to pay exit fees, it’s like a penalty for switching to a new financial institution that might be able to better serve your needs,” said Jean-Paul Bureaud, executive director at FAIR Canada, a national organization that ​​champions the interests of individual investors.

Mr. Bureaud also said it is common for account transfers to take weeks or even months, a timeline he called “shocking.”

The long wait times can also deliver a financial hit for consumers, who might lose out on market opportunities or forgo interest income while their money sits on the sidelines instead of being invested, he said. Sometimes, investors may miss contribution deadlines because of transfer delays, he added.

Account transfer issues have long been a source of customer complaints. But the main effort to address the concerns has so far occurred at the provincial level. The Canadian Investment Regulatory Organization, or CIRO, oversees investments dealers on behalf of provincial regulators, and has proposed a standard settlement period of 10 clearing days for account transfers.

But in talks leading up to the federal budget, Wealthsimple and Questrade have asked Ottawa to regulate transfers specifically of tax-advantaged accounts, which are registered with the federal government.

These also include registered education savings plans, or RESPs, which help families save for a child’s education after high school, and first home savings account, or FHSAs, which help first-time homebuyers save for a house.

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“We have provided input in pre-budget consultations with the federal government and advocated for a regulatory standard for transfer fees and timelines for registered accounts,” Questrade spokesperson J.R. Gabriel told The Globe and Mail in an e-mailed statement.

In its budget submission, Wealthsimple argued that the federal government has “sole and complete jurisdiction” over registered accounts. Ottawa, it said, should use “its unilateral authority to impose conditions on how those accounts are administered, including restrictions on fees, no matter whether the account is offered by a federally- or provincially-regulated financial institution.”

Wealthsimple exec apologizes to customers after data breach, says no account details were misused

The Department of Finance did not answer a question from The Globe about whether it has the ability to impose caps on transfer fees for registered accounts, but said more details on the government’s agenda will be available in the budget.

Questrade said it covers transfer fees up to $150 for incoming funds, with no minimum account size requirements for the refunds. Wealthsimple said it reimburses the charges for account transfers worth $25,000 or more, but does so automatically, without waiting for customers to ask for the rebate, as is common industry practice.

Both institutions are also raising the issue of long transfer times with Ottawa. Wealthsimple said that between October, 2024, and March, 2025, for 45 per cent of its incoming transfers of registered plans, originating institutions relied on fax and mailed cheques to execute customer requests to move their money.

In addition to setting a 10-day clearing standard, the CIRO proposal would also require investment dealers to use an automated system for eligible transfers. The proposed rule changes are currently subject to consultations.

Separately, the Canadian Bankers Association, a lobby group that includes all the big banks, has voluntary guidelines that ask banks to process transfers within seven to 12 business days for registered accounts. Banks only offer investment options such as savings accounts and guaranteed investment certificates for registered accounts, though many offer other investments through subsidiary dealers.

Wealthsimple has recommended that Ottawa conduct compliance audits of the guidelines.

U.S.-listed shares of Lithium Americas (LAC-N +93.81%increase, LAC-T +95.97%increase) jumped over 100 per cent on Wednesday after Reuters reported that the Trump administration is seeking up to a 10 per cent stake in the miner, in the latest sign of Washington’s intervention into industries it considers critical to national security.

Late Tuesday, Reuters cited two people familiar with the talks who said the administration is considering the stake as part of negotiations over a US$2.26-billion Department of Energy loan for the company’s Thacker Pass lithium project in Nevada, the largest planned lithium mine in the Western Hemisphere.

Vancouver-based Lithium Americas said on Wednesday it was in discussions with the U.S. energy department and General Motors over the Thacker Pass loan.

The move underscores President Donald Trump’s increasing use of direct government ownership to steer strategic sectors and curb reliance on China, which dominates refining of many critical minerals.

China produces over 40,000 metric tons of lithium annually, ranking third after Australia and Chile, but dominates refining, processing more than 75 per cent of the world’s lithium into battery-grade material.

TD Cowen analysts said a government stake would lend credence to the Thacker Pass project completion and expansion to multiple phases with perhaps enhanced economics.

The project is seen as a linchpin in building a domestic supply chain part of Washington’s long-standing drive to boost U.S. production of lithium, a metal used to make batteries for electric vehicles and other electronics.

The Trump administration recently moved to take a stake in chipmaker Intel following a deal that would make the Department of Defense the largest shareholder in rare earths MP Materials. Jefferies said the administration’s preference for equity stakes, viewed as lower political cost than tax increases, can support financing, corporate profits, and favorable returns on invested capital.

Lithium Americas’ Canadian and U.S.-listed shares were both up about 90 per cent at $8.04 and US$5.80, respectively. The company had a market value of US$744.5-million as of last close on the New York Stock Exchange.

GM, which invested US$625-million in the mine last year for a 38 per cent stake, has the right to buy all of the project’s lithium from its first phase and a portion from the second phase for 20 years, although Trump officials are now seeking a guarantee that GM will buy the metal, according to the sources.

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NBCFM Research analyst Mohamed Sidibe said the MP Materials-DoD model shows how government equity, long-term offtake, and price support can derisk strategic projects.

Monday September 22

Euro zone consumer confidence

(8:30 a.m. ET) Canada’s industrial product price and raw materials price indexes for August. Estimates are an increase of 0.1 per cent and a decline of 1.0 per cent month-over-month, respectively.

(8:30 a.m. ET) U.S. Chicago Fed National Activity Index for August.

(9:45 a.m. ET) Bank of Canada Deputy Governor Sharon Kozicki joins a virtual panel on “Monetary policy frameworks: recent developments and outlook”

(1:15 p.m. ET) Bank of Canada Senior Deputy Governor Carolyn Rogers joins a panel in London, U.K.

Earnings include: Firefly Aerospace Inc.

–

Tuesday September 23

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Japanese markets closed

Euro zone PMI

(8:30 a.m. ET) Canada’s new housing price index for August. Estimates are a decline of 0.1 per cent from July and down 1.4 per cent year-over-year.

(8:30 a.m. ET) U.S. current account deficit for Q2.

(9:45 a.m. ET) U.S. S&P Global PMIs for September (preliminary reading)

(12:35 p.m. ET) U.S. Fed Chair Jerome Powell speaks on the economic outlook.

(2:15 p.m. ET) Bank of Canada Governor Tiff Macklem speaks at the Greater Saskatoon Chamber of Commerce.

Earnings include: AutoZone Inc.; Micron Technology Inc.

–

Wednesday September 24

Japan PMI and machine tool orders

Germany business sentiment

(8:30 a.m. ET) Canada’s population estimates for Q2.

(10 a.m. ET) U.S. new home sales for August. The Street is projecting an annualized rate decline of 0.3 per cent.

Earnings include: AGF Management Ltd.; Cintas Corp.; Paychex Inc.

–

Thursday September 25

ECB’s economic bulletin is released

(8:30 a.m. ET) Canada’s payroll survey on the job vacancy rate for July.

(8:30 a.m. ET) U.S. initial jobless claims for week of Sept. 20. Estimate is 237,000, up 6,000 from the previous week.

(8:30 a.m. ET) U.S. real GDP and price index for Q2. The consensus projections are annualized rate rises of 3.3 per cent and 2.0 per cent, respectively.

(8:30 a.m. ET) U.S. goods trade deficit for August.

(8:30 a.m. ET) U.S. wholesale and retail inventories for August.

(8:30 a.m. ET) U.S. durable and core orders for August. The Street expects month-over-month drops of 0.5 per cent and 0.2 per cent, respectively.

(10 a.m. ET) U.S. existing home sales for August. Estimate is an annualized rate decline of 1.2 per cent.

Earnings include: Accenture PLC; BlackBerry Ltd.; Costco Wholesale Corp.

–

Friday September 26

Tokyo CPI

ECB’s three-year CPI expectations

(8:30 a.m. ET) Canada’s monthly real GDP for July.

(8:30 a.m. ET) Canadian wholesale trade for August.

(8:30 a.m. ET) U.S. personal spending and income for August. Consensus estimates are month-over-month gains of 0.5 per cent and 0.3 per cent, respectively.

(8:30 a.m. ET) U.S. core PCE price index for August. The Street is projecting a rise of 0.2 per cent from July and up 2.9 per cent year-over-year.

(10 a.m. ET) U.S. University of Michigan Consumer Sentiment Index for September.

Also: Ottawa’s budget balance for July.

Earnings include: Uranium Energy Corp.