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In a discovery that offers a glimmer of optimism amid a turbulent year for the diamond industry, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has unveiled a 158.2 carat yellow diamond from its Diavik diamond mine, located in the remote Northwest Territories (NWT).

The rough gem, described by Rio Tinto as a “miracle of nature,” is one of only five yellow diamonds exceeding 100 carats ever recovered from Diavik since it began operations in 2003.

The diamond, unearthed from one of the most challenging mining environments on Earth, underscores Diavik’s reputation for producing rare and high-quality stones.

While the mine is best known for its white gem-quality diamonds, less than one percent of its output consists of yellow diamonds, making this latest find a significant event in the mine’s 22 year history.

“This two billion year old, natural Canadian diamond is a miracle of nature and testament to the skill and fortitude of all the men and women who work in Diavik’s challenging sub-Arctic environment,” said Matt Breen, COO of Diavik Diamond Mines, in a press release.

The Diavik mine, jointly operated by Rio Tinto and located entirely off the grid, has also become a model for sustainable mining in the Arctic. It has integrated renewable energy sources into its operations, including a wind-diesel hybrid facility introduced in 2012 and a solar power plant completed in 2024.

This commitment to sustainability adds further value to its diamonds, which carry a provenance often sought by ethical consumers and collectors alike.

This is not the first time Diavik has made headlines with extraordinary finds. In 2018, the mine unearthed a 552 carat yellow gem-quality diamond — the largest ever found in North America.

Known as the ‘Canadamark’ yellow diamond, the discovery eclipsed the previous record set by the 187.7 carat Diavik Foxfire diamond, found in 2015.

Portions of the Foxfire were later cut into two brilliant-cut pear-shaped diamonds, which sold at a Christie’s auction for US$1.3 million.

But while such discoveries reinforce Diavik’s status as a producer of rare gems, they also arrive during a precarious moment for the broader NWT mining sector.

The territory’s three major diamond mines — Diavik, Ekati, and Gahcho Kué — are grappling with steep financial losses, with Diavik alone reporting a US$127 million loss in 2024. These financial headwinds stem from a combination of inflationary pressures, weakened global diamond prices, and unexpected disruptions, including a tragic plane crash near Fort Smith early last year.

Industry advocates are now urging the territorial government to step in and provide relief, particularly in the form of easing property tax burdens.

Blue diamond steals spotlight in US$100 million Sotheby’s exhibit in Abu Dhabi

On the international front, a 10 carat rare blue diamond from South Africa has emerged as the crown jewel of Sotheby’s latest diamond exhibition in Abu Dhabi.

Part of an eight stone showcase valued at over US$100 million, the blue diamond is expected to fetch around US$20 million when it goes to auction in May.

Sotheby’s selected the UAE capital for the exhibit due to the region’s increasing appetite for high-end diamonds. “We have great optimism about the region,” said Quig Bruning, the company’s head of jewels in North America, Europe, and the Middle East.

“We feel very strongly that this is the kind of place where you have both traders and collectors of diamonds of this importance and of this rarity.”

Petra Diamonds delays Cullinan tender as US tariff shockwaves hit market

Meanwhile, Petra Diamonds (LSE:PDL,OTCPink:PDLMF) announced last week that it would delay the sale of gems from its Cullinan mine due to uncertainty over new US tariffs on imports — including diamonds.

The delay comes amid heightened concerns that the tariffs, introduced last week, could disrupt global diamond flows and further depress an already sluggish market.

Petra had already sold 176,000 carats from its Finsch and Williamson mines for US$18 million in its fifth tender of the year — a modest 9 percent price increase over the previous round.

However, overall tender revenue is down 25 percent year-on-year, totaling $103 million so far in 2025, compared to US$138 million during the same period in 2024. Shares of Petra fell 6.1 percent following the announcement.

The Cullinan Mine, famously the source of the largest gem-quality diamond ever discovered, has recently struggled to yield high-quality stones, further complicating Petra’s recovery efforts amid market volatility and its ongoing restructuring plan.

The diamond market isn’t the only luxury segment to be impacted by geopolitical trade tensions.

On April 10, Prada Group (HKEX:1913) which owns luxury brand Prada, announced its acquisition of the Versace brand from Capri Holdings (NYSE:CPRI) for US$1.38 billion, marking a significant consolidation in the luxury fashion industry.

The deal reunites two iconic Italian brands and positions Prada to better compete with industry leaders like LVMH (OTC Pink:LVMHF,EPA:MC) and Kering (EPA:SSKEG). Capri Holdings, which acquired Versace for US$2.1 billion in 2018, faced challenges with the brand’s performance, including a 15 percent decline in revenue in late 2024. The sale allows Capri to refocus on its core brand, Michael Kors, and address financial pressures following a blocked merger with Tapestry (NYSE:TPR) in 2023.

According to a January report from McKinsey, The luxury goods sector faces a challenging outlook in 2025, with global growth projected to slow to between 1 percent and 3 percent annually through 2027.

This deceleration follows a period where price increases accounted for over 80 percent of growth from 2019 to 2023, a strategy that has now reached its limit as aspirational consumers become more price sensitive.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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This post appeared first on investingnews.com

A British man has died after falling from a viewing platform at a famed Roman aqueduct in the Spanish city of Segovia.

Emergency services were called after the 63-year-old man suffered a fall at around 1 p.m. local time (7 a.m. ET) on Saturday, according to a statement from the Castile and León regional government.

Attempts to resuscitate the man were unsuccessful and he was declared dead at the scene, according to the statement.

“We are supporting the family of a British national who has died in Spain and are in contact with the local authorities,” said a spokesperson.

Segovia is located around 40 miles northwest of the Spanish capital Madrid, in the center of the country.

It is a popular tourist destination that draws visitors keen to see the Roman aqueduct, which was built under Emperor Trajan, who ruled from 98–117.

Still in use to this day, the aqueduct carries water from the Frío River to the city of Segovia.

The central section has two layers of arches that stand 28.5 metres (93.5 feet) above the ground.

This post appeared first on cnn.com

Hungary’s parliament on Monday passed an amendment to the constitution that allows the government to ban public events by LGBTQ+ communities, a decision that legal scholars and critics call another step toward authoritarianism by the populist government.

The amendment, which required a two-thirds vote, passed along party lines with 140 votes for and 21 against. It was proposed by the ruling Fidesz-KDNP coalition led by populist Prime Minister Viktor Orbán.

Ahead of the vote — the final step for the amendment — opposition politicians and other protesters attempted to blockade the entrance to a parliament parking garage. Police physically removed demonstrators, who had used zip ties to bind themselves together.

The amendment declares that children’s rights to moral, physical and spiritual development supersede any right other than the right to life, including that to peacefully assemble. Hungary’s contentious “child protection” legislation prohibits the “depiction or promotion” of homosexuality to minors aged under 18.

The amendment codifies a law fast-tracked through parliament in March that bans public events held by LGBTQ+ communities, including the popular Pride event in Budapest that draws thousands annually.

That law also allows authorities to use facial recognition tools to identify people who attend prohibited events — such as Budapest Pride — and can come with fines of up to 200,000 Hungarian forints ($546).

Dávid Bedő, a lawmaker with the opposition Momentum party who participated in the attempted blockade, said before the vote that Orbán and Fidesz for the past 15 years “have been dismantling democracy and the rule of law, and in the past two or three months, we see that this process has been sped up.”

He said as elections approach in 2026 and Orbán’s party lags in the polls behind a popular new challenger from the opposition, “they will do everything in their power to stay in power.”

Opposition lawmakers used air horns to disrupt the vote, which continued after a few moments.

Hungary’s government has campaigned against LGBTQ+ communities in recent years, and argues its “child protection” policies, which forbid the availability to minors of any material that mentions homosexuality, are needed to protect children from what it calls “woke ideology” and “gender madness.”

Critics say the measures do little to protect children and are being used to distract from more serious problems facing the country and mobilize Orbán’s right-wing base ahead of elections.

“This whole endeavor which we see launched by the government, it has nothing to do with children’s rights,” said Dánel Döbrentey, a lawyer with the Hungarian Civil Liberties Union, calling it “pure propaganda.”

Constitution recognizes two sexes

The new amendment also states that the constitution recognizes two sexes, male and female, an expansion of an earlier amendment that prohibits same-sex adoption by stating that a mother is a woman and a father is a man.

The declaration provides a constitutional basis for denying the gender identities of transgender people, as well as ignoring the existence of intersex individuals who are born with sexual characteristics that do not align with binary conceptions of male and female.

In a statement on Monday, government spokesperson Zoltán Kovács wrote that the change is “not an attack on individual self-expression, but a clarification that legal norms are based on biological reality.”

Döbrentey, the lawyer, said it was “a clear message” for transgender and intersex people: “It is definitely and purely and strictly about humiliating people and excluding them, not just from the national community, but even from the community of human beings.”

The amendment is the 15th to Hungary’s constitution since Orbán’s party unilaterally authored and approved it in 2011.

Facial recognition to identify demonstrators

Ádám Remport, a lawyer with the HCLU, said that while Hungary has used facial recognition tools since 2015 to assist police in criminal investigations and finding missing persons, the recent law banning Pride allows the technology to be used in a much broader and problematic manner. That includes for monitoring and deterring political protests.

“One of the most fundamental problems is its invasiveness, just the sheer scale of the intrusion that happens when you apply mass surveillance to a crowd,” Remport said.

“More salient in this case is the effect on the freedom of assembly, specifically the chilling effect that arises when people are scared to go out and show their political or ideological beliefs for fear of being persecuted,” he added.

Suspension of citizenship

The amendment passed Monday also allows for Hungarians who hold dual citizenship in a non-European Economic Area country to have their citizenship suspended for up to 10 years if they are deemed to pose a threat to public order, public security or national security.

Hungary has taken steps in recent months to protect its national sovereignty from what it claims are foreign efforts to influence its politics or even topple Orbán’s government.

The self-described “illiberal” leader has accelerated his longstanding efforts to crack down on critics such as media outlets and groups devoted to civil rights and anti-corruption, which he says have undermined Hungary’s sovereignty by receiving financial assistance from international donors.

In a speech laden with conspiracy theories in March, Orbán compared people who work for such groups to insects, and pledged to “eliminate the entire shadow army” of foreign-funded “politicians, judges, journalists, pseudo-NGOs and political activists.”

This post appeared first on cnn.com

Between 60,000 and 80,000 households – or up to 400,000 people – have been displaced from Sudan’s Zamzam camp in North Darfur after it was taken over by the Rapid Support Forces, according to data from the UN’s International Organization for Migration.

The RSF seized control of the camp on Sunday after a four-day assault that the government and aid groups have said left hundreds dead or wounded.

The United Nations said on Monday that preliminary figures from local sources show more than 300 civilians were killed in fighting on Friday and Saturday around the Zamzam and Abu Shouk displacement camps and the town of al-Fashir in North Darfur.

This includes 10 humanitarian personnel from Relief International, who were killed while operating one of the last functioning health centers in Zamzam camp, said a UN spokesperson.

Rights groups have long warned of possible atrocities should the RSF succeed in its months-long siege of the famine-stricken camp, neighbor to the army’s only remaining stronghold in the Darfur region, al-Fashir.

Satellite imagery from Maxar Technologies showed burning buildings and smoke in Zamzam on Friday, echoing prior RSF attacks.

The RSF has dismissed such allegations, and says the Zamzam camp was being used as a base for army-aligned groups.

At the start of the war, the camp was home to about half a million people, a number that is thought to have doubled.

In a video shared by the paramilitary force, RSF second in command Abdelrahim Dagalo is seen speaking to a small group of displaced people, promising them food, water, medical care and a return to their homes.

The RSF accelerated its assault on the camp after the army regained control of the capital Khartoum, cementing its retaking of the center of the country.

It has also accelerated drone attacks into army-controlled territory, including an attack on the Atbara power station in the north of the country on Monday according to the national electricity company, cutting off power to the wartime capital of Port Sudan.

The war in Sudan erupted in April 2023, sparked by a power struggle between the army and the RSF, shattering hopes for a transition to civilian rule. The conflict has since displaced millions and devastated wide swathes of the country, spreading famine in several locations.

This post appeared first on cnn.com

One of Russia’s most outspoken generals, sacked and detained after a withering attack on the Defense Ministry two years ago, is returning to the front, according to his lawyer.

But according to Russian state media, he’s been handed a poisoned chalice: front-line command of a notorious battalion of ex-prisoners that has suffered massive casualties in Ukraine.

Two years ago, Major General Ivan Popov was the decorated commander of the 58th Combined Arms Army in southern Ukraine, receiving plaudits for his leadership.

Then he made a mistake – sending a voice note to colleagues excoriating the leadership of the Defense Ministry, and saying he’d been fired for complaining.

“The armed forces of Ukraine could not break through our army from the front, (but) our senior commander hit us from the rear, treacherously and vilely decapitating the army at the most difficult and tense moment,” Popov said in the message, sent in July 2023.

Most of his ire was reserved for the Russian military’s chief-of-staff, Valery Gerasimov.

Popov said that when he complained about a lack of artillery support and other issues, “the senior commanders felt the danger in me and swiftly, in one day, concocted an order for the Minister of Defense, removed me from the order, and got rid of me.”

Kateryna Stepanenko, at the Washington-based Institute for the Study of War, says that Popov’s dismissal “outraged Russian ultranationalists, officers, and veterans, who accused the Russian MoD of removing Popov to mask problems in the Russian military.”

The military establishment was especially sensitive to criticism at the time – less than a month after the abortive revolt by Wagner mercenary group boss Yevgeny Prigozhin.

Life for Popov was soon to get worse. At first, he was sent to Syria to be deputy commander of the Russian contingent there, but in May last year he was arrested for alleged fraud, a charge he has consistently denied.

Prosecutors sought a six-year jail sentence if convicted, and Popov was dismissed from the armed forces. But his supporters continued to speak up for him.

Stepanenko believes the Kremlin “largely failed to convince the Russian ultranationalists, officers, and veterans of Popov’s alleged involvement in the embezzlement case, resulting in persistent backlash online.”

Popov wrote an open letter to Russian President Vladimir Putin, which was published in state media in late March, appealing to be allowed to return to the battlefield. He described Putin as his “moral guide and role model” whose example “made me finally understand what the legendary words mean: ‘a cool head, a warm heart and clean hands.’”

Popov’s wish has now been granted, after a fashion.

Last week, Russian state media reported that his lawyer and the Ministry of Defense had agreed to Popov’s request to return to active duty rather than face the prospect of a prison sentence.

Popov’s lawyer, Sergei Buinovsky, was quoted on TASS as saying: “We, together with the Ministry of Defense, have a motion to suspend on the case… with the positive decision to send Ivan Ivanovich to the SVO (The Special Military Operation.)” Moscow continues to use this term to refer to the full-scale invasion of Ukraine it launched in 2022.

It’s yet to be confirmed that the military court has agreed to the deal, but Popov’s supporters among Russian military bloggers rejoiced.

“The legendary combat general returned to the front!” wrote Vladimir Rogov, a popular blogger.

But there was a sting in the tail. Popov would not be returning to his beloved 58th Army.

On Thursday, Russian business daily newspaper Kommersant reported that Popov would “be sent to the SVO not as a regular stormtrooper, but as the commander of one of the Storm Z units,” citing a source in the security forces.

That same day, Kremlin spokesman Dmitry Peskov declined to comment on a call with journalists “on the intention of General Popov, accused of embezzlement, to take up a special operation.”

But Stepanenko describes Popov’s assignment as “effectively a death sentence because the Russian military command primarily uses ‘Storm Z’ penal detachments in suicidal frontal assaults.”

The Kremlin has continued to support the use of prisoners in combat. Putin recently promised to get members of Storm Z veteran status.

“We will definitely fix this. I don’t see any problems here,” Putin said at a meeting last month. “I have great connections, I will come to an agreement with both the government and the deputies,” he added.

As the Russian military seeks to bolster the number of experienced officers in Ukraine, it’s increasingly turning to those who have fallen out of favor.

“Putin appears to have set up a new redemption system in which disgraced officials and commanders have a chance at regaining Putin’s favor, provided they publicly plead guilty to their charges and then volunteer to fight in Ukraine,” says Stepanenko.

Popov has denied the charges against him and a military court is yet to green-light the deal between his lawyer and the Defense Ministry.

But he is certainly familiar with Russia’s notorious units of ex-convicts, which played an outsize role in the assault on Bakhmut in 2023, suffering immense casualties in the process.

When in charge of the 58th Army, Popov was affiliated with a battalion of former prisoners known as “Storm Gladiator,” a special assault unit within Storm Z.

It had “hundreds of convicts with prior military experience who received training from former Wagner Group and Chechen ‘Akhmat’ forces,” says Stepanenko. But it suffered significant losses in what became known as “meat grinder assaults,” frontal infantry assaults on well-defended positions. Detachments of Storm Gladiator had a survival rate of 40%, according to some investigations.

As and when he returns to the battlefield, Popov is likely to need all his military prowess to keep his ex-prisoners’ battalion, and himself, alive.

This post appeared first on cnn.com

For hundreds of millions of people living in India and Pakistan the early arrival of summer heatwaves has become a terrifying reality that’s testing survivability limits and putting enormous strain on energy supplies, vital crops and livelihoods.

Both countries experience heatwaves during the summer months of May and June, but this year’s heatwave season has arrived sooner than usual and is predicted to last longer too.

Temperatures are expected to climb to dangerous levels in both countries this week.

Parts of Pakistan are likely to experience heat up to 8 degrees Celsius above normal between April 14-18, according to the country’s meteorological department. Maximum temperatures in Balochistan, in country’s southwest, could reach up to 49 degrees Celsius (120 Fahrenheit).

That’s like living in Death Valley – the hottest and driest place in North America – where summer daytime temperatures often climb to similar levels.

Ayoub Khosa, who lives in Balochistan’s Dera Murad Jamali city, said the heatwave had arrived with an “intensity that caught many off guard,” creating severe challenges for its residents.

“This has intensified the impact of the heat, making it harder for people to cope,” he said.

Neighboring India has also been experiencing extreme heat that arrived earlier than usual and its metrological department warned people in parts of the country to brace for an “above-normal number of heatwave days” in April.

Maximum temperatures in capital Delhi, a city of more than 16 million, have already crossed 40 degrees Celsius (104 Fahrenheit) at least three times this month – up to 5 degrees above the seasonal average – the meteorological department said.

The searing heat is being faced in several neighboring states too, including Rajasthan in the northwest, where laborers and farmers are struggling to cope and reports of illness are beginning to emerge.

Maximum recorded temperatures in parts of Rajasthan reached 44 degrees Celsius (111 Fahrenheit) on Monday, according to the meteorological department.

Anita Soni, from the women’s group Thar Mahila Sansthan, said the heat is much worse than other years and she is worried about how it will impact children and women in the state.

When the laborers or farmers head out, there is an instant lack of drinking water, people often feel like vomiting, they fall sick, or they feel dizzy, she said.

Farmer Balu Lal said people are already falling sick due to working in it. “We cannot even stand to work in it,” he said. “When I am out, I feel that people would burn due to the heat outside.”

Lal said he worries about his work and how he will earn money for his family. “We have nowhere else to go,” he said.

Testing survivability limits

Experts say the rising temperatures are testing human limits.

Extreme heat has killed tens of thousands of people in India and Pakistan in recent decades and climate experts have warned that by 2050 India will be among the first places where temperatures will cross survivability limits.

Under heatwave conditions, pregnant women and their unborn children are particularly at risk. “There is unexplained pregnancy loss and early babies,” said Neha Mankani, an advisor at the International Confederation of Midwives in Karachi.

“In the summers, 80% of babies are born preterm with respiratory issues because of the weather. We also see an increase in pregnancy induced hypertension, (which could) lead to preeclampsia – the leading cause of maternal mortality.”

India and Pakistan, both countries with glaring disparities in development, are expected to be among the nations worst affected by the climate crisis – with more than 1 billion people predicted to be impacted on the subcontinent.

The cascading effects will be devastating. Likely consequences range from a lack of food and drought to flash floods from melting ice caps, according to Mehrunissa Malik, a climate change and sustainability expert from Pakistan’s capital Islamabad.

Communities without access to cooling measures, adequate housing and those who rely on the elements for their livelihoods will feel the effects much more acutely, said Malik.

“For farmers, the weather is erratic and difficult to predict,” she said. “The main challenge is the fact that temperatures (are) rising at a time when crops aren’t at the stage to be harvested. They start getting ready earlier, yields get lower, and in this dry heat they need more water… If your plants are still young, severe heat causes little chance of them making it.”

Tofiq Pasha, a farmer and environmental activist from Karachi, said summers begin much earlier now.

His home province, Sindh, which, along with Balochistan, has recorded some of the hottest global temperatures in recent years, suffered a major drought during the winter months and the little rainfall has led to water shortages, he said.

“This is going to be a major livelihood issue among farmers,” Pasha said, explaining how temperatures also affect the arrival of pests. “Flowers don’t set, they fall, fruits don’t set, they fall, you have pest attacks, they decimate the crop, sometimes it gets too hot… the cycles are messed. Food production is extremely affected.”

Heatwaves have in the past have increased demand for electricity, leading to coal shortages while leaving millions without power. Trains have been cancelled to conserve energy, and schools have been forced shut, impacting learning.

This post appeared first on cnn.com

I pay attention to technical support levels as the combination of price support/resistance is always my primary stock market indicator. We’re in a downtrend and, in my opinion, the trading range is very, very clear on the S&P 500 right now:

I think most everyone can agree that much of the selling and fear and panic can be attributed the trade war – at least much of the weakness occurred with startling tariff news. So I figured I’d take a look at Q4 2018, which also experienced a 2-3 month bear market with the S&P 500 just barely reaching the prerequisite 20% drop. Here’s what that looked like:

The chart pattern during Q4 2018 was quite similar. The VIX more than tripled from under 12 to above 36. The VIX also more than tripled in 2025, after starting from a much higher level near 15. In both 2018 and 2025, that initial selling episode saw a drop of roughly 10% before consolidating. Then the next drop was another 10% or so. We don’t know if the selling for 2025 has ended, though, as that’s the wild card.

Here’s what we do know about sentiment. The VIX, with a value in the 50s, is signaling a potential S&P 500 bottom. Historically, surges in the VIX to this level or higher, have coincided either with stock market bottoms or they at least they suggest that any future selling in the S&P 500 is likely to be minor. Here’s a long-term monthly chart of the S&P 500 and the VIX, showing this relationship:

Extreme fear marks bottoms and I believe this is a great visual to support this belief. History tells us that when the VIX tops, we’ve either bottomed or we’re very close to bottoming.

Late last week, we saw both the March Core CPI and March Core PPI come in well below expectations, which was a good result for those hoping for rate cuts to begin again later this year. On Friday, a lot of folks were talking very bearish after the University of Michigan consumer sentiment plummeted to a near 50-year low. The problem with that bearish line of thinking is that sentiment is a contrarian indicator. Bearish readings tend to be quite bullish for stocks, while bullish readings can mark significant tops. Don’t believe me? Check out this chart and then provide me your best bearish argument:

The low readings in the green-shaded areas are actually very bullish. You can’t argue with history and facts. When the general public is feeling despair, it’s the time to buy stocks, not sell. And for those who believe this time is different, let’s check back in one year from now and let’s see where we are.

Note one more thing. The absolute highest consumer sentiment reading was at the beginning of 2000, just before the dot com bubble burst. Everyone felt great back then and the S&P 500 didn’t make a meaningful new all-time high for 13 years. So you tell me, would you rather see sentiment strength or weakness?

I know it sounds awful to hear that consumer sentiment readings are among the lowest in history and it likely makes little sense to many why the stock market would go higher while sentiment is so negative. But you have to remember that the stock market looks 6-9 months ahead. It’s not concerned with the news coming out now. It’s much more concerned about what the market environment will look like later this year.

Here’s my last point for today. We’ve begun to see more bullish rotation among sectors and between growth and value. Let me show you one final chart that highlights the rotation into growth as the S&P 500 continues its descent:

Notice the S&P 500 made its final high in February as money rotated quickly from growth to value in the two months prior. That was Wall Street exiting the riskier areas of the market, when everything still looked fine. It was one of the many reasons why I turned cautious and moved to cash in late January. Now the opposite is occurring. The S&P 500 is downtrending and the news just keeps getting worse. Meanwhile, Wall Street is happily buying all the risky shares you’d like to sell.

Listen, I’ve been wrong before and maybe I’m wrong and the S&P 500 continues to decline throughout 2025. But I trust my review of the market and my signals that have worked so well for me in the past. I’m perfectly fine owning stocks right now.

Tomorrow morning, in our free EB Digest newsletter, I’ll be showing everyone the extreme manipulation that’s been taking place in the stock market the past 4 weeks or so. Market makers are stealing (legally) from all of us. I spotted this manipulation back in June 2022, which helped me to go against the grain and call the market bottom then and I’m seeing it again now. To learn more, be sure to CLICK HERE and sign up for our FREE EB Digest newsletter, if you haven’t already. There’s no credit card required and you may unsubscribe at any time.

Happy trading!

Tom

Shifting political winds and tech advancements defined the cleantech sector in the first quarter of 2025.

This cleantech market update will explore the key trends and challenges that shaped the sector in Q1, with a focus on electric vehicles (EVs), autonomous driving technologies and renewable energy.

From shifting regulatory landscapes to breakthroughs in battery innovation, the period was marked by rapid developments and growing global investment in clean technologies.

Political shifts and policy challenges in cleantech

A notable political shift away from climate-supportive policies in the early weeks of Q1 posed a challenge to the cleantech industry as the Trump administration initiated legal action to cancel key subsidies and funding programs.

Targeting the Biden-era Inflation Reduction Act (IRA) on his first day in office, US President Donald Trump signed the Unleashing American Energy executive order that, among other things, called for a freeze on fund disbursement pending review.

The Trump administration has since taken several additional steps to reshape the nation’s environmental and energy landscape, suspending the US$5 billion National Electric Vehicle Infrastructure (NEVI) program initially approved by Congress in 2021 and launching a deregulatory initiative through the EPA to boost the US energy sector.

Such actions have ignited a huge backlash from legal experts and climate activists. “On a bipartisan basis, Congress funded this program to build a new vehicle charging network nationwide. The Trump administration does not have the authority to halt it capriciously.” NRDC advocate Beth Hammon said in a statement reported by Axios after the Federal Highway Administration announced the suspension of the NEVI Formula Program.

Trump would also need Congressional approval to repeal tax credits; however, since many IRA-funded projects have generated jobs in red states, pursuing repeals could intensify the backlash the administration is already facing due to the tariff-induced trade war, which significantly impacted 401(k)s and pushed indices into a bear market at the beginning of Q2.

“Many of our plants in the Midwest that have converted to EVs depend on the production credit,” Ford (NASDAQ:F) CEO Jim Farley told reporters at the Detroit Auto Show in January.

“We would have built those factories in other places, but we didn’t … It changed the math for a lot of investments.”

As legal battles unfold in federal court, the delay has already reverberated throughout the sector, with cleantech companies delaying projects in anticipation of potential policy changes, according to Bob Keefe of E2. The outcome could have long-lasting effects on the overall growth and stability of the cleantech industry.

EVs and the autonomous revolution

Electrified transport has been a major sector driving global energy transition investment, accounting for US$757 billion in 2024, according to BloombergNEF’s Energy Transition Outlook for 2025.

The 2025 Consumer Electronics Show (CES) in January highlighted the convergence of EVs and autonomous driving, with Google’s (NASDAQ:GOOGL) EV subsidiary Waymo announcing an expansion of its partnership with Hyundai Motor (OTC Pink:HYEVF,KRX:005380) and a new collaboration to integrate the NVIDIA-powered EV Zeeker RT into its fleet.

NVIDIA (NASDAQ:NVDA) CEO Jensen Huang, who kicked off the event by delivering a keynote speech, touted the success of Waymo and Tesla (NASDAQ:TSLA) as a symbol of the “arrival” of autonomous vehicles.

Huang later disclosed during an interview with Yahoo Finance’s Dan Howley that NVIDIA’s technology for autonomous driving is projected to generate US$5 billion in annual sales.

Waymo has since announced plans to expand its self-driving testing to 10 more cities in the US this year and has expanded its services in the San Francisco Bay Area.

In March, the company teamed up with Uber (NYSE:UBER) to offer robotaxis in Austin, Texas — ahead of Tesla’s planned June launch — with plans to expand into Atlanta later this year.

Tesla

Tesla faced a period of mixed performance this quarter, its stock price experiencing a 2.9 percent drop after Bank of America Global Research changed its rating from “buy” to “neutral” in early January. Analysts cited high execution risks as near-term growth impediments, including the delayed launch of its robotaxi and low-cost models.

An NHTSA investigation into Tesla’s Smart Summon system initiated a further downturn in its stock price. This was compounded by a substantial drop in the week of January 20 amidst Trump’s declaration of an “energy emergency” and evolving policy conditions. Subsequently, a February 2025 report indicated a weakening brand value stemming from revenue shortfalls and heightened competition, particularly from China, where companies like BYD and Xiaomi have eaten into Tesla’s market share.

BYD (OTC Pink:BYDDY,SZSE:002594) surpassed Tesla’s revenue for Q4 2024, and analysts predict it will lead in global battery electric vehicle (BEV) market share for the full year.

The company also unveiled a new EV battery system and platform in March 2025 that boasts an ultra-fast charging capability, which will be featured in its new series launching in April.

Xiaomi (OTC Pink:XIACY,HKEX:1810), another significant Chinese player in the EV market, reported 365.9 billion Chinese yuan (US$50.6 billion) in annual revenue in its 2024 earnings report, with 10 percent from its new EV division.

Xiaomi also lifted its 2025 delivery target for EVs to 350,000, up from an earlier figure of 300,000, with plans to release an electric SUV this summer, pitting it against Tesla’s recently refreshed Model Y.

Tesla, which has plans to launch in Saudi Arabia on April 10, didn’t provide a vehicle delivery estimate in its Q4 report, saying only that it expected a “return to growth.’

Policy

Tesla CEO Elon Musk’s involvement in US politics has also weighed on the company.

Daniel Ives, a Wedbush Securities analyst who’s been bullish of Tesla stock for the last four years, reduced his Tesla share price target to US$315 from US$550. In a client report shared by Bloomberg on April 6, Ives cites a brand crisis created by Musk’s connection to Trump’s trade policies.

Protests erupted across the country and in Canada in reaction to Musk’s increasingly prominent role in the Trump administration, specifically his seemingly unrestricted access to sensitive government data and his efforts to shut down agencies and implement massive funding cuts.

Reports of vehicle and storefront vandalism surfaced as activists called for Tesla drivers to sell their vehicles and dump shares as a form of protest against Musk’s involvement. This sentiment resulted in substantial declines in Tesla’s share price on multiple occasions throughout March, the largest of which (15.43 percent) occurred on March 10 when President Trump confirmed his intention to move forward with tariffs on goods from Canada and Mexico.

Tariffs

Global tariffs announced on April 2 have added another layer to the challenges global trade poses to the cleantech sector, particularly for the auto industry. While the situation is unfolding and some political analysts are hopeful that negotiations will result in lower levies, many economists say high tariffs could devastate the sector.

CFRA Research analyst Garrett Nelson’s latest analysis describes how Tesla is the “least exposed” to automobile tariffs and could even stand to benefit. “There are very few winners,” Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions, said in a telephone interview with Bloomberg. “Consumers will be losers because they will have reduced choice and higher prices.”

Renewable energy: growth amidst policy uncertainty

Recent efforts to bolster the renewable energy sector have seen gradual success, as demonstrated by new data from the International Renewable Energy Agency showing that added renewable energy capacity accounted for more than 90 percent of total global power expansion last year.

Solar and wind energy grew at the highest rate, with the US adding a 54 percent increase in solar capacity.

BloombergNEF’s Trends report, released on January 30 with data likely compiled before the inauguration and subsequent policy changes, named solar and wind power as a “mature” part of the energy transition likely to continue to receive funding in 2025; however, under the Trump administration, the near-term future of both industries appears uncertain.

Energy research firm Wood Mackenzie’s David Brown told the Globe and Mail in January that despite the current strong growth in US solar capacity, the effects of policy uncertainty and incentive cuts might be more pronounced after the next 12 to 18 months.

Along with pausing IRA funding earmarked for climate programs, Trump ordered the suspension of wind and solar power projects. Wood McKenzie recently cut its five year outlook for new wind energy projects by 40 percent, citing economic concerns and the current administration’s policies as hurdles.

Yet, within this evolving landscape, Plug Power, a hydrogen manufacturer that secured a loan guarantee of almost US$1.7 billion to build hydrogen power plants before Biden left office, was able to navigate the existing incentive structures to claim tax benefits after this order took effect.

The company added US$30 million to its liquidity pool on January 24 through the transfer of the Federal Investment Tax Credit; however, a US$200 million funding gap prompted analysts at Seeking Alpha to name it a high-risk bet.

Cleantech outlook for 2025

Wood Mackenzie’s Energy Transition Outlook for 2024-25 suggests that power sector emission drops and electric vehicle adoption could reduce North America’s power sector emissions by 20 percent by 2030, although factors like tariffs and policy could impede this progress.

While bank financing for low-carbon energy technologies nearly matched that of fossil fuels in 2023, a potential funding threat has emerged as all major US banks have withdrawn from the Net Zero Banking Alliance. Additionally, BlackRock (NYSE:BLK) announced its decision to leave the Net-Zero Asset Managers initiative in January.

The current political and economic outlook presents a landscape rife with questions for the cleantech industry. A District Court judge in Rhode Island blocked the order to freeze IRA funding in late January, but comments from the administration suggest the battle is far from over.

Yet, progress continues on several fronts. A note by Citigroup ESG analysts asserts that the energy transition is further along now than during Trump’s first term, and his policies will not be able to hold back the progress that has already begun.

Companies are continuing to expand. Revel CEO Frank Reig told Axios there’s still plenty of financing support for EV charging from local governments and state utilities, despite the cutbacks in federal funding. The electric taxi company recently opened its first EV fast-charging station outside of New York City in San Francisco’s Mission District, with plans to add another 125 chargers at seven sites in the Bay Area within the year.

EV maker Rivian (NASDAQ:RIVN) is proceeding with its US$6.6 billion IRA-backed Georgia factory despite earlier state-level uncertainty. Rivian has also spun out a new micromobility startup, securing US$105 million in funding with investment from VC firm Eclipse. Researchers at BloombergNEF predict that by 2050, three out of four global sales of two- and three-wheelers will be electric vehicles, compared to approximately half in 2024.

Despite potential headwinds for renewables, Petar Pejovic, senior portfolio manager with Pejovic Bighill Private Wealth at Wellington-Altus Private Wealth, suggested that energy demands for AI infrastructure are likely to support a diverse energy mix, including green sources.

Nuclear energy is gaining traction as a sustainable option, with nuclear fusion and small modular reactors identified by Cleantech Group at its annual North American forum as high-growth areas.

Electric mobility and hydrogen could face slower growth due to manufacturing hurdles and demand issues, respectively. However, investment opportunities are anticipated in hydrogen for long-term decarbonization.

The intersection of AI and cleantech is strengthening, attracting increased investment. Furthermore, the cleantech and defense sectors are converging on dual-use technologies. The growing awareness of the health impacts of climate change is also expected to drive further attention and investment in cleantech solutions.

The coming months will be critical in determining the trajectory of the cleantech industry as it navigates policy shifts, market competition, and technological advancements.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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The copper price began 2025 on a rebound, spending time above US$5 per pound during Q1 after trading within the US$4 to US$4.50 per pound range for most of 2024’s second half.

Starting strong, the red metal climbed from US$3.99 on January 2 to reach US$4.40 by mid-month.

It then eased slightly, ending January at US$4.25. February once again brought momentum as copper climbed steadily to US$4.76 on February 13. However, the price retreated and ended the month at US$4.53.

Copper price, January 2 to April 9, 2025.

Chart via Trading Economics.

The copper price saw significant gains throughout March, breaking through the US$5 mark on March 19. It set a new all-time high of US$5.22 on March 26 before falling to US$5.04 on March 31.

Since then, copper has been under pressure, and the price of the metal plunged to US$4.26 on April 7.

Copper market facing tariff uncertainty

The first quarter of the year was dynamic for copper, but few factors have influenced the market for the base metal more than the threat of tariffs from the US. This possibility has created a wider price gap between London Metal Exchange (LME) copper and Chicago Mercantile Exchange (CME) copper.

According to an ING article published in mid-February, the CME price was more than 10 percent higher than the LME price at the time, prompting traders to begin shifting copper inventories from overseas warehouses into the US.

This movement elevated stockpiles at CME warehouses to over 100,000 metric tons, the highest level since they peaked at 250,000 metric tons during Donald Trump’s first presidency.

Overall, the US relies on copper imports, which account for 45 percent of its domestic consumption. Chile constitutes 35 percent of incoming supply, while Canada contributes 26 percent.

The majority of copper inflows are in the form of refined copper products, which make up 60 percent of US imports.

On February 25, Trump signed an executive order invoking Section 232 of the Trade Expansion Act to initiate an investigation into the impact of copper imports on all forms on national security.

In the order, Trump noted that while the US has ample copper reserves, its smelting and refining capacity has declined. China has become the world’s leading supplier of refined copper, commanding a 50 percent market share.

During a mid-March CRU Group webinar focused on copper, Erik Heimlich, head of base metals at the firm, discussed why Trump may have announced the start of the investigation.

“Their reliance on imports has been growing systematically, and with the closure not so long ago of the Hayden smelter and the Amarillo refinery, that has increased even more,” he said.

Heimlich further explained that Trump may want to use copper tariffs to encourage a resurgence of copper processing in the US based on national security concerns. This point was reiterated by Bryan Billie, policy and geopolitical principal at Benchmark Mineral Intelligence, during a virtual panel held at the beginning of April.

“The big question here is whether US dependencies on copper imports are supposedly compromising national security. That’s the legal rationale behind the investigation,” Billie said.

He also discussed the timeline, noting that Section 232 investigations typically take 270 days to complete, although they can be shorter. While it remains uncertain whether the investigation will lead to tariffs, it could also result in export controls, which might pose additional challenges in global copper markets.

Michael Finch, Benchmark’s head of strategic initiatives, suggested that the review is likely to take weeks rather than months, and could actually bring some relief to the market.

“I think, given that the market now expects the announcement on Section 232 to arrive a bit sooner than previously anticipated, I don’t believe as much copper will be trapped in the US as we progress through the coming quarters … I think it’s part of that trend that we’re witnessing a softening in the copper price,” he said.

Supply chain disruptions and copper fundamentals

Other factors that have affected the copper price include a major power outage in Chile at the end of February.

Chile declared a state of emergency to address the outage, which left more than 8 million homes and a significant portion of the country’s mining operations without power.

The outage resulted from a transmission line failure in the northern part of the country, causing BHP (NYSE:BHP,ASX:BHP,LSE:BHP) to shut down operations at Escondida, the world’s largest copper mine.

Although power was restored in a few days, COMEX copper futures for March rose by 0.9 percent.

An additional supply disruption occurred in March, when Glencore (LSE:GLEN,OTC Pink:GLCNF) declared force majeure and halted copper shipments from its Altonorte operation in Chile. The refinery produces 350,000 metric tons of copper anode annually, and a prolonged shutdown could impact an already tight copper market.

On a fundamental level, the International Copper Study Group provided preliminary data for January’s supply and demand conditions on March 21. In its release, the group outlines an apparent deficit of 19,000 metric tons of refined copper in the first month of the year, down from the 24,000 metric ton deficit reported in January 2024.

Supply and demand for refined copper maintained a balance at the start of the year, with each growing by 1 percent. Supply-side growth was largely constrained by a 14 percent drop in Chilean output.

Mine production experienced a 2 percent increase in January, with 7 percent year-on-year growth from Peru. The ramp up of production at Anglo American’s (LSE: AAL,OTCQX:AAUFK) Quellaveco mine was a key factor.

Additionally, supply increased by 6 percent in the Democratic Republic of Congo due to the expansion of Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine. A 3 percent increase in Asian production was offset by a 2 percent decline in North America. Chile also saw a fall of 2.7 percent compared to the same period last year.

Copper price outlook for 2025

Copper is tied closely to the global economy, making this a key factor to watch.

“CRU economists continue to expect global GDP to grow by 2.6 percent in 2025, and refined copper demand to grow by around 2.9 percent in both this and next year, which is actually an increase compared to our previous forecast. So despite the dramatic macro and geopolitical events that we have witnessed over the last few months, the base-case demand narrative for copper remains robust,” Heimlich said in mid-March.

However, he also noted that this base-case scenario is surrounded by uncertainty.

That uncertainty has come to the forefront at the start of Q2. Copper prices fell nearly 20 percent at the beginning of April as the Trump administration announced a new round of base-level and reciprocal tariffs.

Investors experienced a significant selloff as the prospect of a recession became more pronounced.

A recession would substantially impact base metals, including copper, as consumers turn away from big-ticket items like new homes and cars, which require large quantities of these materials

For investors, uncertainty will likely remain for some time. A Section 232 outcome could help stabilize copper, or it could escalate other aspects of a trade war between the US and the rest of the world.

It also remains unclear how long Trump’s tariffs will be in place.

This situation could provide opportunities for investors with an appetite for risk who are looking to make bets. Others may prefer to remain on the sidelines and wait for more clarity on the global trade front.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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This week has brought ups and downs for the gold price as US President Donald Trump’s tariff decisions continue to create widespread uncertainty across sectors globally.

The yellow metal started the week at about US$3,020 per ounce, but quickly tumbled below the US$3,000 level as markets around the world took a beating.

Although gold is known as a safe haven, it’s common for it to fall in tandem with other assets during widespread downturns. The idea is that gold won’t drop as hard and will recover more quickly.

Speaking just after gold’s fall, Gary Wagner of TheGoldForecast.com explained that its decline shouldn’t be concerning for investors. Here’s how he explained it:

‘One thing that is clear is that when equities came under fire … liquidation happened across the board in multiple asset groups and classes. Gold was kind of a witness to that, and the massive liquidation that occurred was either to liquidate profitable positions to cover margin calls, or just to get more into cash than they had been in terms of the position of the portfolio. So to me it’s not that unexpected, and the amount of the decline is actually fairly calm considering how much it’s gone up.’

Wagner’s advice not to worry about gold’s pullback was prescient — the precious metal was back on the move by Wednesday (April 9), and on Thursday (April 10) it notched yet another fresh all-time high.

It continued moving upward on Friday (April 11), breaking US$3,200 and setting another price record.

Gold’s midweek rebound came after Trump’s turnaround on tariffs — in a surprise move on Wednesday, he announced a 90 day pause on ‘reciprocal’ tariffs for most countries.

China is an exception — Trump said he would be boosting China’s rate to 125 percent after the Asian nation announced further retaliatory tariffs against the US. It’s since been clarified that tariffs on China stand at 145 percent; on Friday, China said it would raise its tariffs on the US to 125 percent.

Canada and Mexico are also exceptions. Most goods from these countries are already subject to 25 percent tariffs, and these will remain in place. Blanket 25 percent tariffs on cars and car parts, as well as steel and aluminum, have also not been affected at this point.

The reversal from Trump came not long after he encouraged his followers on Truth Social to ‘be cool’ and told them it was ‘a great time to buy.’ It also reportedly came after White House officials put increasing pressure on Trump to change course. Worries about a selloff in US government bonds raised alarm bells, with Treasury Secretary Scott Bessent taking these concerns to Trump.

‘The bond market is very tricky, I was watching it. The bond market right now is beautiful. But yeah, I saw last night where people were getting a little queasy’ — Trump

Major US indexes rebounded strongly once Trump announced his decision, and although they had given up some gains by the end of the week, they still finished the period in the green.

In terms of where that leaves gold, many experts with agree its prospects still look bright even as it trades at all-time highs. Here’s what Will Rhind of GraniteShares said:

‘If you look at something called the M2 ratio, which is the money supply divided by the price of gold, that is a particularly scary chart. Obviously if history is any guide, then when the ratio is high, that typically means that gold is overvalued, and when the ratio is low, that typically means that gold is undervalued.

‘If you look at it right now, we’re somewhat I would say below the median. In other words, we’re closer to gold being undervalued rather than overvalued at a time when we just talked about gold hitting a new all-time high.’

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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