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Flights resumed at Israel’s Ben Gurion Airport near Tel Aviv after a failed interception of a missile from Yemen on Sunday forced it to halt operations temporarily.

Israel’s military said the missile landed in the airport’s vicinity after “several attempts” at intercepting it failed, adding that “the results of the interception are under review.”

The Iran-backed Houthi rebel group in Yemen has repeatedly launched ballistic missiles at Israel, but this appears to be the first time one has landed near the country’s main international airport, a major breach of security at a tightly protected site.

“We will attack whoever attacks us sevenfold,” Israel Katz, the defense minister, said in a statement.

The attack prompted the airport to briefly suspend flights. Trains to and from the airport were also halted and police asked the public to refrain from arriving in the area.

The incident underscores the Houthis’ continued ability to strike distant targets despite a sustained US military campaign and may raise questions about Israel’s capacity to intercept such attacks.

Pictures from the scene showed debris from the impact of the missile on the grounds of the airport, littering the road toward the main terminal. A video shared on social media appeared to show the impact of the missile at the airport and a cloud of black smoke rising from the strike.

Sunday’s strike marks the third consecutive day of missile launches from Yemen toward Israel, according to the Israel Defense Forces.

The Houthis have not claimed responsibility for the latest missile, but a spokesman for the militant group has said previous launches targeted military facilities in Israel. Yahya Saree said over the weekend that the rebels fired “Palestine 2” ballistic missiles “in support of our brothers and sister in Gaza.”

Israel has carried out several strikes against the Houthis in Yemen, including the targeting of a power plant and maritime ports in January.

The US military has carried out far more extensive strikes on Houthi targets in Yemen in recent weeks, aiming to the group, whose attacks on Red Sea shipping have significantly disrupted global trade.

The campaign is also aimed at stopping launches targeting Israel, as well as commercial and US Navy vessels operating in the Middle East. Early last month, the cost of US the effort had approached $1 billion in just three weeks, including the deployment of B-2 stealth bombers and the use of hundreds of millions of dollars’ worth of high-end munitions.

But it has largely failed to disrupt the Houthis’ ability to launch ballistic missiles against Israel. The country’s vaunted missile defense system routinely intercepts the launches, but some have gotten through.

This is a developing story and will be updated.

This post appeared first on cnn.com

Australians delivered a surprise election result on Saturday; not because of who won but by the scale of the victory.

It marks a strong recovery for Prime Minister Anthony Albanese and his center-left Labor party, which had been slumping in the polls earlier this year, and follows a similar swing away from conservatives in Canada in the early months of the second US presidency of Donald Trump.

As the final seats are allocated and the center-right Liberal Party surveys the damage – including the loss of its leader, Peter Dutton, from parliament – here are five takeaways.

‘Trump effect’ boosts another left-leaning government

Albanese’s defeat of Dutton mirrors the outcome of Canada’s federal election last week, where the once-struggling left-leaning Liberal Party soared to victory thanks to a Trump-inspired popularity boost.

In a remarkable political rebound, Canadian Prime Minister Mark Carney’s Liberals bested Pierre Poilievre’s Conservatives after Trump’s tariffs and threats to annex its neighbor changed the fortunes of the governing party, which had been trailing in the polls for years.

While Australia has not faced the same affront to its sovereignty as Canada, the similar election results show Trump’s influence in the domestic politics of longtime US allies.

Dutton was dubbed a ‘Temu Trump’ by his critics – a reference to the budget Chinese online marketplace – in a characterization that may have contributed to his downfall in Australia, where trust in the US has been eroded, according to recent surveys.

Despite claiming that he was his “own person,” Dutton was accused of stoking culture wars and took aim at migrants and the news media in rhetoric that resembled Trump’s.

Dutton spent weeks trying to distance himself from the tariff-tossing US leader, but it wasn’t enough to convince Australian voters that he was the right person to lead the country through this moment of global turmoil.

Result could signal new era of political stability in Australia

Saturday’s result made Albanese the first Australian prime minister to win re-election for 20 years, and could herald an end to the revolving door of leaders that has defined the nation’s politics since the turn of the millennium.

Albanese will start his second term with at least 85 seats in the 150-seat lower house – a significant majority in Australia – while the Liberal coalition currently holds just 37, according to the latest count by public broadcaster the ABC.

The country has had six different prime ministers in the last 18 years, most of whom lasted about three years in office, in line with the frequency of Australian elections. But a commanding win and healthy majority set Albanese up for another three years or even more. That potentially gives him the opportunity to shape the country’s politics in his and his party’s image in a way no leader has since the Liberals’ John Howard in the late 1990s and early 2000s.

During a time of trade turmoil, he was able to demonstrate a steady hand, striking an authoritative tone in response to Trump’s decision to impose 10% tariffs on Australia, which were later paused.

Local disaster for Dutton compounds national defeat

Dutton not only lost the national contest, but was also ousted from his own seat in the northeastern state of Queensland, in a shock defeat to Labor’s Ali France.

It was another echo of events in Canada, where Poilievre lost his longtime seat in rural Ottawa.

Dutton had held the Dickson seat for more than two decades, and had twice before seen off a challenge from France, a former journalist, world champion para-athlete and disability advocate who lost her leg in a 2011 accident.

After her victory, France paid tribute to her son Henry, who died from leukemia last year.

“My son, Henry, he wanted me to do this. He was convinced that I would win this,” France told Sky News after her win. “I thought I wouldn’t be running, because I would be caring for him. And he would say to me, ‘No, Mum, you have to do this. I know you’re going to win this this time.’ And I feel he’s been with me on this journey,” she said.

Dutton congratulated France in his concession speech Saturday, in which he also mentioned his political rival’s recent bereavement.

“I said to Ali, her son, Henry, would be incredibly proud of her tonight, and she’ll do a good job as a local member for Dickson,” Dutton said.

Cost of living and climate concerns outweighed culture wars

Australian voters put their faith in Albanese’s plans for tackling the high cost of living and climate change over Dutton’s Trump-style ideological approach, which at times did not appear to be backed by policy proposals.

Dutton called Indigenous “welcome to country” ceremonies “overdone” and said they shouldn’t be performed at sports games or military events. In 2023, Dutton successfully campaigned against the government’s referendum on the Voice proposal, which included constitutional recognition for Indigenous Australians.

He also claimed Australia takes in too many migrants, and branded the public broadcaster “hate media.”

Dutton vowed to crack down on “woke” culture and promised to end “indoctrination” in schools, before later clarifying his party didn’t have any plans to change the curriculum.

Australian voters, meanwhile, seemed more moved by cost-of-living concerns and climate change – two areas in which Dutton was seen as not having a strong enough strategy.

While Albanese was criticized for not doing enough to tame rising living costs during his first term, in the years ahead he’s promised a tax cut, cheaper medicines, lower deposits for first-time buyers and 1.2 million houses to ease the housing crisis.

Similarly, despite criticism over his approval of new coal and gas projects in his first term, Albanese reiterated his commitment to climate action, in contrast to the rolling assault inflicted by the new US administration on environment agencies and research.

All Australians know “renewable energy is an opportunity we must work together to seize for the future of our economy,” Albanese said to cheers.

“Kinder” politics prevails

As the son of a single mother who often talks about growing up on a housing estate, Albanese has long cast himself as champion for social mobility and a “kinder” form of politics.

“My mum had a hard life, and we struggled financially, but she taught me to always be positive and see the best in people when it comes to Australia’s future,” he said.

During the campaign, he frequently tried to distance himself and Dutton. Asked whether Trump had helped his campaign, by darkening the brand of strongman leaders, Albanese told the ABC on Monday that Dutton had done that by himself.

During his victory speech, Albanese shut down boos in the crowd when he mentioned he’d spoken to Dutton. “No, no,” he said to an enthusiastic crowd of Labor supporters in Sydney. “What we do in Australia is we treat people with respect,” he said to cheers.

Albanese didn’t mention Trump but alluded to his presence in campaign discussion. “We do not need to beg or borrow or copy from anywhere else. We do not seek out as inspiration overseas. We find it right here, in our values and in our people,” he said.

This post appeared first on cnn.com

This week, we’re watching three high-profile names–Palantir (PLTR), Uber (UBER), and Coinbase (COIN)–as they gear up for earnings. These stocks could offer up some interesting setups with favorable risk/reward entry points. Let’s break down what’s happening with each one.

Palantir (PLTR): Watching for an AI-Driven Breakout

PLTR stock almost got back to its all-time highs after a sell-off that saw the stock price drop by as much as 47% from its February peak. Two key factors will be in focus: AI and government-backed contracts.

Palantir’s Artificial Intelligence Platform (AIP) is a big piece of the puzzle. Analysts anticipate commercial revenue to increase by 35% year-over-year, driven by the company’s efforts to penetrate industries such as healthcare, energy, and finance.

Government contracts account for about 55% of the company’s total revenue. Investor concerns revolve around the ability to secure and maintain these contracts amid potential Department of Defense budget cuts.

FIGURE 1. DAILY CHART OF PLTR STOCK. The stock closed below its all-time high and has a history of big gaps on earnings day.Chart source: StockCharts.com. For educational purposes.

Technically, PLTR stock is at a key inflection point. The stock closed right under its all-time high and has a history of big gaps on earnings day. It traded higher in five of the last six earnings reports, with an average gain of 21%.

Watch the gaps… Gap ups tend to continue in that direction and lead to sustained uptrends. Use any upside gap to enter and manage risk, with stops set to exit if it starts to reverse and fill. A gap in this case, and given its momentum, could see shares eclipse the $150 mark.

On the downside, there are several levels of support. The biggest area is in the purple-shaded area surrounding the 50-day moving average. The $84 area would fill the gap from last earnings and could become a solid floor, going forward.

Either way, it’s a coin flip technically entering earnings, but the next move should set up interesting entry points.

Uber Technology (UBER)

Uber’s stock price has performed extremely well compared to the rest of the market this year. The stock is up 40% year-to-date. As UBER heads into earnings on May 7, expectations are rising. The stock price has already broken out and is trading near all-time highs.

Last quarter’s guidance fell short of expectations. That will be a big focus again. Investors will also be looking to see if UBER can sustain gross bookings numbers. They’re supposed to grow by 17%-21% year-over-year. We may also hear about Uber’s strategic moves in the evolving landscape of autonomous transportation.

FIGURE 2: DAILY CHART OF UBER STOCK. Uber has been trading in a broad range in the past year.Chart source: StockCharts.com. For educational purposes.

Technically, Uber shares have traded in a broad range in the past year. During this time, there was one failed breakdown and one failed breakout. We enter this week’s report on the heels of another breakout.

This could be an example of price leading the news. We will find out when Uber reports on Wednesday morning. An upside target of $100 should be in the cards, with confirmation of this move out of this rectangular neutral trend. If it fails to hold above the $80/$82 level, then a drop to its key moving averages is likely.

While the stock is nearing overbought territory, shares have remained overbought for an extended period during major moves higher. Use any break below 70 in the relative strength index (RSI) to take profits or sell.

Coinbase (COIN): Looking to Break a Losing Streak

Coinbase will be looking to snap a four-quarter losing streak post-earnings when it reports on Thursday. Shares of the cryptocurrency platform have been quite volatile and began the week lower by -16.5% year-to-date.

Investors will be looking for insights into Uber’s ability to capitalize on increased trading volumes, along with any news on plans to diversify revenue streams and strategically position itself within the current regulatory landscape.

FIGURE 3: DAILY CHART OF COINBASE STOCK PRICE. Fibonacci levels help identify areas of interest.Chart source: StockCharts.com. For educational purposes.

Technically, shares have taken quite a ride over the past two years. The Fibonacci extension lines on the chart demonstrate the significance and help identify levels of interest where traders may gain opportunities.

The stock remains in its near-term downtrend going back to its December peak. The floor seems to be established for now, with support levels around $180 and major support by the “golden ratio” around $150. If there is any weakness, then look to these levels to possibly add to the name.

The upside seems more challenging. Shares remain weaker than many of its peers and are still mired in a near-term downtrend with clear resistance around the 200-day moving average at $226. If COIN were to break and close above this threshold, then there is a lot to reverse given a much clearer reward than risk set-up. For now, it’s one to watch to see what price action does when the company reports on Thursday afternoon.



I feel like the short-term risk is turning once again and I’ll explain why in my analysis below. Please don’t misunderstand. I suggested a bottom was in place a few weeks ago and I LOVE what has been happening in terms of manipulation/accumulation and I LOVE the fact that we were able to quickly regain both the 20-day EMA and 50-day SMA on our major indices.

However, here are the four major indices and where they’re at currently on their respective charts and their next key overhead resistance levels:

Dow Jones

We did manage to close just above the 50-day SMA here, but the Dow Jones still appears vulnerable to me. Given the fact that the S&P 500 has room to run up to what is now major price resistance at 5782, I could see the Dow Jones moving a bit higher to challenge the late-March high at approximately 42750. That could serve as a neckline.

S&P 500

20-day EMA resistance? No problem, went right through. Gap resistance 5500? Ditto. 50-day SMA resistance. Ditto. This rally has been impressive. Key levels of price resistance have failed and this tells me that we’re not going to violate the low at 4835. It’s set in stone, in my opinion. There are still a couple of key resistance levels on the S&P 500 that we’ll have to deal with next week. The first will be the early-April rebound attempt that failed near 5700. Today’s intraday high was 5700. The next one, however, will be the biggest on the chart and that’s where we last failed in late March – at 5782.

NASDAQ 100:

Looks similar to the S&P 500, but I did add the RSI to this chart. During downtrends, RSI 60 tends to be rather big resistance. We see many rallies fail at or near that level. The NDX just crossed RSI 60….barely. At our Friday intraday high, the NASDAQ 100 pulled within 100 points (less than 0.5%) of the late-March high near 20250. I don’t know if we turn here or not, but I do know the risks are elevated.

Russell 2000:

The 197 level offered great price support on multiple occasions, so when we see a heavy-volume breakdown like we saw in early April, we should recognize how important it is to clear that same price resistance on the way back up. We did so on Friday with gusto. I absolutely LOVE the sudden accumulation that’s taken place in the IWM. I believe that will result in a much larger move at some point later this year. But are we due for another round of selling first, perhaps at upcoming price resistance levels marked above? We’ll soon find out.

Be careful ahead, especially if a rising-volume, reversing candle prints on our major indices sometime next week.

Sentiment

Check out this 5-day SMA of the equity only put call ratio ($CPCE):

We just hit 0.55, showing the most complacency we’ve seen in the past 5 weeks or so. Extreme low readings have previously marked corrections and/or cyclical bear markets and that was one key topping indicator that I discussed back in January/February. Other prior moves down to 0.55 have also resulted in short-term tops. I thought the current .55 reading was worth pointing out for this reason.

Seasonality could also play a role. Early May (through the 5th) tends to provide historical tailwinds, but the middle part of May (6th through 25th) has a history of being rather challenging. The 5th is Monday, so given everything I’ve discussed above and knowing that our bullish seasonal window could soon be closing, watch for a potential reversing candle as a sign to think about reducing risk (covered calls, S&P 500 puts for insurance, moving to cash, etc.).

I’m not ready to definitively call a short-term top here, but I do want to point out that the SHORT-TERM risks of being long right now are growing. Do with that what you may.

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Happy trading!

Tom

We just wrapped up a busy week jam-packed with key economic data and big tech earnings. And we have some positive news: the market held up pretty well. May is off to a good start.

Strong earnings from META Platforms (META) and Microsoft (MSFT) gave the stock market a boost. Together, their strong performance helped the Nasdaq Composite ($COMPQ) break above its 50-day simple moving average (SMA).

On Friday, the rally got an extra shot in the arm from a better-than-expected jobs report—177,000 jobs added vs. 135,000 expected. That helped fuel a market-wide rally, with all the major indexes ending the week in positive territory. The Dow Jones Industrial Average ($INDU) closed up 1.46%, the S&P 500 ($SPX) up 1.42%, and the Nasdaq Composite ($COMPQ) up 1.41%.

A quick glance at the Equities panel (US Indexes tab) in the Market Summary page shows that the S&P 500, Dow Industrials, Russell 1000, and the Wilshire 5000 had nine consecutive up days. This is quite the reversal after trade war outcomes spooked investors. The weekly streak isn’t too shabby either, with many indexes displaying four consecutive up streaks. More indexes are now trading above their 50-day moving averages compared to a few days ago.

What Does This Mean Going Forward?

After a negative statistic in the Q1 GDP growth, the strong jobs report put recessionary fears in the rearview mirror. However, this also lowers the chances of the Federal Reserve cutting interest rates in the May FOMC meeting. And looking at the CME FedWatch Tool, the probability of a rate cut in June has dropped to 36.4%, so it may be July before we see a rate cut. But this scenario could change between now and June.

Does this week’s price action mean the equity market is reversing? One thing is clear: The situation is much more positive than it was three weeks ago. But to get an objective view, it’s best to focus on the charts.

The Technical PoV

The daily chart of $SPX below shows that Friday’s close basically wipes out the “post Liberation Day” losses. Essentially, all the volatile action that took place in the last month was an emotional reaction to the uncertainty that investors were battling against. It was an emotional roller coaster. Now that the S&P 500 is back to the high of April 2, does it mean things have returned to business as usual?

FIGURE 1. DAILY CHART OF S&P 500. The index closed at around the same level it did on Liberation Day. Chart source: StockCharts.com. For educational purposes.

Seasonally, May is a good month in the stock market, as are June and July. You can see this in the seasonality chart of the S&P 500. The data supports some of the price action we’re seeing, especially among sectors and industry groups.

Sector Snapshot

All 11 S&P sectors closed in the green on Friday. For the week, Industrials, Technology, and Financials were the leading sectors. It’s interesting to note that Friday’s leading sector, Financials, is showing signs of recovery after the April fall. The daily chart of the Financial Select Sector SPDR (XLF) shows the ETF trading above its 50- and 200-day SMAs. Its relative strength index (RSI) is also rising.

FIGURE 2. DAILY CHART OF XLF. The ETF broke above its 50-day moving average and its relative strength is also rising. Chart source: StockCharts.com. For educational purposes.

Of the three, the Technology sector is technically the weakest. It’s trading below its 200-day SMA, and its 50-day SMA is below its 200-day SMA. To see strength return to the broader market, the Technology sector needs show technical strength.

The Nasdaq Composite Bullish Percent Index ($BPCOMP) is at 46.52. It showed a reversal from a level just above 20 and crossed above 30, indicating a bull alert. A cross above 50 would be a favorable bull signal.

FIGURE 3. NASDAQ COMPOSITE BULLISH PERCENT INDEX. After a sharp reversal from above 20, $BPCOMPQ crossed above the 30 level and is approaching the 50 level. Chart source: StockCharts.com. For educational purposes.

Keep an eye on this chart, since a break above 50 could be an early signal of improving breadth in the Nasdaq Composite.

At the Close

While the stock market’s price action seems to have regained some of its momentum, there needs to be more confirmation to suggest a trend reversal. Keep an eye on the charts of the broader indexes, sectors, and the BPIs. Look for technical indicators to confirm the rally’s strength and keep an eye on interest rate expectations.


End-of-Week Wrap-Up

  • S&P 500 up 2.92% on the week, at 5686.67, Dow Jones Industrial Average up 3.0% on the week at 41,317.43; Nasdaq Composite up 3.42% on the week at 17,977.73.
  • $VIX down 8.86% on the week, closing at 22.64.
  • Best performing sector for the week: Industrials
  • Worst performing sector for the week: Energy
  • Top 5 Large Cap SCTR stocks: Palantir Technologies, Inc. (PLTR); Duolingo Inc. (DUOL); Summit Therapeutics PLC (SMMT); MicroStrategy (MSTR); Roblox Corp (RBLX)

On the Radar Next Week

  • Earnings season continues with Berkshire Hathaway (BRK-B), Palantir Technologies (PLTR), Taiwan Semiconductor Manufacturing Company (TSM), Novo Nordisk (NOVO-B.CO), Ford (F), Advanced Micro Devices (AMD), and several others reporting.
  • ISM Services PMI
  • Fed Interest Rate Decision/Press Conference
  • Fed speeches from Kugler, Goolsbee, Waller, Williams, and others on Friday

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

With the major averages logging a strong up week across the board, and with the Nasdaq 100 finally retesting its 200-day moving average from below, it can feel like a challenging time to take a shot at winning charts. You may ask yourself, “Do I really want to be betting on further upside after an incredibly strong April?”

When the macro environment feels less certain, I find it’s helpful to go back to tried-and-true technical analysis approaches. By identifying stocks with constructive chart patterns, we can hopefully focus our attention on names that could do well regardless of the overall market movements in the coming weeks.

With that bottom-up investing justification in mind, let’s review three recent earnings names that are showing strong technical profiles going into next week.

Visa Inc. (V)

Both Visa (V) and Mastercard (MA) reported earnings, and both stocks experienced an upside follow-through after their quarterly report. Visa has been pounding out a consistent pattern of lower lows and lower highs since the end of February, but this week appears to have broken that downtrend pattern.

After Tuesday’s earnings release, Visa completed a move out of the downtrend phase by breaking trendline resistance using the major peaks from February and March. Wednesday’s up day pushed V back above the 50-day moving average, a level which had repelled a previous breakout attempt in mid-April. MA has now broken above its late March high, and a similar move next week would suggest a retest of all-time highs for Visa.

Coca Cola Co. (KO)

The Consumer Staples sector pulled back this week, and leading names in the sector, such as Coca-Cola (KO), experienced a brief drop post-earnings. KO is demonstrating a cup-and-handle pattern, although we’ve not seen the breakout that would serve to confirm a bullish outlook.

We’ve used the Annotations tool to draw a rectangle marking the resistance zone from the September 2024 peak. Subsequent peaks in March and April 2025 have retested this same range, forming the cup-and-handle pattern which often precedes a strong upthrust. The trigger for this pattern is a confirmed break above the rim of the cup, and, with this week’s pullback, investors will have to wait for this bullish confirmation.

We’ve noted the bearish momentum divergence in recent months, with the higher price highs in March and April marked by weaker RSI peaks. With this bearish divergence clearly signalling a weaker momentum profile, we would need to see a valid break above $74 on stronger RSI readings to negate the divergence and confirm an upside breakout.

CME Group Inc. (CME)

Since I discussed the exchanges with Jay Woods on my Market Misbehavior podcast back in February, I’ve been following the resilient uptrend of higher highs and higher lows. The daily chart features a series of consolidation patterns followed by upside breakouts that have led to further gains.

This is the kind of chart that I think about when someone asks, “But if you’re buying the new highs list, isn’t that too late?” The chart of CME shows that new highs often lead to even more new highs. And when a stock like CME Group keeps pulling back to an ascending 50-day moving average, I’m reminded the essence of trend-following is to remain invested in charts that continue to work.

In the immortal words of legendary technical analyst Paul Montgomery, “The most bullish thing the market can do is go up!”


I had the pleasure of heading back into the StockCharts TV studio this week to shoot the “Top Ten Stocks for May 2025” video with Grayson Roze. Visa was one of the five stocks I contributed. Check out the other nine in this week’s video!

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!


David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

Riches are found in reactions—your reactions to changes in the markets. By this, I mean that if you spot a change in money flowing from one asset class to another, one sector to another, one industry to another, before the masses notice, you will be rewarded handsomely. My experience has been that your profits will accumulate dramatically and consistently.

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StockMarketMastery.com

  • Author, “Tensile Trading: The 10 Essential Stages of Stock Market Mastery” (Wiley, 2016)
  • Developer of the “Stock Market Mastery” ChartPack for StockCharts members
  • Presenter of the best-selling “Tensile Trading” DVD seminar
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Ontario has introduced legislation aimed at tightening control over the province’s mining and energy sectors by limiting foreign involvement, fast-tracking resource development and scaling back species-at-risk protections.

The Protect Ontario by Unleashing Our Economy Act, 2025, also known as Bill 5, was announced at the Toronto Stock Exchange on April 17 by Premier Doug Ford and Energy and Mines Minister Stephen Lecce.

According to the government, the new bill is designed to “safeguard Ontario’s critical minerals, secure the province’s energy infrastructure, and reduce regulatory bottlenecks that hamper development.”

“With President Trump taking direct aim at our economy, it cannot be business as usual,” Ford declared during the announcement, referring to recent US moves to prioritize domestic supply chains for critical resources.

The proposed law would grant the Ontario government sweeping new powers over the mining sector.

These would include the ability to suspend or revoke mining claims, deny transfers or leases and limit access to Ontario’s Mining Lands Administration System — particularly for entities linked to “hostile foreign regimes.”

It would also allow the government to restrict foreign participation in the province’s energy sector.

“In today’s changing world, we need to be clear-eyed about the risks from those who want to exploit our resource bounty,” Lecce said in an April 25 press release that covers the legislation. “That is why it is essential that Ontario is protecting our critical minerals and energy sector from getting into the wrong hands.”

Kevin Holland, member of provincial parliament for Thunder Bay-Atikokan, added that the measures are especially significant for Northern Ontario, where the economy is deeply tied to resource extraction.

“Ontario is taking important actions to protect our mining and energy assets during this volatile time,” he said.

Rolling back environmental protections

According to the provincial government, the legislation is partially a response to concerns raised in a 2021 national security report in which Canada’s natural resources are identified as a strategic vulnerability.

However, the proposed legislation has sparked sharp criticism from environmental advocates who warn that Bill 5 undermines Ontario’s Endangered Species Act. It would be replaced with a much narrower Species Conservation Act that redefines what constitutes a species’ habitat.

Under current law, a habitat includes all areas a species needs to live, migrate and reproduce. The new definition reduces this to “a dwelling place, such as a den, nest or other similar place,” plus the immediate surrounding area.

Critics argue that this change all but guarantees habitat loss for vulnerable species.

“The definition of habitat is so narrow that what it means is less habitat than the species has now,” Laura Bowman, a lawyer with the environmental law charity Ecojustice, told CBC. “And less habitat than the species has now, for a species already in decline, virtually ensures extirpation or extinction,” she added

The bill would also eliminate the requirement for recovery strategies once a species is declared at risk — a key mechanism under the current law that sets out steps to restore populations to sustainable levels.

The legislation is part of Ontario’s push to accelerate development in the Ring of Fire, a mineral-rich region in the province’s far north. The Ford government has long touted the area’s potential to supply key inputs like nickel, lithium and chromite for electric vehicles and clean technologies. According to the government, Bill 5 will “cut red tape and streamline approvals” to jumpstart projects that are currently mired in lengthy environmental and consultation processes — often involving Indigenous communities whose territories overlap with planned developments.

Despite the growing need for secure critical minerals supply chains, the decision to pair national security rhetoric with the rollback of environmental protections is likely to ignite political and legal challenges in the months ahead.

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

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The world’s oceans are increasingly becoming an important new frontier in the geopolitical and economic race for critical minerals, with countries fast-tracking plans for deep-sea mining.

Meanwhile, the global body tasked with regulating such activities is struggling to keep pace.

As sovereign states ramp up efforts to access seabed resources crucial for clean energy and defense technologies, the International Seabed Authority (ISA) finds itself sidelined — raising alarms among environmentalists and nations alike.

Stoking these tensions, US President Donald Trump signed an executive order earlier this month with the aim of expediting deep-sea mineral extraction in both national and international waters.

The directive, which calls for faster permitting and exploration, bypasses multilateral negotiations at the ISA and uses a 1980 domestic statute — the Deep Seabed Hard Mineral Resources Act — to justify the unilateral action.

The order “establishes the US as a global leader in seabed mineral exploration and development both within and beyond national jurisdiction,’ signaling Washington’s intent to secure independence from Chinese mineral supply chains.

But the move has drawn fierce criticism from multiple fronts.

“The US authorization … violates international law and harms the overall interests of the international community,” said Chinese foreign ministry spokesman Guo Jiakun. Such sentiments echo concerns that unilateral actions could unravel decades of work toward collective seabed governance under the United Nations (UN) Convention on the Law of the Sea.

At the heart of the dispute lies the ISA, the UN agency responsible for regulating mining in international waters.

Though it has issued over 30 exploratory permits, it has yet to finalize rules for commercial extraction. That regulatory vacuum has encouraged countries to approach the issue alone and in accordance with their own different agendas.

Norway reverses course on deep-sea mining

In January 2024, Norway became the first country to approve commercial-scale deep-sea mining within its own exclusive economic zone, greenlighting exploration across 280,000 square kilometers — an area larger than the UK.

The move, passed through parliament despite strong domestic and international opposition, is part of the country’s bid to secure metals like cobalt, scandium and lithium for green technologies.

“We will have a relatively long period of exploration and mapping activity to close the knowledge gap on the environmental impact,” Walter Sognnes, co-founder of Loke Marine Minerals, a Norwegian company focused on deep-sea exploration, told the BBC in an interview at the time the news was announced

However, environmentalists argued that the plan undermined Norway’s own standards.

“The Norwegian government always highlighted that they want to implement the highest environmental standards,” said Martin Webeler of the Environmental Justice Foundation.

“That is hypocritical whilst you are throwing away all the scientific advice.”

The Norway Institute of Marine Research also criticized the government’s decision, saying the existing environmental impact assessment was based on limited data and not representative of the vast areas opened for mining. It called for an additional five to 10 years of research before proceeding.

Against that backdrop, Norway reversed course, suspending its deep-sea mining plans at the end of 2024 following mounting political and environmental pressure.

The first licensing round, originally set for 2025, was blocked after the Socialist Left Party threatened to withhold support for the government’s budget unless the initiative was halted.

India eyes Clarion-Clipperton zone, Pacific Islands at crossroads

For its part, India has announced plans to ramp up its presence in the Pacific’s Clarion-Clipperton zone, one of the world’s most mineral-rich deep-sea regions. Although the ISA has already granted India two exploration contracts, the country has opted to hold off on operations as regulations remain in flux.

M. Ravichandran, secretary of the country’s Ministry of Earth Sciences, said the country is seeking to apply to the UN-backed ISA next year to focus on exploring the zone.

Meanwhile, the resource-rich Pacific Islands are emerging as battlegrounds in this high-stakes race.

Kiribati, a small island nation with jurisdiction over 75,000 square kilometers of prospective seabed, is reportedly in talks with China after a previous deal with Canada’s The Metals Company (NASDAQ:TMC) collapsed late last year.

In a statement dated March 17, the Kiribati government called discussions with Chinese ambassador Zhou Limin “an exciting opportunity” to explore its deep-sea resources.

But critics say such moves by smaller nations are often driven by economic desperation and can lead to exploitative outcomes. This tension is familiar in Papua New Guinea, where the failure of the Nautilus Minerals project left environmental damage and financial losses in its wake.

Some Pacific nations are now calling for a global moratorium on seabed mining, citing concerns about the unknown risks to ecosystems and the climate.

Patchwork governance, fragmented oversight

The race toward seabed mining is exposing a critical flaw in global governance: fragmentation. The ISA, which was supposed to provide a unified framework, is losing relevance as more countries chart independent courses.

“The harm caused by deep-sea mining isn’t restricted to the ocean floor: it will impact the entire water column, top to bottom,” Jeff Watters, vice president for external affairs at the Ocean Conservancy, told the Guardian.

A study by the Natural History Museum and the UK’s National Oceanography Center analyzing a 1970s test site concludes that some sediment dwellers were able to recover, but larger animals dependent on polymetallic nodules did not return — likely because the nodules, which take millions of years to form, were destroyed.

Despite these warnings, the Metals Company continues to push forward. It has said it plans to mine by the year’s end, pending US government approval, as CEO Gerard Barron remains unfazed by the backlash.

“Here there’s zero flora,” Barron told the BBC in a January 2024 interview. “If we measure the amount of fauna… in the form of biomass, there is around 10g per square metre. That compares with more than 30kg of biomass where the world is pushing more nickel extraction, which is our equatorial rainforests.”

Beyond environmental concerns, the deep-sea mining surge is reshaping geopolitical dynamics. China, which dominates global production and processing of rare earths, has long used its position as leverage in trade disputes. In response to US tariffs, Beijing recently introduced new export controls on rare earths — further intensifying the mineral arms race.

Trump’s executive order makes clear that seabed mining is now viewed as a national security imperative.

“It’s not just drill, baby, drill. It’s mine, baby, mine,” said Secretary of the Interior Doug Burgum at a recent conference. “We will literally be at the mercy of others that are controlling our supply chains,” he warned.

But this approach risks setting a dangerous precedent. If powerful nations begin issuing their own licenses outside multilateral systems, others are likely to follow suit. The result could be a patchwork of conflicting claims and reduced protections, particularly for vulnerable maritime nations.

With the ISA still developing a mining code and more countries rejecting its pace, the world faces a dilemma: how to balance the urgent demand for critical minerals with the equally pressing need to preserve fragile marine ecosystems.

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

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John Rubino, who writes a newsletter on Substack, explains the factors behind gold’s ‘epic run,’ pointing to underlying elements like Basel III and BRICS demand, as well as current events.

He believes gold has the wind at its back, although silver might be the better buy right now.

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

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