• Countries look to make a deal with Trump, prepare for heavy news flow

• Futures point to the worst 3-day drawdown since 1987

• The labour market is stuck between a rock and a hard place

• Oil continues its sell-off and takes the Canadian energy sector with it

We’ve got movement on the trade front, with over 50 countries looking to start negotiations with the U.S. including Vietnam, Taiwan, India, and Japan.

The response to Trump’s “Liberation Day” tariffs hasn’t been all positive though, with China implementing a matching 34% tariff on U.S. imports and adding export controls on critical minerals. The EU is set to respond with tariffs too, following a vote on the 9^th .

Criticism from within has been inversely correlated with market performance, with a familiar face calling out misaligned incentives within the Trump administration.

Take his claim with a grain of salt until it’s proven true… a losing position can make you say crazy things

Futures point to worst 3 days since 1987

If overnight futures hold, we’re in for a rocky Monday session and the worst 3-day drawdown since 1987.

No other way to put it - last week was uglier than Trump’s golf swing, with huge negative flows at the institutional level as funds de-gross…

… and at the retail level, with J.P. Morgan highlighting $1.5B of net selling in the first two hours of Thursday’s session.

Trade war aside, the backdrop isn’t perfect for equities to catch a bid here (valuation, flows, etc.)… but the sell-off is creating near-term opportunities in some pockets, and improving the risk/reward for long-term investors.

If the above link doesn’t work, try this: https://www.bullpen.finance/content/83

No positive movement on the labour front

We got more labour market data to close out last week, which came in a bit weaker than expectations.

Unemployment at 6.7% moved higher for the first time since November…

… driven by a 33K drop in employment, with 62K full-time jobs lost and a partial offset from 29K part-time additions.

Average unemployment duration inched higher to 22 weeks and should remain elevated until slack returns to the job market, which could take a while.

Buffett is sitting on >$300B in cash - let’s see what he does with it… and when.

Flagging Lundin Mining here, as we’ve seen consistent insider buying lately.

• Brookfield Infrastructure Announces the Acquisition of Colonial Enterprises

• Boardwalk REIT provides operational update

• ’We’re not friends’: Canadian union leaders call out American counterparts for supporting Trump’s auto tariffs

Energy names got rocked, with oil selling off nearly 7% on Friday.

TFI International (TFII) looks like it’s getting a relief rally after being cut in half YTD, with some optimism following Canada & Mexico escaping the latest round of tariffs without a scratch.

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