GDP in November came up short of expectations, edging down slightly…

… on the back of a 0.3% decline in goods-producing industries, which more than offset the 0.1% increase in services GDP.

At the sector level, manufacturing and wholesale trade dragged down the print - driven by automotive supply chain hiccups…

… with semiconductor shortages causing a 6% drop in motor vehicle manufacturing…

… and a 13% drop in sector wholesaling.

The budgetary deficit was $8B in November, in-line with last year’s print and climbing to $26B YTD…

… adding roughly $4B versus the same period of 2024. That should expand materially in the last four months towards the ~$78B Liberal target, as new program spending (defense, housing) ramps up…

… and tariff revenue slows down.

Flagging Poilievre’s leadership review, which passed with an overwhelming 87% of the vote and came with a viral speech of his own. With that internal hurdle cleared and rising Liberal seat projections after Carney’s Davos speech…

… expect the battle of narratives to heat up.

Frontera Energy (FEC) gained over 40% Friday after announcing the US$622M sale of its Colombian E&P business...

… US$370M of which the company intends to distribute to shareholders post-close ($7.18 per share). Netting that out from Friday’s $9.40 close, the market values the remaining infrastructure business at ~US$100M ($2.22 per share)…

… which could prove conservative, at <1x management’s 2025 EBITDA guide.

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