Industrial product prices rose 0.4% in June thanks to higher metals prices, topping estimates for a 0.1% gain and rebounding after two straight M/M declines.

Input costs were higher too, rising 2.7% versus expectations for a 0.1% decline - which would have been the fourth straight had it materialized. As highlighted previously, the jump was led by a recovery in crude oil (+8%)…

… which accounted for most of the gain (+0.8% M/M excluding energy products). With oil prices returning below $70/barrel in July, the category should weigh on input costs in the next print.

Chartwell Retirement (CSH) is back with a $430M deal for just over 1K suites, this time across Ontario - adding more than 8% to bed count when combined with its $290M, ~1K suite expansion in Quebec announced just over a week ago.

The deal includes excess land at one of the sites that acts as a lever for organic development (up to 140 suites). It’s financed partly by $230M of assumed debt (4.5%, 20-year term) with the remainder handled by already planned CMHC financings.

With $450M of available liquidity, favourable age demographics, and a management team with their foot on the gas - it’s unlikely this deal will be their last this year.

Enbridge is continuing to invest in solar power, moving forward with a $900M, 600 MW project in Texas set to be operational in 2027. All of the power will be contracted out to Meta…

… in yet another example that big tech is hungry for power (see Brookfield piece if you missed it). While the renewables segment accounts for less than 5% of EBITDA today…

… it represents nearly 15% of the company’s $50B development pipeline, as Enbridge transitions its business alongside global energy markets.

Meme stocks are back, with crowded shorts getting blown up one after another - Kohl’s being the latest, jumping as high as 70% yesterday before giving some back.

It’s unlikely to be the last big move, as volatility begets volatility - institutional money is going to be scrubbing their short books looking for potential land mines…

Flagging the insider selling at Aritzia (ATZ), which has hit over $55M YTD with these latest transactions.

Patriot Battery Metals (PMET) was up 9%, extending its run after a 24% gain on Monday when the company announced what could be the world’s largest caesium deposit - an extremely rare metal that’s used in applications like medical imaging and solar panels.

Canadian National Railway (CNR) reported a small miss on the top line and in-line profit, but it’s likely the stock is going to trade down at the open. Tariffs are weighing on volume and the EPS guide, which moves down to 5-9% Y/Y growth from 10-15% previously.

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