Well, we got history-making trade data yesterday as tariffs stalled out the flow of goods between Canada and the U.S., driving a $7B deficit - the largest on record.

If you’re looking to get under the hood of the headline number, we published a bite that’s light on words and heavy on charts. Check it out!

If you want the takeaway, not the details, here it is in one chart:

Vermilion (VET) was up 4% after divesting its U.S. footprint for $120M. The transaction follows the sale of its Manitoba and Saskatchewan assets for $415M two weeks prior, as the company focuses on its core Western Canada/Europe footprint.

Combined, the two sales shed 16K barrels per day of production and 40M barrels of proven reserves in an effort to reduce leverage, a major focus of late in the Canadian oil patch.

On Wednesday, Pet Valu (PET) announced a $576M secondary transaction to clear the rest of Roark Capital’s position. The franchise-focused PE firm took PET private in 2009, spat it back out in 2021, and wound down its stake in tranches.

With the overhang on the stock from a large seller now gone and a more diversified shareholder base, PET’s multiple could continue to expand - reversing at least part of the contraction that has weighed on performance since it re-listed.

On Wednesday, we suggested the gloves could come off between the most powerful man and the richest man in America… it didn’t take long.

Next time you’re triple-checking an email to make sure it’s mistake-free and reads well, remember that we’re all living in a deeply unserious world… it’s all the WWE.

Transat (TRZ) jumped 16% on the back of what’s being called a “favourable debt restructuring”. What that translates to in reality is nearly $400M of debt that the Federal government is making disappear… well isn’t that nice.

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