Weekend roundup

Here’s what you missed while you were living your best life:

• 🛍️ Holiday Spending Rises
  Despite inflation biting into wallets, Americans opened theirs wide this holiday season, pushing sales up 3.8%—a faster climb than last year. With five fewer days between Thanksgiving and Christmas, retailers leaned hard on big discounts and online deals, and it paid off. Online shopping soared 6.7%, while clothing, electronics, and even dining out saw big gains. The final five days alone accounted for 10% of the season’s spending frenzy.

• 🔧 Nippon Steel’s Setback
  Nippon Steel’s $14.9 billion bid for U.S. Steel was blocked by President Biden over national security concerns, forcing the Japanese steel giant to rethink its global expansion plans. Analysts are divided—some see financial relief from the deal’s collapse, while others warn it stifles growth, leaving Nippon Steel short of its ambitious 100 million-ton production target. Japanese officials called the decision a “grave matter,” sparking fears it could chill future U.S.-Japan investments.

• ❄️ Storm Blair Disrupts Travel
  Washington, DC was buried under heavy snow as Storm Blair canceled hundreds of flights and left travelers stranded. The storm’s impact stretched across the region, creating a post-holiday headache for airlines and commuters alike.

Featured weekend story

Political Shake-Up in Canada

Justin Trudeau, the poster child of progressive politics, is bowing out after nearly a decade at the helm of Canada. This comes amid plummeting approval ratings for his Liberal Party, voter dissatisfaction over inflation and housing crises, and a staggering 25-point lead for the opposition Conservatives. His exit underscores mounting pressure from party insiders who fear a landslide defeat in the next election.

Trudeau’s political unraveling accelerated last month when his deputy, Chrystia Freeland, resigned with scathing critiques of his ability to navigate growing economic threats, including President-elect Donald Trump’s proposed 25% tariffs on Canadian goods. Freeland’s departure shattered party unity, leaving Trudeau isolated and his government vulnerable. The resignation will likely spark a leadership battle just as Canada braces for a politically charged 2025 with a resurging Trump administration next door.

This moment not only shifts Canada’s political landscape but signals a broader trend of political turnover across North America. With Trump poised to test Canada’s economic resilience, Trudeau’s successor will inherit a precarious position—negotiating international relations, rebuilding party credibility, and addressing domestic woes. As the dust settles, one thing is clear: Canada’s political future just got a lot messier—and the stakes couldn’t be higher.

What to watch this week

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 💰 Bitcoin Takes a Hit
  Bitcoin has tumbled over 10% from its $108,000 peak, dropping below $100k as exchange inflows and miner outflows dwindle. With questions swirling about whether the bubble is bursting, crypto investors are bracing for a volatile week ahead.

• 🚗 Ford and GM Rev Up Sales
  The Detroit giants are nearing 2019 sales highs, with strong performance across both EV and traditional portfolios. As models like the F-150 Lightning and Mustang Mach-E gain traction, the competition in the auto market is shifting into high gear.

• 📉 Overseas Stocks Surge Amid Tariff Buzz
  Global markets rallied while the dollar sank on reports that Trump’s incoming administration may adopt targeted tariffs on imports tied to national and economic security. This approach is reshaping investor sentiment, boosting European stocks and adding momentum to U.S. futures.

Off-balance sheet items

Here’s what we’re reading this week:

• Craft Beer Loses Its Spark: The craft beer boom is fizzling out as financial pressures, competition from hard seltzers, and a rise in non-alcoholic options push breweries to close their doors. While the industry searches for stability, beer lovers are shifting toward cheaper and healthier alternatives (Vice).

• Memecoin Madness Escalates: The wild world of memecoins is only getting weirder, with absurdist cryptocurrencies turning into a $100 billion spectacle. As regulation looms, the next chapter in this chaotic market could redefine how digital currencies operate.

• 'Breaking Bad' House Hits the Market: Walter White’s iconic home from Breaking Bad is up for grabs at a steep $4 million—more than ten times its estimated value. The current owners hope the buyer turns the property into a museum or fan-friendly bed-and-breakfast.

Chart of the week

World Uranium Production & Reactor Requirements

Canada has recently announced a plain to become the world’s uranium provider after demand grows amid discussion about powering AI & clean energy.

The bottom line

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