Vale has scrapped plans for an initial public offering of its critical minerals subsidiary, Vale Base Metals (VBM), people familiar with the matter said. The decision was driven in part by opposition from the Brazilian government, which does not want to cede control of strategic mining assets. VBM was carved out from Vale in 2023 as a standalone unit ahead of a planned listing. Vale owns 90% of VBM, while Saudi Arabia’s Manara Minerals bought a 10% stake for roughly US$2.5 billion in 2024.

A potential U.S. import tariff is reshaping the copper market by pulling metal into the United States and tightening availability elsewhere. LME three-month copper rose as high as $14,343 per metric ton on Tuesday after 65,400 tons were ordered for withdrawal from LME warehouses in recent days. Traders have been arbitraging a higher COMEX premium by moving copper into the U.S., pushing COMEX inventories to a record 675,185 tons after 46 straight days of increases. Glencore’s CEO said copper shipped into the U.S. is unlikely to be exported again because of the costs, leaving what had been expected to be a surplus market looking far tighter in practice.

Anthropic is projecting 2028 revenue of about $190 billion to $200 billion, far above the $47 billion revenue “run rate” it disclosed previously, according to people familiar with the company’s financials. The company’s revenue run rate was about $9 billion at the end of 2025. It has forecast at least $10.9 billion in revenue for the second quarter of 2026 and is on track for a first quarterly operating profit of $559 million.

Reddit will be added to the S&P 500, replacing AvalonBay Communities. J.P. Morgan estimates index funds tracking the benchmark will need to buy about 16.7 million Reddit shares, nearly three times its average daily trading volume. Reddit was indicated at $175.69 in premarket trading, with the stock down more than 31% year to date and off more than 42% from its all-time high. AvalonBay is exiting the index after agreeing to a $69 billion all-stock merger with Equity Residential.

Apotex reported a $38.3 million net loss in its first quarter, compared with a $362.7 million profit a year earlier. Revenue fell 25.6% to $848 million from $1.14 billion. Diluted loss per share was 19 cents versus diluted earnings per share of $1.88 in the prior-year quarter. The company completed an upsized IPO on June 16 at $24 per share, raising nearly $1.5 billion that CEO Jeff Watson said will be used to reduce debt and add balance-sheet flexibility.

Hydro One reported second-quarter net income attributable to common shareholders of $370 million, or 62 cents per diluted share, for the quarter ended June 30, up from $327 million, or 54 cents, a year earlier. Revenue rose to $2.30 billion from $2.07 billion in the second quarter of 2025. The utility said the increase in diluted earnings per share was largely driven by higher revenue from Ontario Energy Board-approved rates and stronger peak demand. In June, Megan Telford became chief executive after former CEO David Lebeter retired.

Cargojet reported second-quarter revenue of $275.8 million after markets closed on Monday, up 15.8 per cent year over year and above expectations. Net earnings were $7 million, compared with a net loss of $3.2 million a year earlier. Adjusted EBITDA rose to $87.3 million, also topping forecasts. AGT Food reported revenue of $634.2 million, up from $623.6 million a year ago.

Canada’s real GDP rose 0.3% in May, outpacing economists’ expectations, and an advance estimate showed a further 0.2% increase in June, Statistics Canada said. The figures put second-quarter annualized growth on track to top 3%, above the Bank of Canada’s 2.5% projection. Brent crude averaged above US$100 a barrel in May, while Western Canada Select averaged US$83 a barrel. The combination of firm economic momentum and high oil prices has strengthened Canada’s energy-export performance and helped support Brent prices.

TMX Group, the parent of the Toronto Stock Exchange, said it will invest US$800million in cash in U.S. exchange operator and market-technology provider MEMX and take a 59% controlling stake. TMX will also combine BOX, the U.S. equity options market it controls, with MEMX to form a US$2.3billion entity. The move extends TMX’s acquisition push since 2023, including the purchases of VettaFi and RAFI Indices. It comes alongside TMX’s efforts to buy Cboe’s Canadian and Australian assets.