The Dow Jones Index gained 10 points or 0.02 percent on Friday to close at 52307 points. Gains were led by Coca-Cola (1.68%), Chevron (1.64%) and Walmart (1.39%). Biggest losers were Cisco Systems (-6.24%), Nvidia (-1.92%) and 3M (-1.48%).

The Dow Jones Index Closes 0.02% Higher

Silver decreased to 48.52 USD/t.oz, the lowest since November 2025. Over the past 4 weeks, Silver lost 12.56%, and in the last 12 months, it decreased 3.81%.

Silver Hits 12-month Low

The yield on the 10-year Brazilian government bond edged lower to around 15.3% from the ten-year high of 15.75% reached on November 3, following the Senate’s approval of the federal government’s fiscal adjustment bill. The Senate approved the main text of the complementary bill the previous day. The bill introduces fiscal measures with an estimated impact of up to R$60 billion in 2027 to ensure surplus targets, though senators are only expected to analyze amendments that could still modify its content next Tuesday. Meanwhile, JPMorgan believes the proposed 2027 fiscal measures are insufficient given the size of the public accounts challenge and may pressure companies. Although markets initially welcomed the proposal as a step toward a more robust fiscal agenda, the measures are understood to focus less on structural adjustments to reverse the growing debt trajectory and more on creating room for spending freezes to reach the 0.5% of GDP surplus target for 2027.

Brazil 10-Year Yield Eases on Fiscal Adjustment Bill Approval

The S&P/TSX Composite Index fluctuated around 36,000 as a technology selloff spilling over from Wall Street weighed on equities, though gains in defensive stocks helped offset the decline. The Nvidia leadership crisis triggered another rout in the technology sector. Beyond CEO Huang’s resignation over an alleged relationship with a suspected Chinese spy, Nvidia faces heightened regulatory scrutiny, including probes into whether US export restrictions were circumvented in sales to Chinese companies. Dip buyers remained cautious on the AI trade ahead of Nvidia’s earnings next week. Celestica fell nearly 6%, while Constellation Software and Shopify were volatile. Meanwhile, major banks were subdued as volatile oil prices heightened inflation concerns amid expectations for a BoC rate hike before year-end, with RBC and TD Bank edging lower. In contrast, energy producers posted gains. The index was set for a weekly gain of nearly 1%.

TSX Fluctuates Amid Wall Street Tech Selloff

US stock indices posted losses on Friday amid a renewed selloff in chipmakers. The S&P 500 lost about 0.5%, the Nasdaq fell over 1%, and the Dow was near flat. Chipmakers dragged the indices down in another rout triggered by the Nvidia leadership crisis. Beyond CEO Huang’s resignation over an alleged relationship with a suspected Chinese spy, Nvidia faces heightened regulatory scrutiny, including probes into whether US export restrictions were circumvented in sales to Chinese companies. Dip buyers remained cautious on the AI trade ahead of Nvidia’s earnings next week. Nvidia fell over 2%, Broadcom tumbled nearly 5%, AMD sank over 9%, and Micron lost nearly 4%. Cisco sank 6% despite raising its FY2027 guidance, while Applied Materials fell 4% despite record revenues. Meanwhile, fresh PPI data showed high energy prices raising factory costs in core sectors, reinforcing expectations for multiple Federal Reserve rate hikes this cycle.

US Stocks Fall Amid Renewed Chipmakers Selloff

The Swiss Franc touched 0.84 against the USD, the lowest since May 2025. Over the past 4 weeks, US Dollar Swiss Franc gained 0.55%, and in the last 12 months, it increased 5.65%.

Swiss Franc Hits 17-month Low

Earnings from Nvidia will set the tone for equity markets next week, offering updates on the chip giant's status as a backstop for global AI investment shortly after the firm ousted CEO Jensen Huang. Meanwhile, Anthropic is expected to debut via IPO in the second half of the week amid reports of heavy oversubscription. The war in the Middle East will also continue to drive energy prices and shape global borrowing costs as signs of higher supply from the region clash with lingering risks of escalation. On monetary policy, minutes from the FOMC's latest rate hold, which included two rate-hike dissents, will be scrutinized. Key US economic data includes retail sales, industrial production, and housing indicators. Elsewhere, the UK will post inflation, unemployment, and retail sales figures. In Asia, investors await Chinese industrial production, retail sales, housing prices, fixed-asset investment, and unemployment data, while Japan will release its Q3 GDP figures.

Week Ahead - Nov 16th

European stocks closed mixed for a second session on Friday, as broader gains offset pressure from the tech sector. The Euro STOXX 50 inched down by 0.2% to 6,387 and the STOXX Europe 600 closed marginally above the flatline at a record high of 664.1. Insurers closed firmly higher to extend their rally from the previous session. Allianz and Munich Re added 1% each after both giants beat their earnings expectations yesterday, while AXA added 1%. Meanwhile, Eni and TotalEnergies added 2% each, benefiting from the increase in crude oil prices after yesterday's European close. Still, ASML and Infineon sank 2.8% and 4.3%, respectively, tracking the North American AI infrastructure sector on further risks from Nvidia's leadership change. The European Central Bank is still expected to deliver a rate hike next month, although new data showed that employment levels in the currency bloc stalled in the third quarter for the first time since the pandemic.

STOXX 600 Closes at Record High

The CAC 40 edged 0.1% higher to close at 8,369 on Friday, extending its four-day winning streak despite elevated crude prices and bond yields souring risk appetite. Oil prices were volatile after US President Trump said the US no longer needed a deal with Iran. TotalEnergies added 1.9%, supporting the index. Yields climbed on increased bets for further ECB rate hikes as annual inflation hit 3.4%, the highest since December 2023. Bonds also remained under pressure from fiscal concerns and political turmoil ahead of next year’s election. Industrial stocks fell, with Airbus down 0.8% and Safran down 1.8%. Financials were mixed after Goldman Sachs downgraded European banks to "neutral" and insurers to "underweight" for 2027. Société Générale fell 0.5%, while AXA gained 1.1%. Tech stocks declined amid uncertainty triggered by Nvidia's leadership crisis, with STMicroelectronics down 0.9% and Schneider Electric losing nearly 0.5%. The index rose 3% for the week.

CAC 40 Extends Winning Streak

The FTSE MIB Index rose 36 points or 0.07 percent on Friday to close at 51844 points. Leading the gains are Brunello Cucinelli (2.82%), Amplifon (2.58%) and Eni (1.78%). Top losers were Fincantieri (-4.03%), Technoprobe (-2.66%) and Prysmian (-2.56%).

The FTSE MIB Index Closes 0.07% Higher

The DAX Index dropped 27 points or 0.10 percent on Friday to close at 26745 points. Losses were led by Infineon (-4.09%), Hochtief (-2.48%) and MTU Aero Engines AG (-1.26%). Offsetting the fall, top gainers were Brenntag (2.26%), E.ON (1.64%) and Fresenius Medical Care (1.26%).

The DAX Index Closes 0.10% Lower

The CAC 40 Index went up by 9 points or 0.10 percent on Friday to close at 8370 points. The rise was led by TP (2.54%), TotalEnergies SE (1.76%) and Pernod Ricard (1.54%). On the downside, the weakerst performers were ArcelorMittal (-3.03%), Kering (-2.28%) and Safran (-1.60%).

The CAC 40 Index Closes 0.10% Higher

The FTSE 100 Index rose 43 points or 0.40 percent on Friday to close at 10906 points. Leading the gains are Centrica (3.65%), Aviva (3.34%) and Associated British Foods (2.39%). Top losers were 3i (-3.04%), Computacenter (-2.13%) and Antofagasta (-1.96%).

The FTSE 100 Index Closes 0.40% Higher

The Russian GDP expanded by 1.0% from the previous year in the third quarter of 2026, slowing from the 1.3% rise in the second quarter, and remaining well below growth rates in other emerging markets. The slowdown was in line with warnings by the Central Bank of Russia, which noted that drone strikes from Ukraine are hampering capacity across several sectors of the Russian economy, in a rare acknowledgement of the impact of the war. These include attacks on data centers, refineries, and logistics hubs five years into the Russian invasion of Ukraine. Data from Rosstat indicated that output from refineries fell 18% year-on-year, pressuring energy-intensive mining and wholesale trade.

Russian GDP Growth Slows

Frankfurt's DAX 40 closed marginally down at 26,735 on Friday, but still close to record levels, as a strong earnings season helped to offset concerns over inflation and interest rates  Investors also remained cautious amid uncertainty surrounding Nvidia’s leadership transition and its implications for the AI sector. Technology and aerospace and defence stocks were the biggest draggers, while insurers and utilities performed solidly. Brenntag remained at the forefront of the index, rising 2.2%. E.ON (+1.6%) and RWE (+0.6%) were buoyed by reports that the German government plans to acquire their combined one-third stake in nuclear UK-based company Urenco. For the week, the index advanced by 3.6%, the best performance since June.

DAX Finishes Cautious, Still Posts Weekly Gain

The FTSE 100 rose on Friday, extending its gains for a third consecutive session and reaching a three-month high, outperforming other European markets. The advance was supported by oil majors, healthcare companies and consumer staples. Shell gained 1.7% and BP rose 1.3%, as oil prices held firm after US President Donald Trump suggested Washington could forgo a deal with Iran, reducing hopes of a swift resolution to the conflict. AstraZeneca and GSK added around 0.6–0.8%, while Unilever advanced 1.3% and BAT gained 1%. Aviva was among the top performers, rising approximately 3% after reaffirming its three-year targets and reporting stronger inflows into its wealth business. In contrast, mining stocks weakened as gold headed for its steepest weekly decline since June, silver traded near a one-year low and copper hit a four-month low. Antofagasta and Anglo American fell more than 2%, while defence stocks and banks also underperformed. The FTSE 100 gained around 2% over the week.

FTSE Ends Week Higher

Palladium futures held around $1,000 an ounce, remaining near a two-week high as traders weighed Middle East developments against a subdued long-term demand outlook. Stalled diplomatic efforts between the US and Iran kept oil prices high as markets assessed the prospects for a truce. As energy prices remain elevated compared to pre-war levels, persistent inflation continues to fuel expectations of further monetary tightening across nations, dampening investment demand for the non-yielding metal. Over the longer term, elevated financing costs, alongside weaker vehicle production and the gradual shift towards EVs, weigh on automotive demand, a major source of palladium consumption. Still, a modest recovery is expected in 2027 amid stable hybrid demand. Constrained output from Russia, the world's largest palladium producer, offers some support, with Nornickel warning that an overhaul at one of its plants could extend into 2028.

Palladium Hovers Near 2-Week High

Platinum futures fell below $1,530 per ounce, retreating from a two-week high as traders weighed Middle East developments against a subdued long-term demand outlook. Stalled diplomatic efforts between the US and Iran kept oil prices elevated as markets assessed the prospects for a truce. As energy prices remain elevated compared to pre-war levels, persistent inflation continues to fuel expectations of further monetary tightening across nations, dampening investment demand for the non-yielding metal. Over the longer term, elevated financing costs, alongside weaker vehicle production and the gradual shift towards EVs, weigh on automotive demand, a major source of platinum consumption. Expectations of a modest market surplus add to the bearish pressure. Still, rising hybrid production, continued catalytic-converter demand and longer-term applications in green hydrogen and industry offer some support.

Platinum Retreats From 2-Week High

European natural gas prices fell to €91/MWh, retreating after three consecutive sessions of gains, although they remained more than 6% higher over the week. Investors weighed short-term supply disruptions and colder weather forecasts against already low inventories ahead of winter. Temperatures are expected to decline across Europe from November 17, with further cold spells possible in late November and early December, potentially boosting heating demand. Meanwhile, Norwegian gas flows weakened as outages intensified, particularly at the Troll field, where operator Gassco said the duration of the disruption remained uncertain. Supply concerns were compounded by EU storage levels below 72%, compared with a five-year seasonal average of 89%, while Germany’s reserves stood below 60%. Geopolitical tensions provided additional support after US President Donald Trump dismissed the need for a deal with Iran and tanker attacks in the Strait of Hormuz continued.

European Natural Gas Prices Snap 3-Day Gain

US natural gas prices fell to $3.23 per million British thermal units on Friday, retreating from a seven-week high of $3.34 reached on November 12, as warmer-than-normal winter forecasts and profit-taking weighed on the market following a weather-driven rally. Traders have increasingly priced in the recent cold spell, while expectations of mild conditions point to weaker heating demand and greater scope for storage injections. The latest federal report showed inventories reaching 2% above normal in the week ended November 6, up from a 1.4% surplus a week earlier. Ample supply and rising production also pressured prices, alongside softer export activity. Average gas flows to the nine major US LNG export terminals eased to 18.1 bcfd so far in November, from 18.5 bcfd in October. Meanwhile, Lower 48 output averaged 112.4 bcfd. During the week, US natural gas prices rose more than 7%.

US Natgas Prices Fall from 7-Week High

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, fell by 1.3% to 2,980 points on Friday, bringing a seven-day winning streak to an end. The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, dropped by 2.4% to 4,719 points. Meanwhile, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, rose by 0.1% to a fresh high since October 22 at 2,118 points. Among smaller vessels, the supramax index increased by 0.3% to its highest since November 3 at 1,836 points. For the week, the benchmark recorded a 4.4% advance.

Baltic Dry Index Snaps 7-Day Winning Run

The CAC 40 was little changed above the 8,000 mark on Friday, set to halt a four-day winning streak as rising crude prices and elevated bond yields dampened risk appetite. Oil prices rose after US President Trump stated that Washington no longer required an agreement with Iran, dimming prospects for diplomatic de-escalation. Yields climbed on increased bets of further ECB interest rate hikes after annual inflation rose to 3.4%, marking its fastest pace since December 2023. Government bonds also remained under pressure from domestic fiscal concerns and political turmoil ahead of next year's presidential election. Heavyweight industrial stocks posted sharp losses, with Airbus and Thales down over 1% each, while Safran shed nearly 2%. Financials were mixed, with Société Générale down 1% while AXA gained nearly 1%. Tech stocks fell amid sector uncertainty triggered by a leadership crisis at Nvidia, with STMicroelectronics dropping 1.5% and Schneider Electric losing nearly 1%.

CAC 40 Wavers on Elevated Bond Yields and Oil Prices

US energy companies added 61 billion cubic feet (bcf) of natural gas to storage in the week ended November 6, below market expectations for an injection of 66 bcf. Total gas inventories rose to 3.862 trillion cubic feet, standing 2.3% below year-earlier levels but 2% above the five-year average for this time of year. The latest figures followed an injection of 77 bcf in the previous week ended October 30.

US Natural Gas Stocks Rise Less Than Expected

Colombia’s real retail sales rose 9.7% year on year in September 2026, following a 7.3% increase in August and beating estimates of an 8.7% rise. Fifteen of the 19 surveyed product categories recorded sales growth. The largest positive contributions came from motor vehicles and motorcycles mainly for household use, whose sales surged 42.3%, and other motor vehicles and motorcycles, up 21.7%. These were followed by spare parts, accessories, and lubricants for vehicles (6.2%); household appliances and furniture (10.3%); personal hygiene, cosmetics, and perfumery products (7.8%); televisions (12.9%); and computers and telecommunications equipment (3.6%). Excluding fuel trade, the sector’s real sales rose 11.6%, while employed personnel grew 1.2%.

Colombia Retail Trade Growth Beats Forecasts

South Africa’s 10-year government bond yield moved up to near 8.70%, its highest since late October, tracking a broader global increase in government bond yields. Persistent inflationary pressures and rising oil prices amid geopolitical uncertainty reinforced expectations of interest rates remaining higher for longer. Domestically, attention turns to next week’s October inflation data and the SARB’s policy announcement. Headline inflation edged up to 4.5% year-on-year in September, from 4.4% in August, moving further away from the central bank’s 3% target. Economists expect a sharper acceleration in October following a surge in fuel prices, potentially prompting further monetary tightening. The SARB raised its policy rate to 7.25% in September, citing the energy price shock. Meanwhile, the ANC’s poor electoral performance has deepened internal divisions and added to uncertainty surrounding President Cyril Ramaphosa’s political future.

South Africa 10-Year Bond Yield Rises to 2-Week High

Colombia’s industrial production rose 1.5% year-on-year in September 2026, rebounding from a 3.6% decline in the previous month and defying market expectations of a 0.8% contraction. The strongest increases were recorded in beverage manufacturing (+11.9%), soap, detergent, perfume and toilet preparation manufacturing (+15.2%), fabricated metal products (+13.6%), and pharmaceutical and medicinal chemical manufacturing (+5.3%). In contrast, output fell in other food products (-12.4%), wearing apparel (-11.2%), textile spinning, weaving and finishing (-18.9%), and meat, fish, crustacean and mollusc processing and preservation (-7.1%). Real sales in the sector rebounded by 0.6% after declining 3.5%, while employment fell further by 1.4% after a 1.2% decrease, extending its contraction to a ninth consecutive month. Year-to-date, industrial production edged up 0.5%.

Colombia Industrial Output Beats Expectations

The S&P/TSX Composite Index wavered around 36,000 on Friday, as major banks posted losses while miners and tech stocks gained. Meanwhile, crude oil prices rose in a volatile session amid persistent US-Iran tensions after President Trump stated the US no longer needs a deal with Iran, dampening hopes for a diplomatic resolution. Major banks were subdued as rising oil prices heightened inflation concerns amid expectations for a BoC rate hike before year-end. Conversely, Canadian Natural, Suncor, and Imperial Oil edged higher. Miners gained as gold prices rose, with Agnico Eagle, Barrick, and Franco-Nevada up about 1% each. Most tech stocks posted gains, rebounding after recent losses triggered by Nvidia’s leadership crisis which injected uncertainty into the AI trade and the broader global technology sector. Shopify rose 2%, and Constellation Software added more than 1%. In contrast, Celestica tumbled 6%.

TSX Wavers Amid Oil Volatility

US stock indices wavered on Friday as markets gauged risks to the AI trade following the ousting of Jensen Huang as Nvidia CEO. The S&P 500 eased below the flatline and the Nasdaq 100 fell nearly 0.8%, while the Dow inched higher. Nvidia fell 2.5% amid reports that Chinese firms gained wide access to Nvidia chips through Megaspeed. The company has lost 25% since the first reports emerged two weeks ago that ousted CEO Huang was involved with a suspected Chinese spy, risking greater scrutiny for the AI industry and Nvidia's role as a global backstop for investment in AI infrastructure. Broadcom, AMD, and Marvell fell over 5% each. Meanwhile, Cisco fell 5% despite raising its guidance for FY2027 earnings, while Applied Materials sank 4% despite posting record revenues. At the same time, fresh PPI data continued to show that high energy prices are impacting factory costs in core sectors of the economy, consolidating expectations for multiple Federal Reserve rate hikes this cycle.

US Stocks Waver on Tech Weakness

The South African rand weakened toward 17 per USD, reaching the lowest since early April, pressured by the dollar's strength and subdued prices of precious metals, reflecting growing expectations of more aggressive Federal Reserve monetary tightening. Also, rising oil prices amid fading hopes for peace in the Middle East added to inflation concerns. This affects directly South Africa's econnomy, as the country relies hevily on oil imports. Meanwhile, local investors waited for next week's South Africa's October CPI release and the SARB rate decision.

South African Rand at 7-Month Lows

The Dow Jones Index is picking up 90 points or 0.17 percent on Friday. Gains are led by Alphabet (1.53%), Apple (1.29%) and Walmart (0.92%). Biggest losers are Cisco Systems (-3.62%), Nvidia (-1.49%) and Home Depot (-1.12%).

The Dow Jones Index Opens 0.17% Higher

US stock indices rose on Friday, extending gains from the week after the release of PPI data, while markets gauged risks to the AI trade following the ousting of Jensen Huang as Nvidia CEO. The S&P 500, the Nasdaq 100, and the Dow inched up to 0.4%. Headline and core producer prices refrained from surpassing market estimates, even though annual increases were around three-year highs. The Federal Reserve is expected to raise interest rates next month, although positions reflecting a larger 50bps hike were kept muted. Meanwhile, Nvidia halted their selloff, triggered after Huang's ousting injected uncertainty into the firm's dominance in semiconductors and its role as a global backstop for investment in the AI sector. Other tech companies were higher, with Amazon and Alphabet adding more than 1%. Meanwhile, Cisco fell 4% despite raising its guidance for FY2027 earnings, while Applied Materials inched down after posting record revenues.

US Stocks Inch Higher on Friday

Poland’s trade deficit widened to €1.81 billion in September 2026 from €1.03 billion a year earlier. Imports rose 11.9% year on year to €35.06 billion, driven mainly by higher fuel imports, particularly petroleum products, due to elevated prices and increased supply volumes. Imports of computer parts and durable consumer goods also posted significant growth, while clothing imports reached a record value. Exports grew 9.7% to €33.25 billion. As in previous months, computer equipment exports recorded the highest value growth, followed by strong gains in aircraft engines, petroleum products, and raw silver. Conversely, a deepening decline in passenger car exports, lower foreign sales in other automotive categories, and a continued downward trend in furniture exports weighed on overall export dynamics.

Poland Trade Deficit Widens in September

Silver fell below $50 an ounce on Friday, hovering near levels last seen in November 2025, as a stronger US dollar and rising Treasury yields fueled expectations of more aggressive Federal Reserve tightening. Meanwhile, higher oil prices amid fading hopes for peace in the Middle East added to inflationary concerns. Data this week showed US consumer prices rose 0.4% in October, slightly above forecasts, while producer price inflation eased more than expected to 0.3%, although September's reading was revised higher. Markets are pricing in an 89% chance of a 25-basis-point rate hike in December, while the probability of a larger 50-basis-point increase stands at 11%. New York Fed President John Williams further reinforced the hawkish outlook, signaling that additional rate hikes may be needed to bring inflation under control.

Silver Falls Below $50

Brazil’s Industrial Business Confidence Index fell 6.0 points to 40.2 in November 2026, its lowest level since May 2020 at the start of the pandemic. The index remained below the 50-point threshold for the 23rd consecutive month, meaning the industry has spent almost two years in pessimistic territory. The Expectations Index dropped 7.8 points to 41.5, its lowest since May 2020. Pessimism about the Brazilian economy intensified, with assessments of the country's economic outlook deteriorating by 10.7 points to 32.7. Entrepreneurs’ expectations for their own companies fell 6.4 points to 45.9. Meanwhile, the Current Conditions Index fell 2.3 points to 37.7, its lowest value since July 2020. Assessments of the Brazilian economy worsened by 2.7 points to 30.6, while views on individual companies' economic conditions deteriorated by 2.1 points to 41.2.

Brazil Business Confidence Hits Pandemic Low

Gold traded largely unchanged near $3,880 an ounce on Friday, hovering around levels last seen in September 2025, as a stronger US dollar and rising Treasury yields reflected growing expectations of more aggressive Federal Reserve monetary tightening. Meanwhile, rising oil prices amid fading hopes for peace in the Middle East added to inflation concerns. Data this week showed US consumer prices rose 0.4% in October, slightly above market expectations. Producer price inflation, meanwhile, eased more than anticipated to 0.3%, although September's reading was revised higher. Markets are currently pricing in an 89% probability of a 25-basis-point Fed rate hike in December, while the likelihood of a larger 50-basis-point increase stands at 11%. Adding to the hawkish outlook, New York Fed President John Williams said on Thursday that further rate increases were likely as the central bank continues its efforts to bring elevated inflation under control in an otherwise resilient economy.

Gold Under Pressure as Hawkish Fed Expectations Lift Dollar

Futures tracking Canadian equities were muted on Friday as oil prices were nearly flat and gold edged higher, while Jensen Huang’s resignation as Nvidia CEO continued to weigh on the technology sector. Global stocks were subdued after a turbulent week dominated by news of Huang’s alleged relationship with a suspected Chinese spy, which led to his resignation and created uncertainty in the AI trade and the broader technology sector. Shopify inched lower in US pre-market trading, while Celestica rose. Meanwhile, oil prices hovered near the flatline amid uncertainty over US-Iran diplomacy prospects. US-listed Canadian energy producers gained in pre-market trading, while major banks were mixed amid energy-driven inflation worries. Markets expect the BoC to raise interest rates again before year-end, ahead of fresh inflation data due next week. The S&P/TSX Composite Index is set to rise nearly 2% on the week.

Canadian Futures Hover Near Flat

The yield on the 10-year US Treasury note was at 5.13% on Friday, holding a 30bps surge on the week as evidence of high inflation consolidated bets of more rate hikes by the Federal Reserve. The latest PPI data showed that headline and core annual inflation rates are at their highest in three years, maintaining the hawkish pressure from the hot CPI released earlier in the week. The rise in core consumer prices indicated that the surge in energy prices was impacting other areas of the economy, driving FOMC members to signal that higher rates are warranted. Meanwhile, Treasury yields in the belly of the curve surged after Jensen Huang resigned as president and CEO of Nvidia, sparking fears of turmoil in the debt-laden AI sector. Because Nvidia has anchored and backstopped a massive wave of AI-related corporate bond issuance, a sudden freeze in the sector's credit activity risked triggering broader fixed-income selloffs as investors liquidated positions.

US 10-Year Yield Surges 30bps This Week

Canada’s wholesale sales rose 0.7% month over month to C$92.5 billion in September 2026, beating estimates of a 0.5% increase and rebounding from a 1.6% drop in August. Sales grew in five of the seven surveyed subsectors. The largest gain came from machinery, equipment, and supplies, which rose 3.6%, driven by a 10% increase in computer and communications equipment sales. The motor vehicle and parts subsector posted the second-largest increase, rising 2.4%, with growth across all its industry groups, led by a 2.7% rise in motor vehicle sales. These gains were partly offset by a 2.9% decline in building materials and supplies. In Q3 2026, wholesale sales rose 1.5% quarter over quarter to C$277.5 billion.

Canada Wholesale Trade Beats Estimates in September

Canada’s manufacturing sales were essentially unchanged at C$80.2 billion in September 2026, missing estimates of a 0.1% increase and stalling after a 1.5% rise in August. Sales fell in 11 of the 21 surveyed subsectors, with the largest declines in primary metals (-9.5%) and wood products (-7.0%). The drop in primary metals was driven mainly by non-ferrous metal production and processing, excluding aluminum. In contrast, sales of petroleum and coal products rose the most (+10%), driven by higher prices, as constant-dollar sales declined 0.6%. Ongoing Middle East conflict continued to push refined petroleum prices higher. Excluding the petroleum and coal products subsector, total manufacturing sales fell 1.5% in September. On a quarterly basis, manufacturing sales increased 1.7% to C$239.3 billion in Q3.

Canada Manufacturing Sales Stagnate in September

The US dollar index held above 103 on Friday, hovering at its highest level since April 2025, supported by persistent inflationary pressures that strengthened expectations of further monetary tightening by the Federal Reserve. US producer prices rose 6.5% year over year in October, the fastest annual increase since 2022, although the reading was slightly below market expectations of 6.6%. Monthly PPI growth also undershot forecasts, rising 0.3% against expectations of 0.4%. Excluding food and energy, prices increased 5% annually and 0.3% month over month, both in line with estimates. Following another firm reading of underlying consumer inflation earlier in the week, markets widely expect the Fed to raise interest rates by 25 basis points on December 9. Meanwhile, President Donald Trump suggested Washington could forgo a deal with Tehran, renewing uncertainty over US-Iran relations.

DXY Hovers at 19-Month High

The Ibovespa edged higher to near 172,000 on Friday following the Senate’s approval of the federal government’s fiscal adjustment bill. The Senate approved the main text of a complementary bill the previous day. The bill provides for fiscal measures with an estimated impact of up to R$60 billion in 2027 to ensure surplus targets. However, senators are only expected to analyze amendments that could still modify its content next Tuesday. JPMorgan believes the government’s proposed 2027 fiscal measures are insufficient given the size of the public accounts challenge and may pressure companies, recommending caution with Brazilian equities. Financials were mixed, Itaú and Bradesco gained nearly 0.5%, while Banco do Brasil fell about 1%, extending an 8.6% slump from the previous session following weaker-than-expected results. B3 also fell 1% despite reporting revenues above estimates. Elsewhere, Rede D’Or rose over 2.5% after posting EBITDA in line with estimates.

Ibovespa Edges Up on Fiscal Adjustment Bill Approval

US stock indices rose on Friday, extending gains from the week after the release of PPI data, while markets gauged risks to the AI trade following the ousting of Jensen Huang as Nvidia CEO. Contracts for the S&P 500, the Nasdaq 100, and the Dow gained around 0.5%. Headline and core producer prices refrained from surpassing market estimates, even though annual increases were around three-year highs. The Federal Reserve is expected to raise interest rates next month, although positions reflecting a larger 50bps hike were kept muted. Meanwhile, Nvidia shares were 2% higher premarket, trimming yesterday's slump after Huang's ousting injected uncertainty into the firm's dominance in semiconductors and its role as a global backstop for investment in the AI sector. Other tech companies were higher, with Amazon and Alphabet adding more than 1%. Meanwhile, Cisco fell 4% despite raising its guidance for FY2027 earnings, while Applied Materials inched down after posting record revenues.

US Futures Gain Ground After PPI

Core producer prices in the United States, which exclude food and energy goods, rose by 0.3% over a month in October 2026, slowing from the upwardly revised 0.8% increase in September, in line with market forecasts. This mainly reflected easing energy price pressures. From the previous year, core producer inflation rose by 5%, the same pace as in the prior month, also matching analysts' estimates.

US Core PPI Slows as Forecast

US producer prices rose 0.3% month-over-month in October 2026, easing from an upwardly revised 1.4% increase in September and below market expectations of 0.4%, largely reflecting easing energy price pressures. Core PPI, which excludes food and energy, increased 0.3% month-over-month, down from 0.8% in September. On an annual basis, however, headline producer inflation accelerated to 6.5%, its highest level since November 2022, while core PPI inflation remained unchanged at 5%, its highest reading since early 2023.

US Producer Inflation Eases

Poland's current account deficit narrowed to €718 million in September 2026, from a revised €932 million a year earlier, as a smaller primary income shortfall more than offset widening deficits in goods and secondary income. The primary income deficit shrank to €2,091 million from €3,812 million in September 2025. By contrast, the goods trade deficit widened to €1,810 million from €1,027 million, as imports rose 11.9%, outpacing the 9.7% increase in exports. The secondary income balance also deteriorated, shifting to a deficit of €82 million from a surplus of €547 million. Meanwhile, the services surplus edged down to €3,265 million from €3,360 million.

Poland Current Account Gap Shrinks in September

Canada’s 10-year government bond yield rose above 3.8% from a two-month low of 3.65% reached on November 9th, as markets increasingly price in an interest rate hike by the BoC before year-end. Annual inflation rose to 3.1% in September from 3.0% in August, its highest since May’s 3.2%. Rising prices follow a recovering economy, with Q2 GDP growth at 0.8%, while the Democratic Party’s victory in the US midterms could soften trade pressures on Canadian growth. However, tempering hawkish certainty, employment fell by 4,700 in October, missing expectations for a 13,600 increase. Meanwhile, US Treasury yields held at three-week highs amid growing expectations for faster Federal Reserve policy tightening, following hotter-than-expected US consumer inflation data and hawkish remarks from Fed officials, adding to hawkish pressures in Canada.

Canada Bond Yield Tops 3.8% on BoC Hike Bets

US 10 Year Government Bond Yield increased to 5.16%, the highest since October 2026. Over the past 4 weeks, US 10 Year Note Bond Yield lost 2.80 basis points, and in the last 12 months, it increased 101.10 basis points.

US 10Y Bond Yield Hits 4-week High

TSX Futures Muted Amid Nvidia Crisis Fallout

US stock indices were muted on Friday, holding gains from the week ahead of new inflation data, while markets gauged risks to the AI trade following the ousting of Jensen Huang as Nvidia CEO. Contracts for the S&P 500, the Nasdaq 100, and the Dow were above the flatline. Core producer prices are expected to have grown at a historically fast pace in October, consolidating evidence that high energy prices are seeping through the economy and supporting bets on a rate hike by the Federal Reserve next month and multiple more hikes next year. Meanwhile, Nvidia shares were 2% higher premarket, trimming yesterday's slump after Huang's ousting injected uncertainty into the firm's dominance in semiconductors and its role as a global backstop for investment in the AI sector. Other tech companies were higher, with Amazon and Alphabet adding more than 1%. Meanwhile, Cisco fell 4% despite raising its guidance for FY2027 earnings, while Applied Materials inched down after posting record revenues.

US Stock Futures Inch Higher

Cotton increased to 83.27 USd/Lbs, the highest since September 2026. Over the past 4 weeks, Cotton gained 3.19%, and in the last 12 months, it increased 33.19%.

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