Global Markets
Canadian Markets
Canada’s main stock index opened higher on Thursday but quickly leveled off after Federal Reserve Chair Jerome Powell’s remarks struck a cautious tone on the U.S. economy. Commodity-linked equities once again provided much of the support to the Toronto Stock Exchange with gold prices climbing more than 1% as investors sought safe-haven assets amid lingering global growth worries and geopolitical risks, with Oil prices advanced by almost 2% on supply concerns.
American Markets
US markets traded lower following a three-day tech-fueled rally that had propelled the S&P 500, Dow, and Nasdaq to record highs. Investors took a breather from aggressive buying as attention shifted to Federal Reserve Chair Jerome Powell’s remarks, stating there are “no risk-free path” for the central bank’s next action, as inflation is still sticky and job creation is under pressure, which sent traders to the sidelines to reduce risk.
European Markets
European markets advanced, lifted by strength in wind energy and technology stocks. Optimism was reinforced as Germany’s leading economic institutes revised up their 2025 GDP growth forecast to 0.2%, signaling a modestly more constructive outlook for Europe’s largest economy. New data showed Finland’s unemployment rate rose to 10%, the highest level in two decades, underscoring persistent labor market challenges in parts of the eurozone.
In the United Kingdom, stocks posted slight gains, though sentiment remained fragile. Businesses are expressing concern about thenew tax hikes as the government seeks to balance public finances, while the nation’s industrial sector shows tentative signs of stabilization. The latest data from S&P Global revealed the UK PMI Composite Output Index slipped to 51.0 in September, down from August’s 12-month high of 53.5, which reflects slowing momentum in both services and manufacturing output.
Corporate Stock News
Accenture Plc (ACN) – The tech consultancy has proposed establishing a new campus in Visakhapatnam, Andhra Pradesh, India, with plans to eventually add about 12,000 jobs. India, where Accenture already employs more than 300,000 people, remains its largest workforce base globally. The proposal, currently under state review, includes a request for 10 acres of land.
Amazon.com Inc (AMZN) – The company sued New York’s Public Employment Relations Board to block enforcement of a new law regulating private sector labor disputes, calling it unconstitutional. Separately, the U.S. Federal Trade Commission is preparing to argue that Amazon misled Prime customers by making it overly difficult to cancel subscriptions.
Boeing Co (BA) – Uzbekistan Airways signed an $8.5 billion deal to purchase up to 22 Boeing 787 Dreamliners, supporting about 35,000 U.S. jobs. The agreement, finalized during the UN General Assembly in New York, marks the largest aircraft deal in Central Asia. Meanwhile, Boeing is offering remedies to the EU to secure approval for its planned buyback of Spirit AeroSystems.
Boeing Co (BA) & Lockheed Martin Corp (LMT) – Turkish President Erdogan is planning to purchase hundreds of Boeing airliners and Lockheed jets, alongside $10 billion in local production deals, pending U.S. approval. The potential agreement aligns with an upcoming White House meeting between Erdogan and President Trump.
Calian Group Ltd (CGY:CA) – The company launched Calian Ventures, a new initiative aimed at helping Canadian SMEs scale proven defense solutions into sovereign capabilities, strengthening domestic innovation.
Exxon Mobil Corp (XOM) – Exxon began production at new facilities in its Singapore refinery to convert high-sulphur crude into higher-value products, expanding Group-II base stocks capacity by 20,000 barrels per day. Crude imports at the plant surged to a record 541,000 barrels per day in August.
Illumina Inc (ILMN) – Element Biosciences filed lawsuits in California and Delaware alleging Illumina engaged in antitrust violations and patent infringement. The suits claim Illumina monopolized next-gen DNA sequencing, raised prices, and suppressed innovation.
Johnson & Johnson (JNJ) – The company will withdraw its LINX Reflux Management System, a device for treating acid reflux, from markets outside the U.S. beginning in March 2026. The withdrawal was attributed to commercial reasons, not safety or efficacy issues.
JPMorgan Chase & Co (JPM) – CEO Jamie Dimon said the bank will work with stakeholders after President Trump announced a $100,000 fee for H-1B visas. Dimon noted the decision caught businesses by surprise, stressing the importance of global mobility for JPMorgan’s workforce.
Kenvue Inc (KVUE) – Shares rebounded in European trading after President Trump linked Tylenol to autism risk during pregnancy. Citi analysts said limited judicial risk exists due to lack of scientific evidence, though negative headlines may weigh on Tylenol consumption.
KKR & Co Inc (KKR) – The private equity giant is holding its first board meeting in Asia, hosted in Tokyo. Senior leadership emphasized Japan as a core market, citing nearly two decades of investments and recent governance reforms spurring record dealmaking activity.
Lexicon Pharmaceuticals Inc (LXRX) – The FDA delayed its review of additional data for diabetes drug Zynquista to Q4 2025, extending from the prior September timeline. The data submission followed a complete response letter raising safety concerns over diabetic ketoacidosis.
Lululemon Athletica Inc (LULU) – Baird maintained a Neutral rating while raising its target price from $195 to $225, reflecting improved growth expectations.
Marathon Petroleum Corp (MPC) – The company plans to complete mid-October repairs on a fire-damaged hydrotreater at its Galveston Bay Refinery. Smaller hydrotreaters have restarted, while the largest unit affected by the June fire is expected to return to service soon.
Nvidia Corp (NVDA) – Nvidia’s $100 billion partnership with OpenAI is raising antitrust concerns. Analysts caution that consolidation of AI development resources among a few players could harm smaller rivals and competition.
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Interesting to see how Powell’s cautious remarks quickly cooled momentum in both U.S. and Canadian markets, especially after such a strong tech rally earlier in the week. The divergence between Europe’s modest optimism on GDP growth and Finland’s rising unemployment is a good reminder of how uneven recovery trends still are across regions. It’ll be worth watching whether the recent strength in commodities can offset some of that uncertainty in the near term.