Global Markets
Canadian Markets
Canada’s main stock index fell sharply as gold prices plunged over 5%, triggering a broad selloff across the mining sector. The decline in precious metals came as investors reacted to stronger-than-expected inflation data, which could dampened expectations for near-term interest rate cuts.
According to Statistics Canada, the nation’s annual inflation rate rose to 2.4% in September, exceeding economists’ forecasts of 2.2%. Excluding gasoline, inflation climbed to 2.6%, indicating that underlying price pressures remain persistent. The increase was primarily driven by higher grocery prices, which were up 4% year-over-year, fueled by rising costs for fresh vegetables and sugary goods. Conversely, gasoline and travel tour prices fell, but at a slower pace compared to previous months, offering limited relief to consumers.
The stronger inflation reading has renewed speculation that the Bank of Canada may need to maintain its restrictive monetary stance for longer, putting pressure on rate-sensitive sectors such as utilities and real estate. Meanwhile, declining gold prices weighed heavily on Canadian miners, contributing to the overall weakness in the TSX Composite Index.
American Markets
In the United States, markets traded mixed as investors prepared for a busy week of corporate earnings reports from major companies including Netflix and Tesla. Market sentiment remained cautious as traders assessed how third-quarter results might influence the broader outlook for earnings growth and economic resilience heading into year-end.
General Motors helped power the Dow Jones Industrial average up through 47,000, as the stock surged after GM reported an improved full-year profit outlook amid the auto tariffs. Technology stocks were steady, while some profit-taking was observed in defensive and commodity-linked names.
European Markets
European markets moved higher as strong corporate earnings helped offset broader economic concerns. However, the overall third-quarter corporate outlook worsened slightly, reflecting persistent inflation pressures, slowing growth, and cautious forward guidance from several multinational firms.
Regional economic data showed that Finland’s unemployment rate remained near a 15-year high, one of the highest levels in Europe, underscoring ongoing labor market challenges. In contrast, Switzerland is likely to record a surge in exports to the United States in September, driven primarily by a jump in pharmaceutical shipments ahead of potential tariff measures.
UK stocks also traded higher, supported by gains in the banking sector after HSBC announced the appointment of a new CEO, which boosted investor confidence in the company’s strategic direction. However, the broader index was held back by a sharp decline in gold mining stocks, as the global selloff in bullion prices continued to weigh on sentiment.
Corporate Stock News
3M Co (MMM):
3M raised its annual profit forecast as cost-cutting measures and a strategic focus on higher-margin products boosted performance. The company now expects 2025 operating margins to expand by 180 to 200 basis points, compared to its previous forecast of 150 to 200, sending shares up 2.6% in premarket trading.
Block Inc (SQ):
Jefferies raised its target price on Block to $95 from $90, citing robust payment volume growth, expanding sales channels, and rising gross profits from its Borrow and Cash App segments.
Cenovus Energy Inc & MEG Energy Corp (CVE:CA) (MEG:CA):
MEG Energy postponed its shareholder vote on the proposed takeover by Cenovus Energy to October 30, allowing more time to secure investor backing. Cenovus now holds nearly 9.8% of MEG’s shares and claims roughly 63% shareholder support for the deal, excluding expected opposition from Strathcona Resources.
CoreWeave Inc & Core Scientific Inc:
Proxy firm ISS advised investors to vote against CoreWeave’s proposed $9 billion all-stock acquisition of Core Scientific, arguing that the latter has achieved strong standalone success and could continue growing independently.
Dye & Durham Ltd (DND:CA):
Second-largest shareholder Plantro withdrew its acquisition proposal for Dye & Durham, citing weak financial results and poor board engagement. The company disputed Plantro’s claims and reaffirmed its commitment to an ongoing strategic review with CIBC as its adviser.
Elevance Health Inc (ELV):
Elevance beat Wall Street profit estimates for Q3, posting $6.03 per share versus the expected $4.93, as it managed to keep medical costs lower than projected. The company reported a 91.3% medical loss ratio, slightly below analyst expectations.
Fluor Corp (FLR):
Activist investor Starboard Value disclosed a nearly 5% stake in Fluor and is urging management to explore options for its NuScale stake, including a potential sale, to unlock shareholder value.
General Dynamics Corp (GD):
General Dynamics’ European unit won a $3.5 billion contract to deliver next-generation reconnaissance vehicles to the German Army. The deal includes advanced sensor technologies and improved battlefield mobility systems.
General Electric Co (GE):
GE Aerospace raised its 2025 profit forecast on strong demand for engine maintenance services, as airlines extend the life of older jets amid production delays from Boeing and Airbus.
General Motors Co (GM):
GM raised its annual core profit forecast, expecting strong pickup and SUV demand to offset tariff-related headwinds and the expiration of U.S. EV tax credits. The automaker also took a $1.6 billion Q3 charge as it adjusted its EV strategy.
Goldman Sachs Group Inc (GS):
Goldman Sachs is launching a private wealth management team in Saudi Arabia, expanding its regional footprint to serve the Middle East’s growing population of high-net-worth clients.
International Business Machines Corp (IBM):
Jefferies raised its target price for IBM to $300 from $280, reflecting stronger third-quarter expectations and improving executive sentiment around revenue growth and cloud demand.
JPMorgan Chase & Co (JPM):
JPMorgan opened its new 60-story, $3 billion headquarters in New York City, capable of hosting 10,000 employees. The tower features biometric access, drone delivery capabilities, and sustainability-focused architecture.
Kinder Morgan Inc & Phillips 66 (KMI ) (PSX):
The two companies are seeking commitments for a proposed pipeline system to transport fuel from Texas refineries to Arizona and California, aiming to ease future supply shortages caused by planned refinery closures.
KKR & Co Inc (KKR):
KKR and Portuguese firm Quadrantis Capital will acquire minority stakes totaling 13.1% in Peak Reinsurance, with KKR purchasing 11.3% from Prudential Financial. Fosun International will remain the majority shareholder at 86.7%.
Lockheed Martin Corp (LMT):
Germany’s defense ministry clarified it is not currently considering buying more F-35 fighter jets, despite earlier reports suggesting Defense Minister Boris Pistorius intended to order 15 additional aircraft.
Northrop Grumman Corp (NOC):
Northrop Grumman lifted its 2025 profit forecast again, citing strong demand for missiles and fighter jets amid ongoing geopolitical conflicts. The company is also expected to compete for contracts under the U.S. “Golden Dome” missile defense initiative.
Prairiesky Royalty Ltd (PSK:CA):
National Bank of Canada raised its target price to C$33 from C$32, following in-line third-quarter results that demonstrated stable production and steady royalty income performance.
Steel Dynamics Inc (STLD):
Steel Dynamics reported better-than-expected Q3 earnings, as falling scrap input costs outpaced pricing declines. The company expects tariffs on steel imports to provide further tailwinds and support its market position.
Waste Connections Inc (WCN):
Jefferies cut its target price to $200 from $227, citing lower renewable natural gas revenue expectations and weaker commodity pricing trends impacting recycling operations.
Zoomd Technologies Ltd (ZOMD:CA):
ATB Capital Markets initiated coverage with a C$4 price target, highlighting Zoomd’s scalable advertising platform, profitable growth, and potential for valuation multiple expansion.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
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