Global Markets
Canadian Markets
Canada’s TSX jumped more than 1% on Monday, from strong gains in the energy and materials sectors as oil and gold prices both moved sharply higher. The rally came amid growing optimism that the U.S. government shutdown could soon come to an end, restoring investor confidence across North American markets.
Shares of Barrick Gold Corp. surged to near a 52-week high, tracking the strength in gold prices as investors sought safe-haven assets amid ongoing global economic uncertainty. The gold rally, supported by expectations of lower U.S. interest rates and persistent inflation concerns, lifted the broader Canadian mining sector.
American Markets
American indexes advanced across the board, as investor sentiment improved following reports of a potential bipartisan resolution to the historic U.S. government shutdown. Technology shares rebounded strongly after last week’s steep sell-off, which was the worst since April that had been driven by fears of an overheated AI sector with stretched valuations.
Nvidia (NVDA) led the recovery, soaring almost 6%, while Tesla (TSLA) climbed over 3% and Alphabet (GOOGL) climbed over 4%, helping lift the Nasdaq Composite to its strongest one-day gain in nearly two months. Analysts noted that investor appetite for high-growth AI-related names remains resilient, suggesting that the recent correction may have presented a buying opportunity for long-term investors.
Scott Bessent, the United States Secretary of the Treasury and economist, suggested that President Donald Trump’s proposed $2,000 “dividend” could potentially come in the form of targeted tax cuts, adding further optimism for consumer-facing sectors and growth-sensitive equities.
UBS Securities raised its S&P 500 forecast for 2026 to 7,500, citing expectations of robust corporate earnings and a resilient technology sector. The bank noted that continued AI adoption, productivity gains, and stable macroeconomic conditions could drive earnings growth above trend over the next two years.
European Markets
European markets also climbed more than 1%, led by gains in the technology and mining sectors. However, underlying sentiment remained cautious as new data showed Eurozone investor morale deteriorated more than expected in November, underscoring ongoing concerns about sluggish growth across the region.
UK stocks also advanced, with gains in consumer staples and retail helping the FTSE 100 move higher. However, inflationary pressures continue to weigh on household budgets. According to the Office for National Statistics (ONS) and the British Retail Consortium (BRC), Christmas shopping costs are projected to cost up to 8% more than last year, signaling persistent consumer price pressures. UK headline inflation remained elevated at 3.8% in September, while food and non-alcoholic beverages rose 4.5% year-over-year. Budget-conscious shoppers continued to flock to discount chains such as Lidl, which retained its position as the UK’s cheapest supermarket in October.
Corporate Stock News
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