Global Markets
Canadian Markets
Canada’s main stock index dropped almost 1% as energy and gold sectors weighed on the market on the back of falling commodity prices. Statistics Canada reported that the annual inflation rate dropped to 2.2% in October, in line with expectations from economists. Gasoline prices were a major driver of this moderation, falling 9.4% year-over-year in October, a sharper decline than September’s 4.1% drop. Excluding gasoline, consumer prices rose 2.6%, unchanged from September, suggesting underlying inflation remains steady.
American Markets
U.S. stocks declined broadly as investors awaited pivotal Nvidia earnings and new government economic data releases, which could provide clarity on the health of the economy.
The tech sector continued to drag on the market, with Nvidia, Palantir Technologies and Super Micro Computer falling. Analysts continue to warn that the U.S. stock market is vulnerable due to elevated valuations, especially in AI-driven stocks.
Cryptocurrency markets also reflected bearish sentiment, with Bitcoin falling over 3%, mirroring caution in tech-focused investment segments. Citigroup says bitcoin’s big drop is flashing a warning sign for stocks, as the cryptocurrency’s sell-off continues and pulls it deeper into bear market territory.
European Markets:
European markets traded lower, as investors remained cautious with uncertainty about monetary policy moves by major central banks.
The European Commission’s Economic Sentiment Indicator rose to 96.7, indicating gradually improving confidence. Inflation in Italy cooled to 1.2% in October, largely due to cheaper regulated energy prices, easing pressure on households and businesses and Spain revised its 2025 growth forecast up to 2.9%.
In the UK, stocks fell with financial stocks leading the decline, offset only slightly by modest gains in healthcare and utility sectors. In the housing market, asking prices for UK homes dropped 1.8% in the four weeks to November 8, marking the largest November decline since 2012 and leaving average prices 0.5% below year-ago levels.
Corporate Stock News
AG Growth International Inc (AFN:CA) – CIBC cut the target price to C$33 from C$58 after the company withdrew its 2025 guidance, reflecting a more cautious outlook on earnings and operational performance.
Alphabet Inc (GOOGL:US) – Google announced a $40 billion investment in three new data centers in Texas through 2027 to expand AI and cloud infrastructure, creating thousands of jobs and accelerating energy affordability initiatives. Separately, a final court hearing on the potential breakup of Google’s advertising technology business has been scheduled for November 21. Berkshire Hathaway disclosed a 17.85 million share stake in Google’s parent company, valued at approximately $4.93 billion, signaling confidence in Google despite broader concerns about Big Tech AI spending.
Apple Inc (AAPL:US) – Apple is intensifying succession planning for Tim Cook’s eventual departure as CEO, with John Ternus considered a leading candidate. The U.S. International Trade Commission will review potential import restrictions on Apple Watches related to a patent dispute with Masimo.
ASML Holding NV (ASML:NA) – The Dutch chipmaker stated that tensions between the Netherlands and China, including the Nexperia seizure, will not affect short-term operations. The CEO indicated the worst of the crisis is over.
AutoCanada Inc (ACQ:CA) – ATB Capital Markets lowered the target price to C$25 from C$30 following the company’s third-quarter earnings.
Barrick Mining Corp (ABX:CA) – Barrick is considering splitting the company into North American and Africa/Asia-focused units, potentially selling African assets and the Reko Diq mine in Pakistan. Discussions with Mali’s military administration over asset sales are ongoing.
Block Inc (SQ:US) – Jefferies cut the target price to $75 from $85, citing weaker FY26 margins and a softer profit outlook.
Cenovus Energy Inc (CVE:CA) – RBC raised the target price to C$32 from C$30, highlighting progress in repairing U.S. refining operations.
ConocoPhillips (COP:US) – The company discovered gas off the coast of southeastern Australia, marking its first regional find in four years. Drilling will continue to confirm the resource.
FMC Corp (FMC:US) – JPMorgan cut the target price to $14 from $43 due to volatile EBITDA and cash flow, amid key patent expirations.
Gap Inc (GPS:US) – Barclays raised the target price to $30 from $19, citing strong progress in the company’s long-term turnaround strategy.
Gulfport Energy Corp (GPOR:US) – Jefferies increased the target price to $260 from $250, noting gains from liquids-rich wells and potential upside from Q4 leasing.
Kenvue Inc (KVUE:US) – A U.S. appeals court will hear arguments from families seeking to revive Tylenol-related lawsuits alleging autism links. Kenvue maintains that acetaminophen is safe and no causal link exists.
Moderna Inc (MRNA:US) – Berenberg reduced the target price to $28 from $30, warning the company may not reach cash break-even by 2028 without new funding or partnerships.
Paramount Skydance Corp (PSKY:US) – The company agreed to sell its shares in Chilevision, a Chilean TV network, to Vytal Group as part of its global portfolio streamlining strategy.
Pfizer Inc (PFE:US) – Activist investor Starboard Value sold approximately 8.5 million Pfizer shares during Q3, exiting its position after previously advocating changes to boost the stock price.
Royal Bank of Canada (RY:CA) – National Bank of Canada raised the target price to C$231 from C$203, highlighting strong growth potential, especially in capital markets performance.
Tesla Inc (TSLA:US) – Tesla is requiring suppliers to exclude China-made components from U.S.-produced vehicles, with plans to transition all parts to non-China sources over the next year or two.
Walmart Inc (WMT:US) – John Furner, preparing to take the top role at Walmart, draws on experience from China during the pandemic to manage supply chains, AI investments, and economic pressures.
WPP Plc (WPP:LN) – Shares rose amid takeover interest from Havas, Apollo, and KKR, even as the company undergoes a major operational overhaul and continues to trade near 27-year lows.
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