Global Markets
Canadian Markets
Canada’s TSX traded moderately higher on Friday, from strength in the energy sector which helped offset weakness in gold stocks, as gold prices dropped more than 2%, and crude oil jumped more than 2%
Data from Statistics Canada showed that manufacturing sales climbed 3.3% in September to $72.1 billion, the strongest monthly reading since February of this year. The gains were fueled primarily by a sharp increase in auto production, reflecting recovering supply chains and improving order flows from U.S. consumers.
American Markets
American markets experienced another turbulent session, with most major indices finishing lower, although the Nasdaq managed to squeeze out a small gain. Sentiment was weighed down by hawkish commentary from Federal Reserve policymakers, who signalled ongoing caution about inflation and pushed back against market expectations of a potential rate cut in December. Investors are now looking ahead to the September U.S. jobs report scheduled for release on November 20, which could have a decisive impact on monetary policy direction. President Trump signed an executive order today to reduce tariffs on food imports, including beef, coffee, and bananas, in order to help ease rising grocery costs and address household inflation concerns.
European Markets
European markets also traded Friday lower as data released showed that Germany’s household debts are rising again as figures show over-indebtedness increasing for the first time in years, pushing the national over-indebtedness rate to 8.16% from 8.09%. Eurozone trade data showed a surge in the region’s trade surplus in September, helped by solid export demand from the United States.
UK markets declined as speculation grew that the Labour government is abandoning plans for an income-tax increase in its upcoming November budget, which is raising more fiscal concerns. Confidence in the UK’s economic outlook weakened further as a new survey of 500 fintech leaders revealed a sharp deterioration in sentiment, indicating widespread pessimism about the country’s growth prospects and business environment.
Corporate Stock News
Alphabet Inc (GOOGL / GOOG): Google has proposed making its advertising technology more accessible to publishers and advertisers, pushing back against EU demands that it divest parts of its adtech business amid a €2.95-billion antitrust fine and heightened regulatory scrutiny.
Amazon.com Inc (AMZN), Microsoft Corp (MSFT) & Nvidia Corp (NVDA): Amazon has joined Microsoft in supporting the GAIN AI Act, legislation designed to restrict Nvidia from exporting advanced AI chips to China, prioritizing domestic chip supply and reshaping U.S. semiconductor policy.
Amgen Inc (AMGN): Piper Sandler raised its target price to $381 from $342, citing improved visibility for key drugs such as Repatha and Tezspire and stronger top-line growth momentum.
Applied Materials Inc (AMAT): The company warned that China chip-equipment spending will decline in 2026 due to tighter U.S. export controls, though it guided for stronger second-half revenue; shares traded lower pre-market. Analyst Update: TD Cowen raised its target to $260 from $250 given better visibility, reduced China risk, and strong positioning for wafer-fab equipment demand through 2027.
Apple Inc (AAPL): Apple and OpenAI failed to dismiss an antitrust lawsuit filed by X Corp, which accuses them of conspiring to monopolize the smartphone and generative-AI markets. Meanwhile, iPhone 17 sales in China jumped 22% year-over-year, outperforming a softening handset market.
Best Buy Co Inc (BBY): JPMorgan lifted its price target to $97 from $89, citing stronger sales trends, expanding gross margins, and improved demand across computing, gaming, and mobile electronics.
BioNTech SE (BNTX) & Pfizer Inc (PFE): Pfizer has reduced its stake in BioNTech by over 54%, though both companies stated their mRNA partnership remains intact as they continue work on next-generation vaccine programs.
BlackRock Inc (BLK): Spain’s ACS and BlackRock’s infrastructure unit formed a joint venture to develop a $2.33-billion global data-center portfolio aligned with rising AI and cloud-infrastructure demand.
Blackstone Inc (BX): The firm appointed Franck Petitgas as senior managing director and vice chairman of Europe, enhancing its strategic leadership following his 30-year career at Morgan Stanley.
Bombardier Inc (BBD-B.TO): Sweden’s Saab is in discussions with Bombardier and the Canadian government to build Gripen fighter jets in Canada—a project estimated to create 10,000 jobs. Talks are expected to continue during Sweden’s royal visit.
CAE Inc (CAE.TO): TD Cowen raised its target to C$46 from C$44 following stronger-than-expected defense performance, improved execution, and favorable long-term aviation-training demand.
CCL Industries Inc (CCL-B.TO): TD Cowen increased its target price to C$100 from C$95 based on strengthening organic growth and margin expansion across key divisions.
Cidara Therapeutics Inc (CDTX) & Merck & Co Inc (MRK): Merck is nearing an acquisition of Cidara at a premium, with a potential deal including cash and milestone-based payments tied to clinical progress.
Consolidated Edison Inc (ED): Jefferies raised its target to $111 from $110, pointing to stable regulated earnings and supportive rate cases that help reinforce valuation resilience.
ECN Capital Corp (ECN.TO): A Warburg Pincus-led investor group will buy ECN Capital for C$1.9 billion, underscoring renewed private-equity interest as lower borrowing costs lift Canadian financials.
Hasbro Inc (HAS), Mattel Inc (MAT) & Walmart Inc (WMT): U.S. toy makers and major retailers are racing to launch cheaper blind-box collectible toys to capitalize on the viral Pop Mart Labubu trend ahead of the holiday season.
JPMorgan Chase & Co (JPM): The bank expanded its Dubai operations to grow mid-market business across the Middle East, following similar expansion initiatives in Europe.
K-Bro Linen Inc (KBL.TO): TD Cowen cut its target to C$50 from C$55 despite strong earnings, citing valuation limitations even as demand normalizes and new growth opportunities emerge.
Peyto Exploration & Development Corp (PEY.TO): TD Cowen raised its target to C$23 from C$21, citing stable dividends, solid organic growth, and upside potential tied to improving natural-gas pricing fundamentals.
Power Corporation of Canada (POW.TO): Jefferies lifted its target to C$68 from C$60 due to strong earnings momentum and a narrowing net-asset-value discount.
Rio Tinto Plc (RIO): The company signed a 15-year virtual power-purchase agreement to source renewable energy from a Texas wind farm as demand for critical minerals accelerates under global clean-energy transition policies.
Stellantis NV (STLA): The automaker is recalling 112,859 U.S. plug-in hybrid Jeep vehicles due to potential engine-compartment fire risks caused by debris contamination.
Warner Bros Discovery Inc (WBD): The company amended CEO David Zaslav’s employment terms as it undergoes strategic review, which may include asset sales or broad restructuring initiatives.
Walt Disney Co (DIS): Jefferies lowered its price target to $136 from $144, noting increased uncertainty in Disney’s 2025 outlook, which is now expected to depend heavily on second-half performance.
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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