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Japan Industrial Production YoY Prel

Crude Oil is down by 4%

The S&P/TSX Composite Index inched lower to close at 35,460 on Tuesday following subdued GDP data and as a US ban on multiple Canadian imports came into force. Advance information showed that real GDP increased 0.2% in August, with gains in mining and quarrying and retail trade partly offset by a decline in oil and gas extraction. GDP was essentially unchanged in July. The US ban on various Canadian goods, including many alcoholic beverages and dairy products, also took effect, with Saputo losing 2%. Major banks posted losses, with RBC down 0.6%. Meanwhile, oil prices pulled back as US and Iranian officials continued separate discussions with mediators. Energy producers retreated, with Canadian Natural down 0.7% and Suncor falling 1.7%. In contrast, miners rebounded from yesterday’s losses as gold prices rose, with Agnico Eagle gaining 1.1% and Franco-Nevada up 0.9%. Tech stocks also gained as the planned Anthropic IPO on Wall Street lent support to the sector, with Shopify up 2.9%.

TSX Inches Lower as Soft GDP and Trade War Weigh

US stock indices closed mostly lower on Tuesday, weighed down by another rise in Treasury yields to fresh multiyear highs. The S&P 500 fell 0.2%, and the Dow shed 130 points, while the Nasdaq rose 0.2%. Elevated oil prices and yields continued to pressure equities, with the 10-year yield trading near levels not seen since 2007 and the 30-year yield hovering around a 2004 high. Inflationary pressures from elevated crude and fuel prices, along with concerns over fiscal deficits, drove the bond selloff. New York Fed President Williams said another interest rate hike could be necessary this year. Bank stocks moved lower, with Bank of America down 0.9%. AI hyperscalers and chipmakers, both facing record levels of debt issuance, traded mixed. Alphabet fell 0.5% and Nvidia lost 0.7%, while Meta gained 3.2%, Oracle jumped 4%, Broadcom added 1.6% and Micron rose 1%, as the planned Anthropic IPO lent some support to the tech sectors. The IPO could value Anthropic at over $2 trillion.

US Stocks Dip as Elevated Yields Weigh

Argentina posted a current account surplus of $2.21 billion in the second quarter of 2026, reversing a $2.45 billion deficit recorded in the same period of 2025. The result was driven by surpluses in the goods trade balance, at $9.29 billion, and secondary income, at $1.05 billion, which were partially offset by deficits in primary income, at $6.03 billion, and the services balance, at $2.10 billion. The primary income deficit widened by $2.47 billion year over year to $6.03 billion, almost entirely due to changes in investment income. As a result, Argentina recorded net lending of $2.25 billion in the second quarter of 2026.

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