News

Canadian equity futures were little changed on Tuesday as falling oil prices eased inflation concerns, while a decline in gold weighed on mining stocks. Crude extended its losses as investors increasingly anticipated a diplomatic resolution to the Middle East conflict. Lower energy prices provided some relief to credit-sensitive sectors, including banks. Meanwhile, gold fell ahead of a key US inflation report that could shape expectations for Federal Reserve policy, pressuring miners. On the earnings front, iA Financial reported a 16% annual increase in EPS, beating estimates, and raised its quarterly common dividend by 7% to $1.18 per share. Conversely, Hydro One missed EPS expectations. Equinox Gold posted slightly better-than-expected revenue, but adjusted EPS fell short. Endeavour Silver reported a 29% annual increase in quarterly revenue but narrowed its full-year gold production guidance. CCL Industries is scheduled to report after the market close.

The annual inflation rate in Mauritius rose for the fourth straight month to 6.4% in October 2026, up from 5.7% in September and marking the highest since June 2023. Upward pressure came primarily from prices of transportation (11.4% vs 7.6% in September); restaurants & hotels (9.4% vs 9%); housing & utilities (8.9% vs 8.9%); education (6.3% vs 6.3%) and food & non-alcoholic beverages (6.1% vs 6.2%). On the other hand, prices declined for communication (-1.2% vs -1.2%). On a monthly basis, the CPI rose by 0.6%, the same pace as in September.

Uranium futures in the US were above $91 per pound in November, the highest level since February, amid the increasingly strong outlook for nuclear power adoption. Top producer Kazatomprom posted a 25% annual growth in sales turnover in the September quarter amid an increase in sales volumes and a 17% jump in its average realized sales prices. The growth in sales was aligned with the International Atomic Energy Agency's upward revision of global nuclear capacity over the next two decades. The agency noted that there are currently 78 nuclear reactors under construction as major economies pile into alternative power sources to achieve decarbonization goals and limit exposure to volatile commodity markets due to geopolitical tensions in Russia and the Middle East. Italy was the latest to express interest in approving a legal framework to restore nuclear power, while Meta, Amazon, and Microsoft signed agreements to secure fresh nuclear capacity for their future AI data center operations.

Latvia’s trade deficit widened to EUR 369.8 million in September 2026 from EUR 362.9 million in the same month a year earlier. Exports rose 12.8% year-on-year to a four-year high of EUR 1,991.8 million, supported by higher shipments of mineral fuels, oil and refined products (2.1 times), electrical appliances and equipment (11.3%), and wood, wood products and charcoal (2.9%). By destination, exports increased to the EU (6.4%), CIS countries (5.5%), and other countries (34.5%). Meanwhile, imports climbed 10.9% to EUR 2,361.6 million, the highest since October 2022, driven by higher purchases of mineral fuels, oil and refined products (63.5%), electrical appliances and equipment (14.1%), and land vehicles and parts thereof (5.8%). Imports rose from the EU (13.1%) and other countries (0.7%), while falling from CIS countries (-20.6%). In the January-September period, the country's trade deficit totaled EUR 3,101.4 million, widening from EUR 2,733.3 million in the same period last year.

Manufacturing production in South Africa slipped by 3.5% year-on-year in September 2026, extending a revised 4.1% decrease in August and worse than market forecasts of a 2% drop. The decline in manufacturing output was driven primarily by weaker activity in motor vehicles, parts and accessories and other transport equipment (-15.0%), and wood and wood products, paper, publishing and printing (-11.2%). This was compounded by a sharp 19.0% contraction in furniture and other manufacturing, while basic iron and steel, non-ferrous metal products, metal products and machinery shrank by 3.7%. On a seasonally adjusted monthly basis, manufacturing output was flat, after a revised 3% slump in the previous month. Seasonally adjusted manufacturing production increased by 0.9% in the third quarter of 2026 compared with the second quarter of 2026.

Latvia’s annual inflation rate eased to 3.1% in October 2026, the lowest since July, from 3.2% in September. The slowdown was mainly due to a steeper fall in food prices (-5.3% vs -4.8%) and softer inflation for housing and utilities (6.8% vs 7.3%), restaurants and hotels (4.3% vs 5.7%), recreation, sports and culture (4.5% vs 5.6%), furnishings (1.3% vs 1.8%) and education (1.7% vs 1.8%). In contrast, inflation accelerated for alcoholic beverages and tobacco (4.2% vs 2.3%), information and communication (2.3% vs 1.4%), health (3.5% vs 2.9%), insurance and financial services (7.2% vs 6.8%) and transport (12.8% vs 12.6%), while clothing and footwear prices rose 0.9% after a 0.4% decline. On a monthly basis, consumer prices rose 0.4%, following a 0.2% increase in September.

Industrial production in Greece rose 0.6% year-on-year in September 2026, slowing from an upwardly revised five-month high of 6.3% in the previous month. The slowdown was mainly driven by weaker growth in manufacturing output (0.3% vs 4.5% in August), mining and quarrying (0.7% vs 1.5%), and electricity (2.3% vs 13.6%). At the same time, water supply recorded a steeper decline (-3.1% vs -2.5%). By industrial group, output growth slowed for energy (0.5% vs 9.7%), while consumer non-durables stagnated after gaining 3.4% previously. Capital goods also fell 5.4%, following a 21.1% advance. In contrast, output growth accelerated in intermediate goods (2.3% vs 2.1%), while consumer durables rebounded by 10.7% after falling 2.5%. On a seasonally adjusted monthly basis, industrial production eased to 0.3%, following a revised 4.5% rise in August.

Mongolia's trade surplus narrowed to USD 407.0 million in October 2026, its lowest level since July 2025, down from USD 689.4 million a year earlier. Exports rose 5.9% to USD 1,666.6 million, while imports grew 42.4% to USD 1,259.6 million. For the first ten months of 2026, exports climbed 45.3% year-on-year to USD 17,856.8 million, driven by mineral products (+52.9%), particularly copper ores and concentrates (+67.5%) and bituminous coal (+52.2%). Textile exports also increased 44.9%, led by combed cashmere (+50.4%). Meanwhile, imports rose 16.3% to USD 10,969.9 million, supported by mineral products (+53.9%), particularly oil products (+55.6%), and base metals (+13.6%), while transport vehicles and spare parts declined 6.5%. China remained the largest import source (41.1%), followed by Russia (29.0%). Consequently, the trade surplus more than doubled to USD 6,886.8 million from USD 2,854.9 million a year earlier.

Rwanda's overall inflation rate quickened further to 26.5% in October 2026 from 20% in September, reaching its highest level since April 2023. The acceleration reflects mounting agricultural supply constraints, as weather-related disruptions weigh on crop yields and fresh food availability, while higher energy, fertiliser and transportation costs continue to feed through to consumer prices. Food and non-alcoholic beverages, the largest component of the country's inflation basket, remained the main driver of price pressures, with annual inflation accelerating to 39.1% in October from 25.2% in September. Vegetable prices saw the sharpest increase, surging by 63.7%, while meat prices rose by 20.3% and milk, cheese and eggs by 19.7%. Other significant contributors included communication (29.1%), transportation (25.9%), restaurants & hotels (18.1%) and education (18%). On a monthly basis, the CPI rose by 6.5%, after a 5% advance previously.

The annual inflation rate in Greece rose to 5.7% in October 2026, its highest level since February 2023, up from 5% in September. Inflation accelerated in housing and utilities (15.1% vs 14.7%), transportation (13.8% vs 11.3%), recreation and culture (2.1% vs 1.6%), and clothing and footwear (3.8% vs 0.3%). Meanwhile, price growth stood at 2.9% for education and 3.5% for insurance and financial services. By contrast, inflation moderated for furnishings and household equipment (0.4% vs 0.6%) and restaurants and hotels (5.8% vs 6.9%). Prices fell further for information and communication (-2.2% vs -1.9%), while alcoholic beverages and tobacco moved into deflation (-0.2% vs 0%). From the previous month, consumer prices rose by 0.7% in October, slowing from a 2.1% increase in September.

Construction output in Bulgaria increased 0.6% year-on-year in September 2026, slowing from a downwardly revised 2.2% rise in the previous month and marking the weakest expansion since January 2024. Growth moderated in building construction (4.1% vs 8.4% in August), while civil engineering output fell (-1.5% vs 3.0%). Meanwhile, specialized construction activities contracted at a slower pace (-1.8% vs -5.0%). On a seasonally adjusted monthly basis, construction output dropped 1.1%, extending the previous month's 1.0% decline. The decrease was driven by lower output in building construction (-2.0% vs 0.0%) and civil engineering (-1.2% vs -0.6%), while specialized construction activities edged up 0.2% after falling 2.5% in August.

Frankfurt's DAX 40 rose over 1% to around 25,550 on Tuesday, nearing record levels seen in August and extending previous session's advance. Investor sentiment strengthened further, underpinned by the ongoing recovery in global technology stocks following last week’s selloff and the continued decline in oil prices. Attention nevertheless remained centred on the corporate earnings season. Most sectors traded higher, led by tech, banks and industrials. Among single stocks, Infineon Technologies surged as much as 7% after reporting record results for the fourth quarter and full fiscal year 2026, while also issuing an ambitious revenue forecast for the coming year. Other notable performers included Rheinmetall, MTU Aero Engines, Continental, Daimler Truck and Siemens Energy, with gains ranging between 2%-4.5%. Deutsche Bank and Commerzbank added around 2% each. Lufthansa advanced 1.7%, benefiting from lower oil prices.

The FTSE 100 traded higher on Tuesday, extending the previous session’s 1% gain, as investors continued to assess falling oil prices and easing geopolitical concerns. Banks led the advance, with HSBC and Lloyds rising more than 1%, while Barclays and Standard Chartered gained around 2%. Barclays reported that UK consumer card spending increased 2.3% year-on-year in October, the strongest growth since July 2025, although all five of the lender’s consumer confidence indicators declined during the month. Defence and industrial stocks also performed well, with Rolls-Royce climbing almost 3% and BAE Systems adding 1.5%. British American Tobacco and GSK each advanced around 1.5% and 1%, respectively. In contrast, Shell and BP fell around 1% as crude prices weakened amid growing hopes of an earlier resolution to the US-Iran conflict.