Market News: Week Ending September 25, 2026

Market News: Week Ending September 25, 2026

Statistics Canada reported that retail sales fell 0.7% (seasonally adjusted) in July, following a 0.6% gain in June. July sales were weaker in eight of the nine main subsectors, with General Merchandise (-1.9%) reporting the largest decline. Building Materials sales (0.8%) was the lone gainer. On a year over year basis, overall sales were up 5.1%. The monthly decline was smaller than the 0.8% reversal that was estimated for July by the data agency in the prior report. The advance estimate for August is for a 1.3% increase in sales. Since consumer spending accounts for over 60% of Canadian economic activity, it is critical for overall GDP results.

Statistics Canada also announced that average weekly earnings rose 0.3% in July. On a year-over-year basis, average weekly earnings rose 3.2%, which is higher than the current pace of inflation (3.0% in August). These results are in line with market expectations. As this indicator measures growth in income, it can reveal trends in consumer spending.

The U.S. Department of Labor announced that initial jobless claims totalled 197,000 (seasonally adjusted) in the week ending September 19, a decrease of
1,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 196,000 to 198,000. The 4-week moving average was 202,250, a decrease of 1,750 from the previous week's revised average. The previous week's average was revised up by 750 from 203,250 to 204,000. These results are somewhat stronger than market estimates.

NOTE:
All index performance is in Canadian dollars.
IMPORTANT DISCLAIMERS:
The information in this letter is derived from various sources, including CI Global Asset Management, CRA, Bloomberg, National Post, Globe and Mail, Wall Street Journal, Bloomberg, Reuters, Investment Executive, Advisor.ca, MarketWatch, Toronto Sun, The Guardian, MSN.ca and Statistics Canada at various dates. This material is provided for general information and is subject to change without notice. Before acting on any of the above, please contact me for individual financial advice based on your personal circumstances. Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI Global Asset Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this document.