Market News: Week Ending October 23, 2026

Market News: Week Ending October 23, 2026

The U.S. Census Bureau announced that housing starts in September were at a seasonally adjusted annual rate of 1,221,000. This is 5.2% below the revised August estimate of 1,288,000 and is 7.4% below the September 2025 rate of 1,319,000. At the same time, the number of building permits issued in September was 1,400,000. This is 0.2% below the revised August rate of 1,403,000 and is 3.0% below the September 2025 rate of 1,444,000. The starts and permits results are weaker than market expectations.

The U.S. Department of Labor announced that initial jobless claims totalled 194,000 (seasonally adjusted) in the week ending October 17, a decrease of 6,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 199,000 to 200,000. The 4-week moving average was 197,750, a decrease of 1,000 from the previous week's revised average. The previous week's average was revised up by 250 from 198,500 to 198,750. These results are in line with market estimates.

Statistics Canada reported that retail sales rose 1.2% (seasonally adjusted) in August, following a revised 0.8% decline in July (originally reported as -0.7%). August sales were stronger in all nine of the main subsectors, with Furniture, home furnishings, electronics and appliances (+2.3%) reporting the largest advance. On a year over year basis, overall sales were up 5.4%. The monthly increase was smaller than the 1.3% gain that was estimated for August by the data agency in the prior report. The advance estimate for September is for a 0.7% increase in sales. Since consumer spending accounts for over 60% of Canadian economic activity, it is critical for overall GDP results.

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.