Market News: Week Ending October 30, 2026

Alyssa Bombacino - Oct 26, 2026

Read our weekly market news update for the week ending October 30, 2026!

Market News: Week Ending October 30, 2026

The U.S. Census Bureau announced that durable goods orders rose 1.8% in September, following a 0.1% advance in August. In line with the monthly gain, on a cumulative year-to-date basis, orders are now up 8.0% compared to the same time in 2025.  Excluding transportation, new orders gained 0.5% in September. Excluding defence, new orders rose 2.2% during the month. Given the recent gyrations in the data, these figures are broadly in line with market expectations. Orders for durable goods indicate how busy manufacturers will be in the months to come, as they work to fill those orders.

The U.S. Census Bureau announced that new-home sales totalled 676,000 units (seasonally adjusted annual rate) in September. This is 0.6% below the revised August rate of 680,000 units and is 5.3% below the September 2025 level of 714,000 units. The overall report is weaker than expected. Activity in the housing market has a significant "ripple" effect on the broader economy.

The Bank of Canada announced that it was raising administered interest rates by 25 basis points (a basis point is 1/100th of one per cent) at the conclusion of its latest monetary policy meeting. The shift follows seven consecutive “on hold” announcements. The increase pushes the target range for overnight borrowing to 2.50% to 2.75% with the official, benchmark Bank Rate at 2.75%. The Bank also moved the official Deposit Rate to 2.45%. Rate cuts between June 2024 and October 2025 resulted in a total reduction of 275 basis points, while the prior tightening cycle, which began in March 2022 raised rates by 475 basis points. The Bank’s accompanying statement clearly highlighted clear inflation concerns (CPI was up 3.1% y/y in September) stating “CPI inflation has been around 3% since April and is expected to rise to about 3½% by the end of the year.” The updated Monetary Policy Report provided the Bank’s first forecast of GDP growth for the final quarter of 2026 (+0.8% annualized). This suggests that a considerable slowdown in activity is now anticipated. Additionally, expectations that the U.S. Federal Reserve has already begun an extended tightening cycle, leaves the Canadian dollar exposed to considerable weakness without the support of similar tightening action, domestically. The market will likely remain cautious in setting its expectations for the final policy announcement of the year, scheduled for December 9, 2026.


The U.S. Bureau of Economic Analysis announced that real gross domestic product (GDP) grew by 3.4% (q/q annualized) in the third quarter of 2026. This is the “advance estimate” prepared with preliminary data and is often subject to substantial revision. In the second quarter of 2026, real GDP expanded by 2.2% (on the same basis). The contributors to the increase in real GDP in the third quarter were increases in investment, consumer spending, and government spending that were partly offset by a decrease in exports. Imports, which are a subtraction in the calculation of GDP, increased. These results are somewhat stronger than market expectations and continue to suggest that the U.S. remains on solid economic growth path.

The U.S. Department of Labor announced that initial jobless claims totalled 194,000 (seasonally adjusted) in the week ending October 24, a decrease of 1,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 194,000 to 195,000. The 4-week moving average was 196,750, a decrease of 1,250 from the previous week's revised average. The previous week's average was revised up by 250 from 197,750 to 198,000. These results are in line with market estimates.

Statistics Canada also announced that average weekly earnings rose 0.5% in August. On a year-over-year basis, average weekly earnings rose 3.7%, which is considerably higher than the current pace of inflation (3.1% in September). These results are in line with market expectations. As this indicator measures growth in income, it can reveal trends in consumer spending.

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.