Bonds & Stocks
Stocks resumed their slide after a brief burst of dip-buying, with caution prevailing at the end of a volatile week that brought this year’s artificial-intelligence-led rally to a halt. Futures for the Nasdaq 100 fell 0.6% after erasing gains of as much as 0.4%. Contracts on the S&P 500 slipped 0.4% after a heavy bout of selling on Thursday. US Treasuries held onto yesterday’s gains. The dollar was steady, while Bitcoin headed for its worst week since March.
Economy
The Canadian economy added 66,600 jobs in October, marking a second consecutive month of surprise employment gains as tariffs otherwise slow down economic activity. The gains were driven by part-time positions, with growth in wholesale and retail trade, transportation and warehousing and information, culture and recreation. The employment increase helped bring down the jobless rate to 6.9%, Statistics Canada’s labor force survey showed on Friday.
World
China’s exports unexpectedly contracted in October as global demand failed to offset the deepening slump in shipments to the US, dealing a blow to an economy already slowing amid sluggish consumer spending and investment at home. “If the strength in exports cannot be sustained, China’s growth could face a ‘triple whammy’ from the prolonged contraction in the property sector, and weakened private consumption and exports.”