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Daily Markets Update: Oil Plunges 7.6%, TSX Rebounds as Midterms Day Arrives

  Oil had its worst day since July, and Canadian stocks took the hint. The S&P/TSX Composite recovered from Friday’s rout on Monday as crude tumbled on hopes of US–Iran talks, but a fresh chip selloff pulled the Nasdaq lower on Wall Street. Overnight, Asia was dragged by South Korean tech and Europe slipped after a reported US strike on Iran’s Qeshm Island pushed oil back up. It’s US midterms day. Here’s the full picture. Monday, Nov. 2 closing figures, plus Tuesday morning moves (as of early Tuesday ET; Tuesday numbers will keep changing). Market Snapshot Market Monday close Change S&P/TSX Composite 35,801.09 +0.51% Dow Jones 51,983.98 +0.41% S&P 500 7,541.40 −0.51% Nasdaq Composite 25,164.32 −1.07% Brent crude US$104.77 −7.6% WTI crude US$96.46 −7.4% Gold (spot) ~US$3,945 +1.3–1.8% Canadian dollar ~71.5¢ US flat US 10-year yield ~4.90% −2 to −5 bp Canada: TSX Bounces Back, Energy Takes the Hit The TSX gained 181.06 points, or 0.51%, to close at 35,801.09, recovering ...
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Russia Rejects Trump's Ukraine Peace Proposals

In a significant diplomatic development, Russian Foreign Minister Sergey Lavrov has rejected the peace proposals floated by President-elect Donald Trump's allies to end the ongoing war in Ukraine. Lavrov stated that Moscow has not received any official signals regarding a settlement in Ukraine but expressed dissatisfaction with the unofficial ideas being circulated. 

The proposals reportedly included delaying Ukraine's NATO membership for 20 years and stationing British and European peacekeeping forces in Ukraine. Lavrov emphasized the need for reliable and legally binding agreements that address the root causes of the conflict and prevent future violations. 

Trump, who campaigned on ending the war by the time he takes office, has not officially released any proposals to end the conflict. However, he has claimed that he could end the war within 24 hours of taking office. Despite these claims, Lavrov expressed skepticism about Trump's ability to restore ties between Russia and the U.S., citing the current bipartisan consensus on deterring Russia.

The rejection of these proposals marks a setback for Trump's hopes to freeze the conflict and highlights the complexities of achieving a lasting peace in the region.



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