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Daily Markets Update: Nasdaq Hits Record as Yields Top 5.3%, TSX Flat, Loonie Near 70¢

  S&P/TSX 35,518.55 +0.04% S&P 500 7,773.99 +0.66% Nasdaq 27,477.31 +1.05% Brent US$100.42 -1.8% USD/CAD 1.4250 Flat US 10-yr 5.315% +3.8 bp Monday, October 5 close, with Asia’s Tuesday session. Wall Street’s tech rally pushed the Nasdaq to a fresh record on Monday even as long-term bond yields kept climbing: the U.S. 10-year Treasury yield settled at 5.315%, a new 52-week high. Canada’s TSX barely moved, with tech gains offsetting a slide in energy and financials, and Cenovus fell after unveiling a C$5.7-billion takeover of Athabasca Oil. Oil dropped nearly 2% as G7 emergency stock releases and rising Middle East exports eased supply fears, and the loonie hovered near 70 U.S. cents, close to its weakest level in about 18 months. Canada: TSX Flat as Tech Offsets Energy Index / Stock Close Change S&P/TSX Composite 35,518.55 +0.04% Shopify (SHOP) — +5.7% Athabasca Oil (ATH) — +13.5% Cenovus Energy (CVE) C$44.86 -3.0% Suncor Energy (SU) — -1.2% The TSX added 15.90 points ...

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Hopes for a swift resumption of peace talks to resolve Cyprus’ long-standing ethnic division were dashed as Turkish President Recep Tayyip Erdogan reaffirmed his support for a two-state solution. Speaking ahead of a military parade commemorating the 50th anniversary of the Turkish invasion that split the island, Erdogan dismissed the United Nations-endorsed plan for a federated Cyprus, which Greek Cypriots have long supported.

Erdogan’s remarks came as a blow to those advocating for a unified Cyprus. The Turkish president emphasized that a federal solution is not feasible, insisting that the rights of Turkish Cypriots must be recognized through a two-state arrangement. This stance complicates efforts by U.N. Secretary-General Antonio Guterres and his envoy, Maria Angela Holguin Cuellar, who have been working to bring both sides back to the negotiating table.

The anniversary of the invasion is marked differently across the island. In the north, Turkish Cypriots celebrate what they view as liberation from Greek Cypriot dominance, while in the south, Greek Cypriots mourn the invasion’s devastating impact, which left thousands dead or missing and displaced a significant portion of the population.

Erdogan’s firm position underscores the deep-seated divisions that continue to hinder peace efforts. As both sides remain entrenched in their views, the path to reconciliation appears increasingly uncertain.


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