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Daily Markets Update: U.S. Yields Hit Highest Since 2002, TSX Starts Q4 Weak

  The short version: Bond yields, not stocks, are running the show to start the fourth quarter. The U.S. 10-year Treasury yield touched about 5.33% overnight and the 30-year about 5.66%, both the highest since 2002, after Treasuries posted their worst quarter since 1994. The S&P/TSX Composite slipped 0.6% on Wednesday to 35,235.87, but still wrapped a record ninth straight quarterly gain. Overnight, Micron’s blowout results sent Japan’s Nikkei up 3.3%, while Europe and Australia sold off. Wall Street futures are mixed ahead of a busy data day and Friday’s U.S. jobs report. Canada: TSX Ends Q3 Higher, but Closes September on a Down Note Canada (Wed close) Level Change % S&P/TSX Composite 35,235.87 −224.40 −0.63% TSX Venture 881.93 −5.43 −0.61% Canadian dollar (US¢) 70.27 −0.19 −0.27% Seven of the TSX’s 12 sub-groups fell. Banks and miners did the damage: RBC lost 1.1% and TD 0.9% as higher yields raised worries about credit, while gold miners gave back early gains (Franco-N...
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Mexico Threatens Retaliation Over Proposed Tariffs, Warns of Job Losses


Mexican President Claudia Sheinbaum has issued a stern warning against the proposed 25% tariffs by U.S. President-elect Donald Trump, stating that such measures could result in the loss of 400,000 U.S. jobs and increased prices for American consumers. Sheinbaum emphasized that Mexico would respond with reciprocal tariffs if the U.S. proceeds with the plan.

During a press conference, Sheinbaum highlighted the potential impact on the automotive sector, noting that nearly 90% of pickup trucks sold in the U.S. are manufactured in Mexico. Economy Minister Marcelo Ebrard echoed these concerns, calling the proposed tariffs a "shot in the foot" that would harm both U.S. workers and companies.

The Mexican government has also expressed confidence that the U.S.-Mexico-Canada Agreement (USMCA) would protect their trade interests. Sheinbaum and Trump discussed the issue in a recent phone call, with Trump claiming that Sheinbaum agreed to address migration and drug smuggling.

The situation remains tense as both countries navigate the complexities of trade relations and the potential economic fallout of the proposed tariffs.




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