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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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Beijing Promises Countermeasures as U.S. Tariffs Escalate Global Economic Tensions

 

Beijing has vowed to respond with decisive countermeasures following U.S. President Donald Trump’s latest round of tariffs on Chinese imports, further deepening an already strained trade relationship. In a statement released by China’s Ministry of Commerce, the government condemned the tariffs as “unilateral” measures that violate established World Trade Organization rules and exacerbate economic stress. Beijing announced that it would file a formal complaint with the WTO and take “corresponding countermeasures” to safeguard its legitimate rights and interests .

Trump’s administration justified the new tariffs as a necessary response to alleged unfair trade practices, including claims that China was insufficiently curbing the flow of fentanyl precursors and other issues tied to intellectual property theft. While U.S. officials argue that these measures are essential to protect American industries and rebalance the trade deficit, critics warn that the tariffs risk further destabilizing global supply chains and could lead to higher prices for consumers .

Although China’s statement did not detail the specific retaliatory actions it might take, analysts predict that Beijing’s response could target a wide range of U.S. exports—from electronics to agricultural products—potentially igniting a broader trade dispute. The escalating tit-for-tat actions have already raised concerns among market observers that ongoing tensions may not only impact bilateral trade but could also have far-reaching implications for the global economy.

As both superpowers brace for potential further escalation, experts emphasize the urgent need for renewed dialogue to de-escalate tensions and work toward a mutually beneficial resolution .


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