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Daily Markets Update: Hot U.S. CPI Rattles Tech, Kospi Crashes 7.6%, TSX Slides 1.1% (Oct. 15)

  Thursday, October 15, 2026 | Canadian Money Brief | Daily Markets Update A hotter-than-expected U.S. inflation report turned Wednesday into a risk-off day, and the damage spread overnight to Asia, where South Korea's Kospi crashed 7.6% and triggered a market-wide circuit breaker. Here is where Canada, the U.S. and the world's other major markets stand this morning. Today's Headlines U.S. CPI hit 3.7% in September (3.6% expected, 3.4% in August), with core inflation at 2.6%. The Nasdaq fell 1.88% and the S&P 500 lost 1.11%. The TSX fell 1.11% to 35,584.46 , ending a three-day winning streak as materials plunged 4.33%. Asia sold off hard on AI valuation fears: Kospi -7.57% (seventh straight loss), Nikkei -4.90%. The loonie sits near an 18-month low at about 70.1 US cents as Fed-hike bets rise. Brent closed at US$106.06 and gold slid to a one-week low near US$4,084. Canada: TSX Ends Three-Day Win Streak The S&P/TSX Composite Index fell 399.52 points, or 1.11%, to...

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Mamdani’s Historic Win Met with Islamophobic Backlash, Advocates Warn

Zohran Mamdani’s unexpected victory in New York City’s Democratic mayoral primary has ignited a troubling surge in anti-Muslim rhetoric online, according to civil rights advocates. The 33-year-old state lawmaker, who identifies as a democratic socialist, would become the city’s first Muslim and Indian American mayor if elected in November.

In the 24 hours following his win, the Council on American Islamic Relations (CAIR) reported a fivefold increase in hate-related incidents, with over 6,200 Islamophobic posts logged across social media platforms. Many of these attacks included death threats and inflammatory comparisons to the September 11 attacks.

Prominent conservative figures, including Donald Trump Jr. and Representative Marjorie Taylor Greene, amplified the rhetoric. Trump Jr. claimed “New York City has fallen,” while Greene shared an AI-generated image of the Statue of Liberty in a burqa. CAIR noted that 62% of the anti-Muslim posts originated on X (formerly Twitter).

Advocacy groups are urging political leaders across the spectrum to denounce the wave of Islamophobia. “We call on public officials of every party… to unequivocally condemn Islamophobia,” said CAIR Action’s executive director Basim Elkarra.

Despite the backlash, Mamdani remains focused on his campaign, emphasizing economic justice and inclusive governance. His supporters argue that the attacks reflect a broader pattern of xenophobia faced by Muslim and South Asian political figures in the U.S..

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