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Kospi Plunges 5%, Oil Near $106 as TSX Reopens | Daily Markets Update Oct 13

  Canadian Money Brief • Daily Markets Update • Tuesday, October 13, 2026 Good morning. Canadians return from the long weekend to a lot of catching up. Asia's chip stocks were hammered overnight, oil is hovering near US$106 a barrel, and the loonie is sitting near its weakest level in 18 months. The TSX reopens today after Thanksgiving, and Wall Street's big banks kick off earnings season ahead of tomorrow's US inflation report. The Big Three Today 1. Kospi crashes 5.46% to 6,035 on a global chip and AI selloff 2. Brent settles at US$106.65, its highest close since Sept. 15, on attacks on Saudi Arabia 3. TSX reopens after Friday's 519-point jump on a shock jobs report; USD/CAD near 1.43 Canada: TSX Reopens After a Jobs Shock The Toronto Stock Exchange was closed Monday for Thanksgiving, so Friday's session is still the latest close, and it was a big one. The S&P/TSX Composite jumped 519.24 points (+1.48%) to 35,664.62 after Statistics Canada reported that t...

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Canadians Dread Another Election as Budget Showdown Looms in Ottawa

 

Minister of Finance and National Revenue Francois-Philippe Champagne listens to a reporter's question ahead of a cabinet meeting on Parliament Hill in Ottawa, on Tuesday, Oct. 21, 2025.


As tensions rise on Parliament Hill, Liberal MPs are emphatically rejecting the idea of a snap federal election, insisting that Canadians have no appetite for another trip to the polls. The warning comes amid a high-stakes standoff over the upcoming federal budget, which the minority Liberal government is struggling to secure support for.

Government House Leader Steven MacKinnon acknowledged that the Liberals currently lack the votes needed to pass the budget, scheduled for tabling on November 4. He accused opposition parties of making "unserious" demands and playing political games, raising the specter of a holiday-season election if the budget fails to pas.

Opposition leaders, however, are pushing back. Conservative House Leader Andrew Scheer argued that the Liberals are deliberately crafting a budget they know won’t gain support, suggesting the government is trying to engineer its own defeat to trigger an election. He called for a more “affordable” budget that reflects the economic pressures facing Canadians.

Finance Minister François-Philippe Champagne’s budget is expected to include significant investments in housing, the military, and support for workers affected by the U.S. trade war. However, it may also feature cuts to other spending areas, making it a tough sell across party lines.

With the Liberals holding a minority, they need at least one opposition party—either the NDP, Bloc Québécois, or Conservatives—to back the budget. So far, no party has committed to doing so, leaving the government in a precarious position.

As the political brinkmanship continues, many MPs are echoing the sentiment of their constituents: “God no,” said one Liberal MP when asked about the prospect of another election. Canadians, it seems, are weary of political instability and would prefer their leaders focus on governing rather than campaigning.


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