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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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Carney and Xi Signal Thaw in Canada-China Relations After Landmark Meeting

                                       Prime Minister Mark Carney and Chinese President Xi Jinping

Prime Minister Mark Carney declared a “turning point” in Canada-China relations following his first formal meeting with Chinese President Xi Jinping in nearly a decade. The two leaders met on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, marking the most significant high-level engagement between the two countries since 2017.

During the nearly 40-minute bilateral discussion, Xi extended an official invitation for Carney to visit China, a gesture widely seen as a step toward repairing strained ties. If accepted, it would be the first official visit by a Canadian prime minister to China since Justin Trudeau’s attempt to launch trade talks eight years ago.

Carney described the meeting as “very constructive,” emphasizing that it opened the door to pragmatic dialogue on trade irritants and broader cooperation. While no immediate breakthroughs were announced on contentious issues—such as Chinese tariffs on Canadian canola, seafood, and pork, or Canada’s restrictions on Chinese electric vehicles—the prime minister stressed that the encounter created “a path to address current issues.”

The meeting comes after years of frosty relations, marked by disputes over trade, technology, and human rights. Analysts suggest that both sides are motivated by economic necessity: Canada is seeking to diversify its trade partnerships amid global uncertainty, while China is looking to stabilize ties with Western economies as it navigates slowing growth.

Xi highlighted the “long history of cooperation” between the two nations and expressed optimism about future engagement. His invitation to Carney signals Beijing’s willingness to re-engage at the highest political level.

Though challenges remain, the symbolism of this meeting is significant. It suggests that Canada and China may be entering a new phase of cautious re-engagement, with opportunities for progress in trade, agriculture, and climate cooperation.

For now, Carney’s declaration of a turning point reflects both optimism and realism: while the road ahead may be complex, the willingness to talk marks a notable shift from years of silence.


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