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Wall Street Pauses as Oil Surges and Tesla Stumbles

  U.S. stocks stalled on Thursday as investors weighed a sharp rise in oil prices against a wave of fresh corporate earnings. Futures tied to the Dow Jones Industrial Average and the S&P 500 hovered near the flat line, while the Nasdaq 100 also showed little movement. Energy markets took center stage after oil futures jumped more than 5% following new U.S. sanctions on Russian producers, pushing Brent crude toward $66 a barrel and West Texas Intermediate closer to $62. The surge added pressure to inflation concerns already weighing on Wall Street. On the corporate front, Tesla shares slipped over 3% in premarket trading after the electric vehicle maker posted mixed third-quarter results, disappointing investors and kicking off the “Magnificent Seven” earnings cycle. IBM stock also dropped about 7% , as stronger-than-expected profits were overshadowed by weaker software revenue. Traders are now awaiting results from American Airlines and T-Mobile , with Intel set to ...
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Ottawa Faces Fiscal Strain as India Pushes Back on Diplomatic Staffing

 

                                           Prime Minister Mark Carney     

A new economic outlook warns that Canada’s federal finances are under mounting pressure, even as diplomatic tensions with India deepen.

A report from Desjardins deputy chief economist Randall Bartlett projects Ottawa’s deficit will reach $74.5 billion this fiscal year, about $6 billion higher than the parliamentary budget officer’s forecast. The analysis points to recent tax cuts, the removal of counter-tariffs, and increased spending on defence and infrastructure as key drivers of the shortfall.

Meanwhile, relations with India remain strained. Indian High Commissioner Dinesh Patnaik rejected claims from Foreign Minister Anita Anand that New Delhi had agreed to restore Canada’s full diplomatic presence. Patnaik emphasized that trust must be rebuilt and that Ottawa must first resolve delays in accrediting Indian staff in Canada.

The dual challenges — fiscal uncertainty at home and diplomatic friction abroad — come just weeks before the federal government unveils its fall budget, a moment that could shape both Canada’s economic trajectory and its global standing.


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