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Weekly Market Snapshot: Oil Tops US$100, AI Stocks Slide and a BoC Hike Looms (Oct 19–23, 2026)

  CANADIAN MONEY BRIEF · WEEKLY MARKET SNAPSHOT Week of October 19–23, 2026 Published Saturday, October 24, 2026 · Closing levels as of Friday, Oct 23 S&P/TSX 35,788.18 ▼ 1.1% on the week S&P 500 7,623.68 ▼ 0.5% on the week WTI CRUDE US$103.27 ▲ about 4% on the week LOONIE 71.4¢ US ▲ about 1% on the week Canadian inflation at 3.1% on Monday, a global AI-stock sell-off on Thursday and oil punching through US$100 on Friday made for a rough week on both sides of the border. The TSX gave back all of its midweek gains, Wall Street posted a second straight weekly loss, and Europe had its worst week since early September. Meanwhile, the Bank of Canada’s rate decision is now just days away, and markets are betting on a hike. The Scoreboard: North America Index Friday close Day Week S&P/TSX Composite 35,788.18 -0.52% -1.1% Dow Jones Industrial 52,215.16 -1.23% +0.4% S&P 500 7,623.68 -0.52% -0.5% Nasdaq Composite 25,955.34 -0.21% -0.7% The Dow was the only major U.S. average ...

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Trump Sets Sights on Trade Breakthrough with Xi During Asia Tour

US President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G20 leaders' summit in Osaka, Japan, on June 29, 2019.

U.S. President Donald Trump has embarked on a high-stakes trip across Asia, with his most closely watched stop set to be a meeting with Chinese President Xi Jinping in South Korea. The visit comes at a critical moment, as both nations grapple with escalating trade tensions and the global economy watches closely for signs of compromise.

Trump’s itinerary includes stops in Malaysia, Japan, and South Korea, marking his longest overseas journey since returning to the White House. At the heart of the trip lies his effort to secure a trade deal with Xi, a move that could ease months of tariff threats and economic uncertainty.

The White House confirmed that Trump and Xi will hold a bilateral meeting on October 30, on the sidelines of a major regional summit. Officials say the talks will focus on tariffs, rare earth export restrictions, and broader economic cooperation.

Analysts note that the outcome of this meeting could either stabilize markets or deepen the rift between the world’s two largest economies. Trump has hinted at the possibility of harsher tariffs if no agreement is reached, while Xi is expected to push back against U.S. demands seen as too restrictive.

As Trump positions himself as a dealmaker on the global stage, the Asia trip represents both an opportunity and a gamble—one that could define the trajectory of U.S.-China relations for years to come.


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