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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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Canada’s Labour Market Defies Expectations with Strong October Gains

 

Economists had expected the Canadian economy to drop 20,000 jobs in October and the unemployment rate to rise to 7.2 per cent. 

Canada’s job market delivered an unexpected boost in October, adding 67,000 new positions and pushing the national unemployment rate down to 6.9%. This marks the first decline in unemployment in three months and comes as a surprise to many economists who had predicted job losses instead.

The gains were driven largely by part-time employment, which rose by more than 85,000 positions, offsetting earlier declines in the summer. The private sector also showed renewed strength, adding 73,000 jobs for its first increase since June. Ontario led the way with 55,000 new positions, while industries such as wholesale and retail trade, transportation, and warehousing saw the most significant growth.

Economists had expected the economy to shed around 20,000 jobs in October, with unemployment rising to 7.2%. Instead, the labour market surprised on the upside for the second consecutive month, following September’s gain of 60,000 jobs. Together, these back-to-back increases have helped offset the steep losses recorded in July and August.

The report also highlighted a positive trend for young workers, who saw improved employment opportunities after months of struggle. Analysts suggest that the stronger-than-expected labour market may ease concerns about an economic slowdown and could influence the Bank of Canada’s outlook on interest rates.

While the October surge is encouraging, experts caution that the reliance on part-time work may signal underlying fragility in the job market. Still, the data underscores Canada’s resilience in the face of global economic uncertainty.


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