Canadian Money Brief | Tuesday, November 10, 2026 | Covers Monday’s close plus early Tuesday trading in Asia
Stocks staged a sharp comeback to start the week. Canada’s S&P/TSX Composite jumped 657 points, or 1.8%, to close at 36,446.26 on Monday as gold miners soared and a sliding oil price eased inflation fears. Wall Street had its best day since April, European markets rallied, and Asia extended the rebound into Tuesday. The question for the day: can it hold when U.S. inflation data lands at 8:30 a.m. ET?
The big picture
• Oil dropped after President Trump said renewed large-scale strikes on Iran were highly unlikely while talks continue.
• Tech rebounded from last week’s AI-driven selloff, even as Nvidia fell on a board investigation involving CEO Jensen Huang.
• Gold rallied to US$4,150.90 and lifted TSX miners.
• Today’s test: U.S. October CPI at 8:30 a.m. ET.
Canada: TSX Jumps 1.8% as Gold Miners Lead
The TSX gained 1.8% as gold stocks led the way, with the gold sub-index up 4.7% and materials up 4.6%. Industrials added 2.6%. Only energy (-0.9%) and telecoms (-0.5%) finished lower. The Canadian dollar was unchanged at 70.82 cents U.S. and the TSX Venture Exchange rose 14 points, or 1.7%, to 836.07.
| Index | Close | Change |
|---|
| S&P/TSX Composite | 36,446.26 | +657.17 (+1.8%) |
| TSX Venture Exchange | 836.07 | +14.00 (+1.7%) |
| Canadian dollar (US cents) | 70.82 | Unchanged |
Stocks in focus:
- Barrick Mining rose 4.5% to $59.76 after reporting higher third-quarter profit, as stronger gold prices outweighed lower production.
- Iamgold gained 5.7% to $27.95 and Novagold climbed 7.4% to $9.71.
- Ero Copper (+8.4%) and Hudbay Minerals (+7.1%) led the materials rally.
- Air Canada jumped 6.3% to $23.30 as lower fuel costs helped airline stocks.
- Greenfire Resources surged 37.9% to $10.94 after Strathcona Resources agreed to buy it in a deal valued at about $2.7 billion to $2.9 billion including debt. Strathcona slipped 34 cents to $36.00.
- Constellation Software fell 3.8% to $3,392.29 after reporting a 16% drop in third-quarter free cash flow, weighing on the tech sector.
- Vermilion Energy (-2.5%) and Advantage Energy (-2.2%) slipped with crude.
U.S. Markets: Best Day Since April
Wall Street surged as falling oil prices and a rebound in technology stocks erased a chunk of last week’s losses. The S&P 500 gained 2.3%, its best day since April, and now sits about 3.4% below the all-time high set last month. The Dow climbed back above its Election Day close; the S&P 500 and Nasdaq are still slightly below theirs.
| Index | Close | Change |
|---|
| Dow Jones Industrial Average | 52,389.75 | +1,104.02 (+2.2%) |
| S&P 500 | 7,549.94 | +173.08 (+2.3%) |
| Nasdaq Composite | 25,253.14 | +673.71 (+2.7%) |
| U.S. 10-year Treasury yield | 4.87% | vs. 4.86% Friday |
Chips split. AMD soared 13.3% to $508.58 on a new Google Cloud collaboration and an analyst upgrade, and Broadcom added 8.8%. Nvidia bucked the rally, falling 4.3% to $178.67 after its board launched an independent investigation following reports that CEO Jensen Huang was the target of a suspected Chinese intelligence operation. Nvidia said it has no reason to believe sensitive information was compromised. Tesla (+5.5%), Meta (+5.1%), Amazon (+2.9%) and Microsoft (+2.7%) all moved higher.
Investors are still wary after last week’s AI-led selloff, which followed Democratic gains in the midterms and fears of tougher rules on data-centre construction and energy use. This week brings earnings from CoreWeave, Cisco and Applied Materials, with Nvidia reporting on November 17.
Europe: Miners, Chips and Defence Names Rally
European markets closed firmly higher as oil fell and bond yields softened. London’s FTSE 100 gained 1.02% to 10,782.87 as precious-metal miners rose 4.5%. Germany’s DAX jumped 1.73% to 26,267.19, led by Infineon (up nearly 6%) and Siemens Energy (+5.1%). Commerzbank rose 4% after UniCredit raised its target on the stock, and Airbus gained 4.7% after announcing a share buyback of up to €5 billion. Germany’s September exports rose 2% from August, well above forecasts.
| Index | Close | Change |
|---|
| STOXX Europe 600 | – | +1.26% |
| Germany DAX | 26,267.19 | +1.73% |
| UK FTSE 100 | 10,782.87 | +1.02% |
| France CAC 40 | – | +1.16% |
| Switzerland SMI | – | +1.03% |
In London, the Bank of England’s quarter-point hike to 4% last week still looms: policymakers warned at least one more increase is likely if the U.S.-Iran conflict continues.
Asia: Tech-Led Rebound Continues Into Tuesday
Asian markets mostly gained on Monday, with Japan’s Nikkei 225 rising 2.33% to 58,775.50 and mainland China edging higher. In early Tuesday trading the rebound accelerated: the Nikkei was up roughly 3% near 60,700, South Korea’s KOSPI was up about 4% near 5,240 after slipping into the red late Monday, and Hong Kong and Shanghai were up about 0.5% and 0.3%. India’s markets were closed for the Diwali holiday.
| Index | Level | Change |
|---|
| Japan Nikkei 225 (Mon close) | 58,775.50 | +2.33% |
| Shanghai Composite (Mon close) | 3,660.79 | +0.32% |
| Hong Kong Hang Seng (Mon close) | 24,448.95 | -0.13% |
| Nikkei 225 (early Tue) | ~60,700 | ~+3% |
| South Korea KOSPI (early Tue) | ~5,240 | ~+4% |
Oil, Gold and the Loonie
Oil fell sharply as Trump called renewed large-scale strikes on Iran highly unlikely, easing fears of fresh supply disruption, though attacks on ships near the Strait of Hormuz continued to worry traders. U.S. crude dropped US$3.87 to US$86.96 a barrel, while Brent fell more than 4% to around US$92 and eased further in early Tuesday trading. Gold recovered US$76.00 to US$4,150.90 an ounce as lower oil prices eased inflation concerns.
| Commodity / currency | Price | Change |
|---|
| WTI crude (US$/barrel) | 86.96 | -3.87 (-4.3%) |
| Brent crude (US$/barrel) | ~92 | -4% or more |
| Gold (US$/ounce) | 4,150.90 | +76.00 (+1.9%) |
| Canadian dollar (US cents) | 70.82 | Unchanged |
What It Means for You
Falling oil is the best news for your wallet. Crude has dropped sharply from the highs of early November. Pump prices typically follow with a lag of a week or two, so watch for relief at the gas station if the slide holds.
Rates are the swing factor. The Bank of Canada raised its overnight rate to 2.50% on October 28, which lifted prime-linked borrowing costs for variable-rate mortgages and HELOCs. Cooler oil prices reduce the pressure for more hikes, but a hot U.S. inflation print today could revive them and push bond yields, and fixed mortgage rates, higher.
Check your portfolio. Gold miners and tech names swung hard this week. If your TFSA or RRSP is concentrated in either, today’s big gains are a reminder to review your diversification rather than chase the bounce.
What to Watch Today and This Week
| When | Event | Why it matters |
|---|
| Tue Nov 10, 8:30 a.m. ET | U.S. October CPI | Economists expect headline +0.3% and core +0.2% on the month. Year-over-year rates will not be published this month because October 2025 data is missing from the government shutdown. September was 3.7%. |
| Tue Nov 10 | Bank of Canada summary of deliberations | Details on the discussion behind the October 28 hike to 2.50%, and clues on whether more is coming. |
| Wed Nov 11 | Remembrance Day | TSX trades as normal; the bond market is closed and some banks and offices are closed. |
| Mon Nov 16 | Canadian CPI | October inflation, due 8:30 a.m. ET. September was 3.1%. A key read ahead of the Bank of Canada’s December 9 decision. |
| Tue Nov 17 | Nvidia earnings | A major test for the AI trade after last week’s volatility. |
| Dec 9 | BoC and Fed decisions | Both central banks meet in early December with further hikes still possible. |
Disclaimer: This article is for general information only and is not financial, investment or tax advice. Index levels are Monday closes unless noted; early Tuesday Asian figures are approximate and may have changed. Always confirm figures with your broker or a licensed advisor before making decisions. Market data compiled from Baystreet.ca, The Associated Press, Reuters, RTTNews, The Motley Fool and Kiplinger.
Comments
Post a Comment