The previous decline was driven by worries that Democratic gains in the midterm elections could usher in stricter regulation of the AI industry and dampen investment in the sector. Those concerns sparked heavy selling in technology and AI-related shares and fueled a broader risk-off tone across markets.

On Friday, however, a strong comeback in chipmakers helped stabilize sentiment as dip buyers stepped in, powering a sharp recovery in technology stocks. Nvidia rose more than 3%, Micron gained 5%, AMD surged nearly 10%, Tesla advanced over 4.5%, and Lam Research jumped 8%. Among the major hyperscalers, Alphabet added more than 1% and Meta gained over 2%.

Economic data also drew attention, with nonfarm payrolls beating expectations and the unemployment rate ticking lower. For the week, the S&P 500 is down nearly 3%, the Dow is off more than 1%, and the Nasdaq is lower by around 5%.

The figures are based on a year-over-year comparison, measuring September 2026 output against the same month in 2025, and August 2026 output against August 2025. The reduced decline suggests that the industrial sector’s weakness may be bottoming out, though continued negative readings highlight that underlying pressures on manufacturing and broader industrial activity persist.

For policymakers and investors, the softer contraction could be interpreted as an early sign of stabilization, but the sector’s ongoing year-on-year decline underlines the need to watch upcoming data closely for confirmation of any sustained recovery trend in Argentina’s industrial production.

Exports from the extractive sector climbed 53.5%, supported by sharp gains in nickel ores (103.1%), precious-metal ores (900.6%), and crude petroleum oils (122.6%). Manufacturing exports rose 7.7%, underpinned by higher sales of soybean meal and other animal feed (39.1%), pulp (25.8%), and fuel oils (164.5%).

On the import side, total purchases grew 14.8% to $28.49 billion. Agricultural imports increased 10.1%, extractive-industry imports surged 51.4%, and manufacturing imports expanded 13.1%.

Lula reiterated that his administration remains committed to fiscal responsibility while also pursuing social priorities, amid mounting pressure for concrete adjustment measures and following the decline in Brazilian assets after his late-October reelection.

Sentiment was further buoyed by a JPMorgan report stating that third-quarter results underscored the resilience of emerging-market companies despite the recent correction in AI-related stocks and persistent global macroeconomic uncertainties. According to the bank, the earnings season continues to underpin the outlook for emerging-market equities, and it is maintaining an above-average allocation to markets such as Brazil.

Gains on the local bourse were broad-based. Sabesp climbed nearly 7% after reporting a 9% year-on-year increase in Q3 revenue. Among financials, Bradesco added about 3%, Banco do Brasil almost 4%, while mining heavyweight Vale advanced close to 2%.

On the domestic front, Canada’s trade surplus widened to C$5.35 billion in September, as stronger energy and gold exports to the US appeared to offset the effects of tariffs. Among miners, Agnico Eagle and Franco-Nevada each gained roughly 1%, while Wheaton Precious Metals (WPM) climbed nearly 2% after posting record nine‑month results on Thursday, with third‑quarter revenue surging 62%.

Performance across broader sectors was mixed as investors weighed softer‑than‑expected labour market data. Canadian employment declined by 4,700 in October, an improvement from September’s 68,300 drop but below consensus expectations for a 13,600 increase. For the week, the benchmark index is on track to finish more than 1% higher.

While the one-rig gain is small in absolute terms, investors and energy market participants often track week-to-week changes in the Baker Hughes count as an early indicator of shifts in exploration and production trends. The latest reading points to a steady, if subdued, operating environment for U.S. drillers, with no sharp pullback in activity despite ongoing market uncertainties.

The updated figure will feed into broader market assessments of U.S. supply capacity and capital discipline in the energy sector, particularly as traders and analysts gauge how incremental changes in rig deployment might influence future production and pricing dynamics.

The marginal increase suggests producers are maintaining a measured approach to investment and output, adding rigs gradually rather than accelerating aggressively. While a single-rig gain is modest, it continues to provide a timely snapshot of sentiment in the U.S. oil patch and remains a closely watched indicator for energy markets and investors tracking the trajectory of American crude supply.

The October 2026 reading suggests that Brazil is continuing to benefit from favorable trade dynamics compared with the previous month, expanding its positive balance by $1.58 billion. This development may be closely watched by investors and policymakers as an indicator of resilience in Brazil’s export sector and the overall health of its external sector.

The data, updated on 06 November 2026, underscores a solid performance in Brazil’s trade position as the year progresses, with markets likely to monitor whether this momentum can be sustained in the coming months.

The monthly advance was driven mainly by transport costs, which climbed 1.71% compared with the previous month. This reflected a sharp rise in fuel prices, with gasoline up 3.10% and diesel surging 17.39%, as well as higher taxi (5.73%) and bus fares (2.02%).

Prices also increased in the category of recreation, sports and culture (0.96%), supported by higher costs for entertainment event tickets (8.45%) and cinema admissions (7.90%), and in the health category (0.25%).

These gains were partially offset by declines in prices for personal care and miscellaneous goods and services (-0.21%), alcoholic beverages and tobacco (-0.11%), and information and communication (-0.07%).

Globally, attention will turn to China’s inflation and trade figures, Japan’s PPI, and inflation readings from India, Brazil and Mexico. Investors will also monitor trade data from Germany and the UK, alongside GDP releases from the UK, Russia, Poland and the Philippines.

President Lula has come under increasing market pressure to present a credible fiscal adjustment plan. Concerns about the country’s debt trajectory prompted him to meet with members of his economic team and former advisers, though no concrete measures have been announced so far.

At the same time, US nonfarm payrolls rose by 165,000 last month, surpassing all estimates, while the unemployment rate edged down. These stronger labor-market data reinforced expectations that the Federal Reserve will maintain a restrictive policy stance for longer. Persistently high rates in advanced economies may also push Brazil’s central bank (BCB) to keep domestic monetary policy tight. Reflecting this, the BCB left the Selic rate unchanged at 13.75% at its latest meeting, halting its easing cycle.

Losses were widespread across sectors. Major banks retreated, with RBC slipping nearly 1% and BMO about 0.5%, while retailers also weakened, including a drop of more than 1% for ATD. Enbridge lost 2%. On Thursday, the index had recorded its sharpest single-day decline in five months, weighed down by heavy technology selling after a Wall Street selloff.

The tech sector rebounded on Friday in step with US markets: Shopify climbed more than 2.5% and Celestica nearly 4%, recovering some ground after a 12.7% plunge in the previous session. Energy stocks advanced despite slightly softer oil prices, whereas most miners retreated in response to lower gold prices.

The October reading, while still above the 50-point threshold that typically separates expansion from contraction, indicates that the pace of growth has moderated compared with September 2026. The data, updated on 06 November 2026, suggests Canadian purchasing activity and overall business conditions remain in expansionary territory, but with less momentum heading into the final months of the year.

Market participants and analysts tracking the Ivey PMI will likely view the October decline as a sign that demand and activity are normalizing from previously elevated levels, with implications for expectations around corporate revenues, hiring plans, and broader economic growth in Canada.

This rise suggests that, compared with the previous month, households are feeling more confident about current economic circumstances. While no additional details were provided on the underlying drivers, the shift above the October reading indicates a strengthening in near-term sentiment at the start of the holiday spending season. Investors and analysts will be watching upcoming data releases to see whether this momentum in current conditions can be sustained into the winter months.

The uptick suggests that U.S. households have become slightly more optimistic about the economic outlook compared with the previous month. While the index remains at relatively low levels, the move above October’s reading indicates a tentative strengthening in expectations as the year heads into its final months.

While the decline is slight, the move suggests that consumers’ longer-term outlook on inflation has stabilized and is easing from recent levels. The data, updated on 6 November 2026, will be closely watched by markets and policymakers, as anchored long-term expectations are a key component in assessing the trajectory of inflation and the potential path of future monetary policy.

The moderation, updated as of 06 November 2026, suggests that consumers now anticipate slightly slower price increases over the coming year than they did a month earlier. While expectations remain above the 2% inflation levels historically associated with price stability, the November decline may be viewed as a modest step toward normalizing sentiment after an extended period of elevated inflation concerns.

For policymakers and markets, the trajectory of inflation expectations is closely watched as a potential guide to future price dynamics. A continued downward drift in this measure could help reinforce confidence that inflation pressures are gradually cooling in the United States.

The marginal increase suggests that the pace of business conditions has remained broadly stable month-on-month, with firms continuing to report healthy levels of orders and purchasing volumes. While the movement from 58.2 to 58.3 is modest, it underscores a continuation of solid demand rather than a shift in direction, pointing to sustained resilience in Canada’s private-sector activity through the early part of the fourth quarter of 2026.

The move from 48.0 to 51.0 indicates that sentiment, while still subdued by historical standards, is inching upward as consumers reassess their views on current conditions and future expectations. Even a small improvement in this closely watched gauge can be significant for investors and policymakers, as consumer attitudes often influence spending patterns, credit demand, and broader economic momentum.

With sentiment still hovering at relatively low levels, the November uptick is unlikely to signal a full turnaround in consumer mood, but it may point to tentative stabilization after recent weakness. Market participants will be watching subsequent releases to see whether November’s gain marks the start of a sustained recovery in U.S. consumer confidence or merely a brief pause in a more prolonged period of caution.

The capesize index, reflecting rates for vessels that typically carry 150,000-ton cargoes such as iron ore and coal, also rose for a third straight day, jumping 3.7% to 4,344 points, near a one-month high. The panamax index, which tracks ships that usually transport 60,000 to 70,000 tons of coal or grain, advanced 2.4% to 2,003 points, its highest since October 27.

Among the smaller vessel segments, the supramax index extended its decline, slipping a further 0.5% to 1,815 points, its lowest since October 9.

Sentiment was pressured by concerns that a Democratic sweep in Congress could lead to tighter regulation of the AI industry and reduced investment in the sector. This prospect drove investors out of technology and AI-related names and fueled a broader risk-off tone.

Still, dip-buying returned on Friday, helping to stem the sell-off, especially among major chipmakers. Technology was the strongest-performing sector, while consumer staples lagged. Nvidia climbed 5.9%, Broadcom rose 4.9%, Micron Technology gained 6.8% and AMD advanced 10.2%, while Tesla added 1.9%.

Separately, the latest jobs report signaled a still-robust labor market. For the week, the S&P 500 is down nearly 3%, the Dow about 0.5%, and the Nasdaq roughly 4.4%.

“October is typically the weakest month of the year, which makes the comparison with last year especially notable. In 2025, the EV tax credit expired in September, temporarily boosting demand for both new and used EVs. Once that support ended, used EV values dropped 3% in October, and non-EV values fell more than 2%, driving steep month-over-month declines in both the index and non-seasonally adjusted prices. This year, both EV and non-EV prices also fell on a non-seasonally adjusted basis, but their declines were far more modest than in 2025,” said Jeremy Robb, Chief Economist at Cox Automotive.