Canada’s 10-year government bond yield rose to around 3.95% in September, nearing a three-year high as energy-driven inflation concerns persisted. Oil prices rose after a five-week halt in the rally that followed the US-Iran war, amid uncertainty over diplomatic efforts to end the conflict and reopen the Strait of Hormuz. Strong US economic data also strengthened expectations that the Fed could deliver another rate hike this year. US Treasury yields soared to multi-decade highs, further pressuring Canadian bonds as domestic yields tend to track US rates. Fed projections showed that most policymakers expect another hike before the end of 2026. The Bank of Canada kept its key policy rate unchanged at 2.25% at its September meeting, as widely expected. However, it noted that inflation risks had increased, while new tariffs had made the growth outlook more uncertain. Governor Macklem said policymakers were prepared to raise rates if inflation remained elevated.

Canada 10-Year Yield Nears Three-Year High

The Ibovespa fell 0.9% to close at 185,814 on Wednesday following new election polls and a rebound in oil prices. An AtlasIntel poll for October’s presidential election showed President Lula regaining a numerical lead over Senator Flávio Bolsonaro in a potential second-round runoff, although the candidates remain in a statistical tie. Oil prices rose amid uncertainty over diplomatic efforts to end the US-Iran war and reopen the Strait of Hormuz. Energy-driven inflation concerns persisted. In addition, Copom’s minutes from its latest meeting, released yesterday, were more hawkish than expected. Financials weighed on the index, with Itaú down 1.9%, Bradesco and Banco do Brasil both falling 2.2%, and Itaúsa shedding 1.9%. Utilities also traded lower, with Sabesp losing nearly 2.8%. Vale fell 1.8% amid weak profitability among Chinese steelmakers. Petrobras gained 2.6% on rising oil prices.

Ibovespa Falls on Political and Inflation Concerns

The Dow Jones Index fell 360 points or 0.69 percent on Wednesday to close at 51503 points. Leading the losses are McDonalds (-4.89%), Alphabet (-4.68%) and Home Depot (-2.80%). Top gainers were Salesforce (1.84%), Chevron (1.38%) and Boeing (0.95%).

The Dow Jones Index Closes 0.69% Lower

The S&P/TSX Composite Index fell 1.6% to close at 35,751 on Wednesday as yields reached multi-year highs. Bond yields rose sharply as energy-driven inflation concerns persisted, with oil prices moving higher amid uncertainty over diplomatic efforts to end the US-Iran war and reopen the Strait of Hormuz. Strong US economic data also strengthened expectations that the Fed could deliver another rate hike this year. US Treasury yields soared to multi-decade highs, further pressuring Canadian bonds as domestic yields tend to track US rates. Major banks posted losses, with RBC down 2%, TD Bank falling 2.4%, BMO shedding 2%, and Scotiabank retreating 1.6%. Gold, silver, and copper extended their declines, pressuring miners. Agnico Eagle fell 3.9%, Barrick declined 3.2%, and WPM tumbled 5.4%.

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Canada 10-Year Yield Nears Three-Year High

Ibovespa Falls on Political and Inflation Concerns

The Dow Jones Index Closes 0.69% Lower

TSX Slides as Yields Hit Multi-Year Highs