What every Canadian investor needs to know today

Global markets trended lower as investors nervously eyed the hotly contested U.S. presidential election and prepared for a fresh slate of megacap corporate earnings.
U.S. stock indexes were subdued at the open as investors assessed mixed earnings reports and data that showed the economy maintained a solid pace of growth in the third quarter.
The Dow Jones Industrial Average rose 0.04 per cent to 42249.81, the S&P 500 fell 0.3 points to 5832.65, and the Nasdaq Composite gained 0.1 per cent to 18731.694 at the bell.
The Toronto Stock Exchange’s S&P/TSX composite index was opened 0.46 per cent lower at 24,448.42, led lower by mining stocks.
In Canada, investors are getting results from TMX Group Ltd., Parkland Corp., Allied Properties REIT, Agnico Eagle Mines Ltd., Capital Power Corp., Ivanhoe Mines Ltd. Kinaxis Inc. and Spin Master Corp.
On Wall Street, markets are watching earnings from Starbucks Corp., Meta Platforms Inc., Microsoft Corp., Eli Lilly and Co., Dayforce Inc., UBS Group and Caterpillar Inc
“When it comes to macro, and the impact of geopolitics on macro, things look in decent shape,” said Samy Chaar, chief economist at Swiss private bank Lombard Odier in Geneva.
“The only question investors have in mind is how are the U.S. elections going to impact or challenge this kind of current state of affairs.”
Overseas, the pan-European STOXX 600 was down 1.29 per cent in morning trading. Britain’s FTSE 100 slid 0.47 per cent, Germany’s DAX declined 1.29 per cent and France’s CAC 40 1.42 per cent.
In Asia, Japan’s Nikkei closed 0.96 per cent lower, while Hong Kong’s Hang Seng fell 1.59 per cent.
Oil prices rose after reports OPEC+ could delay a planned oil production increase scheduled to take effect in December by a month or more, due to concerns about soft oil demand and rising supply.
Brent crude futures gained 2 per cent to US$72.53 a barrel. West Texas Intermediate (WTI) crude futures rose 2 per cent to US$68.55 a barrel.
“OPEC+ has always advised that the unwinding of voluntary supply cuts would be subject to market conditions,” said Harry Tchilinguirian, head of research at Onyx Capital Group
“That they may be reconsidering the timing of a return of their barrels is not surprising given the weak macroeconomic realities, particularly in China, which have led to downward revisions in global demand growth estimates.”
In other commodities, spot gold was up 0.2 per cent to US$2,781.17 an ounce. after hitting an all-time high of US$2,789.73 earlier in the session. U.S. gold futures rose 0.4 per cent to US$2,793.
The Canadian dollar weakened against its U.S. counterpart.
The day range on the loonie was 71.74 US cents to 71.93 US cents in early trading. The Canadian dollar was down about 3 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.09 per cent to 104.41.
The euro slipped 0.05 per cent to US$1.0815. The British pound tumbled 0.55 per cent to US$1.2943.
In bonds, the yield on the U.S. 10-year note was last down at 4.254 per cent.
Volkswagen has reported a 42-per-cent drop in third-quarter profit, its lowest level in three years, as the company’s passenger car division struggles with high costs and weak demand in China, while potential plant closures loom in Germany.
UBS Group has posted third-quarter profit well above forecasts, driven by higher revenue and cost reductions, and said it had completed the first wave of client migrations from Credit Suisse since acquiring its old rival last year.
Dayforce has forecast its fourth-quarter revenue below Wall Street expectations, in a sign of softer demand for payroll and human capital management services as economic uncertainties persist.
Caterpillar says it expects full-year revenue to be slightly lower from its prior forecast as higher borrowing costs and sticky inflation led to a slowdown in machinery demand.
Eli Lilly missed Wall Street estimates for third-quarter profit, hurt by higher manufacturing costs and a $2.8 billion acquisition-related charge.
Japan consumer confidence and Bank of Japan monetary policy meeting (though Thursday)
Germany unemployment, GDP and CPI: The country’s gross domestic product unexpectedly increased in the third quarter, driven by government and household spending, skirting a recession. Inflation rose more than expected in October to 2.4 per cent.
Euro zone economic and consumer confidence and GDP
(8:15 a.m. ET) U.S. ADP National Employment Report for October. Private payrolls increased by 233,000 jobs last month after rising by an upwardly revised 159,000 in September.
(8:30 a.m. ET) U.S. real GDP for Q3. The U.S. economy maintained a solid pace of growth as ebbing inflation and strong wage gains powered consumer spending. GDP increased at a 2.9 per cent rate, just off forecasts of 3 per cent growth.
(10 a.m. ET) U.S. pending home sales for September. Estimate is a decline of 0.2 per cent from August.
(4:15 p.m. ET) Bank of Canada governor Tiff Macklem and senior deputy Carolyn Rogers appear before the Standing Senate Committee on Banking, Commerce and the Economy.
Also: Ontario’s fall economic statement
With Reuters and The Canadian Press