Prime Minister Mark Carney has announced an ambitious plan to double Canada’s exports to markets beyond the United States by 2035, a move expected to generate an additional $300 billion in trade.
In a nationally televised address, Carney said ongoing U.S. tariffs have led to job losses in key sectors and discouraged new investment. He pointed to a new free-trade agreement with Indonesia and renewed engagement with India and China as part of Canada’s diversification effort. The upcoming federal budget, set for Nov. 4, will focus on “generational investments” to bolster global competitiveness.
Crude prices jumped sharply after U.S. President Donald Trump unveiled sanctions against Russia’s largest oil firms, sparking fears of production and export disruptions.
Analysts warn that India, one of Russia’s main buyers, may halt purchases, tightening global supply just as OPEC+ nations raise output amid slowing demand. Refinery leaders caution the sanctions could make Russian crude “nearly impossible” to trade.
Canadian retail sales climbed 1.0 per cent in August, driven largely by motor vehicle and parts dealers, according to Statistics Canada.
Consumers have rushed to buy vehicles amid tariffs imposed by the U.S. on auto imports, creating a short-term boost. However, early data suggests September sales dipped 0.7 per cent, signaling potential cooling ahead.
Rogers Communications posted strong third-quarter earnings, beating analyst forecasts thanks to growth in its wireless and media divisions.
Revenue from media surged 26 per cent, helped by the company’s expanded stake in Maple Leaf Sports & Entertainment (75 per cent) and the Toronto Blue Jays’ playoff run. Rogers also raised its free-cash-flow outlook for the year.
Tesla reported a 31 per cent drop in quarterly profit, even as vehicle deliveries hit a record high. Rising costs continue to pressure margins, extending a four-quarter streak of weaker-than-expected earnings.
During the call, Elon Musk focused on robotics and AI projects rather than core vehicle operations, offering few specifics on how Tesla will revive its EV business. Musk also urged investors to back his trillion-dollar pay package, despite concerns over slowing profitability.
In summary: Canada looks to expand beyond U.S. trade dependency, energy markets react to geopolitical tensions, retail gains rely on auto sales, Rogers scores from sports momentum, and Tesla faces fresh scrutiny over falling profits.
