Daily Pulse
One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.
Michel Doucet
Vice-President and
Portfolio Manager
October 24, 2025
Canada
Rogers Communications Inc. beat analysts’ estimates in the third quarter, lifted by growth in wireless and media after the company completed a major sports deal and saw the Toronto Blue Jays make a run to the baseball playoffs.
Donald Trump abruptly halted trade negotiations with Canada, citing an Ontario ad featuring Ronald Reagan’s voice criticizing tariffs. The ad in question comprises excerpts from an address Reagan gave in 1987 in which he defended the principles of free trade and slammed tariffs as an outdated idea that stifles innovation, drives up prices and hurts US workers. The loonie edged lower.
United States
After being delayed by the US government shutdown, the Bureau of Labor Statistics will release of the September CPI on Friday. The data, originally slated for Oct. 15, will give Fed officials a critical piece of information on inflation ahead of their policy meeting the following week. Economists in a Bloomberg survey forecast the core CPI, which excludes food and fuel for a better snapshot of underlying inflation, to have climbed 0.3% for a third straight month as higher import duties continue to gradually filter through to consumers. The projected monthly gain will keep the annual core CPI at 3.1%.
Europe
October business activity in the euro zone unexpectedly reached its highest level since May 2024, as outperformance by Germany helped offset continued weakness in France. The increase was driven by services.
A Turkish court dropped a case that threatened to remove the leader of the main opposition party, helping the lira trim losses and stocks rally.
Asia
US President Donald Trump and Chinese President Xi Jinping will meet next Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea. The meeting will be the first face-to-face for the leaders since Trump returned to power in January, and comes as a trade truce between Washington and China is set to expire on Nov. 10. Trump has said direct talks with Xi are the best way to resolve lingering issues between the countries, including tariffs, export curbs, and geopolitical flashpoints such as Taiwan.
Japan’s Sanae Takaichi pledged to prioritize tackling inflation and bolstering defense, in her first address to parliament as PM.