Here are five things you need to know this morning
Inflation hits seven-month high: Inflation in Canada rose more than expected in September, to a seven-month high of 2.4 per cent. On a monthly basis, the consumer price index rose by 0.1 per cent. The acceleration was driven by higher gasoline prices, as well as the cost of vacations, vehicles, and fruits and vegetables. As economist Charles St. Arnaud said live on BNN Bloomberg just after the numbers were released, the pickup in inflation makes it slightly less likely that the Bank of Canada will cut interest rates at its meeting next week.
Canada nears trade deal with U.S.: The Globe and Mail is reporting a trade deal on steel, aluminum and energy could be ready for Prime Minister Mark Carney and U.S. President Donald Trump to sign at the Asia-Pacific Economic Cooperation summit later this month. A deal would offer long-sought relief for the Canadian metals industry, which has been hit hard by U.S. tariffs. The report says the Americans are not ready to make any deal on automobiles or softwood lumber, two of Canada’s most important exports to the United States. These talks are separate from more formal and wide-ranging renegotiations that will take place in the new year on the CUSMA free-trade deal.
MEG postpones takeover vote: MEG Energy has postponed a shareholder vote on the proposed takeover by Cenovus. MEG says it expects about 63 per cent of shareholders to be in favour of the deal, which is just shy of the 66.7 per cent needed for it to go through. While rival bidder Strathcona has withdrawn its offer for MEG, it has acquired a number of MEG shares to increase its weight in shareholder voting. MEG shareholders will now meet on Oct. 30 instead of Oct. 22.
GM raise forecast: Shares of General Motors traded higher in the premarket. The American automaker raised its full-year profit forecast and reported stronger-than expected pickup truck sales. This comes as the Detroit-based manufacturer sees relief from the Trump administration’s tariffs on auto parts after extending a tariff discount on some imports until 2030.
Apple shares hit record high: Apple shares hit their first record of 2025 yesterday after brokerage firm Loop Capital upgraded the stock to buy from hold, becoming the latest to cite positive iPhone demand trends. Apple had been a notable underperformer for much of the year, down as much as 31 per cent at its worst point in April. But since then the iPhone maker has soared more than 50 per cent, finally turning positive for the year in late September. The recent strength comes amid signs of stronger-than- expected demand for its latest iPhone lineup, adding to hopes that a long-awaited upgrade cycle could be underway.
