Here are five things you need to know this morning
Carney targets non-U.S. exports by 2035: Prime Minister Mark Carney has set a goal to double Canada’s exports to markets outside the U.S. within a decade to net an extra 300 billion dollars in trade. In a rare televised speech on Wednesday evening, Carney reiterated that U.S. tariffs are causing job losses in major Canadian industries and businesses are holding back investments due to uncertainty. The prime minister touted a free trade agreement with Indonesia as well as agreements with other countries, adding that the upcoming budget will be about “generational investments”. Ottawa is also re-engaging with India and China to deepen its partnerships. The budget is set to be unveiled on Nov. 4.
Oil spikes as Trump ramps up Russia sanctions: The price of oil soared after U.S. President Donald Trump announced sanctions on Russia’s biggest oil companies, threatening disruptions to Russian crude production and exports. The move sparks concern that key buyer India will walk away from dealings with Moscow, and comes at a time when nations inside and outside OPEC+ ramp up output amid signs of cooling demand growth. If India does drastically cut purchases, refinery executives say the restrictions would make it all but impossible for flows to continue.
Auto sales keep Canadian retail afloat: Retail sales across the country saw an increase in August. Data from Statistics Canada indicates retail sales rose 1.0 per cent, in line with economists’ expectations. Sales rose in six out of nine subsectors and were led by increases at motor vehicles and part dealers. Canadian consumers have rushed to buy cars this year as Trump threatened and then brought in steep tariffs on vehicles imported into the U.S. In an advanced reading, Statistics Canada estimates retail sales fell 0.7 per cent in September.
Rogers beats as sports pays off: Rogers Communications beat analysts’ estimates for profit and revenue in its third quarter, boosted 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 World Series. Media revenue grew 26 per cent largely due to the telecom company doubling its stake in Maple Leaf Sports & Entertainment to 75 per cent. Rogers also raised its free cash flow guidance for the year.
Tesla profit plunges: Tesla’s profit plunged 31 per cent in its most recent quarter while operating expenses soared despite a record quarter of vehicle sales. The results reflect the ongoing strains on the automotive business. On the earnings call, Chief Executive Officer Elon Musk offered few details about how Tesla will revive its core business selling electric vehicles, leaving some analysts with lingering uncertainty about the company’s near-term growth drivers. Musk spent much of the call discussing ambitious initiatives, including humanoid robot and artificial intelligence programs. The CEO also pleaded with investors to back his trillion-dollar compensation package. Tesla’s latest results extends a string of weaker-than-expected profit to four straight quarters.
