Asian markets were under pressure on October 29, 2026, as investors weighed the impact of rising interest rates and a stronger US dollar on the global economy. The region's stock markets were mixed, with some countries experiencing significant losses, while others saw gains.

Global Markets

  • The S&P/TSX composite index in Canada was up 30.84 points at 36,295.93, driven by strength in the country's bank stocks.
  • In the US, the Dow Jones industrial average was down 105.83 points at 52,369.27, while the S&P 500 index was down 20.74 points at 7,723.24.
  • The Nasdaq composite was down 331.14 points at 26,218.71.

Currency and Commodities

  • The Canadian dollar traded for 71.50 cents US, up from 71.25 cents US on Wednesday.
  • The December crude oil contract was down US$2.52 at US$100.26 per barrel.
  • The December gold contract was down US$16.50.

Interest Rates

The Bank of Canada's interest rate announcement came with a soft warning that more increases could follow. This has led to a surge in bond prices, as investors seek safe-haven assets in a rising interest rate environment.

Implications

The mixed performance of global markets on October 29, 2026, reflects the ongoing uncertainty surrounding the global economy. As interest rates continue to rise, investors are likely to seek safe-haven assets, such as bonds, to mitigate potential losses. The impact of rising interest rates on the global economy remains a key concern, and investors will be closely watching the Bank of Canada's future rate decisions.