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Canadian Housing Rises 5% in September

The Canadian housing market displayed mixed trends in September, according to the latest report from Canada Mortgage and Housing Corporation (CMHC). The six-month trend in housing starts has decreased by 1.3% from August to September, settling at 243,759 units. This trend measure represents a six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts across Canada.

Despite the downward trend, the monthly SAAR of total housing starts for September has increased by 5% compared to August, reaching 223,808 units. Urban centers with populations of 10,000 or more are primarily driving this growth, where housing starts have risen by 6% to 210,002 units. Both multi-unit and single-detached urban starts have seen increases of 6% and 5%, respectively.

You can read more on the matter here.

What’s going on?

• Canadian Housing Starts Rise 5% in September, but Long-Term Trend Declines (theDeepDive)

• ECB cuts rates once more as euro zone economy sags (Reuters)

• Trudeau Defends Allowing Non-Citizens to Vote in Liberal Nomination Races (theDeepDive)

• Netflix’s 340% Rally Seen Sputtering With Sales Growth Past Peak (BNN)

• Israel says it might have killed Hamas leader Yahya Sinwar (FT)

• Poilievre to Trudeau: Release Names of MPs Allegedly Involved in Foreign Interference (theDeepDive)

• Treasury yields jump after better-than-expected retail sales, drop in jobless claims (CNBC)

• Amazon Also Backs Small Modular Reactors in Latest Clean Energy Push (theDeepDive)

• Couche-Tard’s 7-Eleven Overlaps to Face Skeptical US FTC Review (BNN)

What’s the latest?

• ECB: The ECB is expected to cut interest rates on Thursday, marking the first back-to-back cut in 13 years, as inflation shows signs of control and economic stagnation persists. A quarter-point cut would bring the deposit rate to 3.25%, with markets anticipating further reductions through March 2025. Inflation reached 1.8% last month, near the ECB's 2% target, but growth remains weak, with high interest rates impacting investment and the labor market.

• Crude Oil: Crude oil futures rose slightly Thursday after a four-day decline as Middle East supply fears eased. WTI crude for November settled at $70.40 per barrel, up 0.01%, while Brent for December reached $74.24 per barrel, up 0.03%. Israel reportedly assured the U.S. it would avoid targeting Iran's oil facilities, but a regional conflict could disrupt up to 12 million barrels per day, impacting prices significantly.

• Retail Sales: Consumer spending rose 0.4% in September, exceeding the 0.3% forecast, while retail sales excluding autos grew 0.5%. Initial unemployment claims dropped to 241,000, below expectations, even after recent hurricanes, showing labor market resilience. The Philadelphia Fed’s manufacturing index increased to 10.3 in October, signaling expansion.

• Robinhood: Robinhood launched Robinhood Legend, a desktop platform for advanced traders with detailed charting tools. The firm aims to streamline trading by offering everything in one place. Robinhood will also add futures trading and index options to its mobile and Legend platforms. As of Q2, the firm reported $139.7 billion in assets under custody and 11.8 million monthly active users, a decline from 21.3 million users in 2021. Robinhood shares are up over 100% this year.

• Netflix: Netflix shares surged nearly 340% since May 2022 due to a crackdown on password sharing and ad-supported subscriptions. However, analysts suggest growth may slow, with Barclays downgrading the stock over concerns of pulling future growth forward. Netflix is expected to report Q3 revenue growth of 14%, down from last quarter’s 17%. The stock trades at 32 times forward earnings, higher than peers like Disney (19x) and Paramount (7x).

Potash & Lithium: American Potash's double play

The stock market and stuff

• Robinhood launches platform to go after bigger, more active traders (CNBC)

• Donald Trump has a new crypto venture. The industry is not impressed (FT)

• AI Boom Powers TSMC to 54% Profit Leap (theDeepDive)

• Nvidia stock rises to new record, exceeding June high as AI trade is rekindled (CNBC)

In the juniors

• Aston Bay’s Storm Project Strikes 42.7m of 3.1% Copper in Latest Drilling (theDeepDive)

• Abitibi Metals Extends Western Plunge in Step-Out Drilling at the B26 Polymetallic Deposit (JMN)

• Doré Copper, Cygnus Metals To Merge In $24M Deal (theDeepDive)

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