Podcast
Tech, Money and Politics
Will Simpson and Greg Wise
October 3, 2026
How Inflation, Trade and AI are Reshaping Markets
It was a mixed week across global markets. The U.S. continued to move higher and Japan had a strong week, while Canada and Europe were softer. The S&P 500 gained 0.5% in Canadian dollar terms, the Nasdaq rose 1.2% and Japan gained 1.6%. In Canada, technology was the standout, rising 6.6%, while materials, healthcare and telecom were lower.
Markets also got some encouraging news on Friday when the latest U.S. jobs report came in weaker than expected. The economy added just 29,000 jobs in September, unemployment edged up to 4.2% and wage growth slowed to 3.0%. That reduced some of the pressure on the Federal Reserve to raise interest rates again in October and helped markets move higher. In this case, some softer economic news was actually good news for investors.
One of the more interesting trends we’re watching is how differently higher interest rates are affecting economies around the world. The U.S. continues to benefit from a major wave of investment in AI, data centres and related infrastructure, which is helping support economic growth. Europe, meanwhile, is dealing with higher energy and borrowing costs without the same level of investment.
It’s another reminder that AI is becoming much more than a technology or stock market story. The amount of money being invested is now large enough to have an impact on the broader economy. That contrast between the U.S. and other major economies is something we’ll continue to watch, particularly if interest rates remain higher for longer.
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