Consumer confidence has plummeted to rock bottom.

5. The median short interest ratio among S&P 500 constituents has climbed to a high of 2.4%, nearing the highest level in the past decade. 6. Although the S&P 500 index posted a cumulative gain of 16.3% over the twelve months ended October 2025, institutional investors逆势 net sold $332.17 billion worth of individual stocks—a stark contrast to the $148.93 billion in net inflows into index/ETF products during the same period. Amid an extremely divergent market dominated by the 'Magnificent Seven', major market participants are rapidly abandoning high-risk active stock-picking strategies and instead relying on passive instruments like ETFs to maintain broad market beta exposure. 7. Fueled by explosive demand in the weight-loss drug market, Eli Lilly officially crossed the $1 trillion market capitalization threshold on Friday, becoming the first pharmaceutical giant in U.S. history to join this exclusive club. Since hitting a near-term low of approximately $600 per share on August 8 (when its market cap stood at just $592 billion), the stock has surged nearly 70% in just over three months. 8. The sharp decline in Bitcoin’s price triggered a simultaneous plunge in the preferred shares issued by Strategy (formerly MicroStrategy). Specifically, the 10% coupon bonds issued in June have tumbled from $0.85 to $0.66 per share, pushing yields up to 15%. This directly challenges the company’s business model of raising debt to buy Bitcoin. Having already issued nearly $7 billion in preferred shares this year and bearing roughly $700 million in annual dividends, Strategy now faces mounting difficulty raising new capital to continue purchasing Bitcoin as market enthusiasm wanes—and may even be forced to suspend dividend payments due to liquidity pressure. S&P Global warns that its B- credit rating reflects an extremely narrow safety margin for enduring a 'Bitcoin winter'; because dividends must be paid in fiat currency, the company must continually raise equity or debt financing to sustain liquidity. Should funding channels dry up, it may compel the world’s largest Bitcoin holder to sell its holdings passively. Canada Uncertainty stemming from the U.S.-Canada trade dispute—including potential tariffs—combined with tightened immigration policies, caused Canada’s third-quarter retail sales to grow only 0.2% quarter-on-quarter, the weakest pace in over a year. This was largely driven by a sharp 2.9% drop in automobile sales. Although core retail sales—excluding autos—slightly exceeded expectations, the overall weakening of consumption momentum has lowered the projected annualized GDP growth rate for Q3 to just 0.4%. Europe 1. Eurozone negotiated wage growth slowed sharply to 1.9% year-on-year in Q3, far below the previous quarter’s 4% and the 5.4% peak recorded in May 2024—bolstering the European Central Bank’s policy outlook that services-sector inflation will gradually ease. As older, higher-wage agreements expire, the weak macroeconomic environment is compelling new labor negotiations to reprice wages under lower inflation expectations—thereby curbing structural risks of a wage-price spiral. 2. Moody’s upgraded Italy’s sovereign rating to Baa2 after 23 years and changed its outlook to stable, citing enhanced political and policy continuity in recent years, as well as Italy’s leading position among EU member states in applying for and receiving disbursements under the EU’s Recovery and Resilience Facility—evidence of improved fiscal discipline and reform implementation capacity. Fitch and S&P Global have also upgraded Italy’s rating this year.

What is the current state of Canada’s economy?

Immigration-driven population surge has caused a sharp decline in Canada’s per capita GDP. While one might instinctively attribute the drop in per capita GDP to rapid population growth, the root issue lies in insufficient economic growth—which, in turn, reflects persistent long-term productivity challenges. According to the latest analysis by National Bank Financial, Canada’s economy is undergoing an 'unprecedented non-recessionary' contraction! Rapid population growth is cited as one factor squeezing per capita GDP growth. Its monthly economic report states, 'Signs of economic slowdown are rising markedly.' Canada’s per capita GDP contracted by 4.4% in Q3. Mikel Skuterud, an economist at the University of Waterloo, explains that per capita GDP can be visualized as dividing a cake (GDP) among a growing number of people: more people means smaller slices for each. Statistics Canada’s latest population data is staggering. Between July 1 and October 1, Canada added 430,635 new residents—only 4% of whom were newborns. Statistics Canada notes that in the first nine months of 2023 alone, national population growth surpassed that of *any* full year since Confederation in 1867. In mid-2023, Canada’s population stood at 40.0978 million, up 29.76‰ year-on-year. For the full year, Canada’s nominal per capita GDP was CAD 72,047—a 0.3% nominal decline year-on-year; after adjusting for price changes, real per capita GDP stood at CAD 59,249—a 1.5% real decline year-on-year.

Canada Economy Slows in Third Quarter After Spring Surge

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Statistics Canada reported a 0.2% GDP expansion in August, where mining gains were offset by declines in oil and gas extraction and petroleum manufacturing. Economists warn trade tensions and inflation risks may further dampen economic momentum in the coming quarters.

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Canada Economy Slows in Third Quarter After Spring Surge

Canada Economy Slows in Third Quarter After Spring Surge

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