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Markets · 13 Nov 2026Policy rateBank of Canada2.50%YieldsCA 2Y3.33%+8 bpCA 5Y3.53%+7 bpCA 10Y3.78%+6 bpCanadian dollarCAD/USD0.7014−0.01%CAD/EUR0.6356+0.24%CAD/GBP0.5306+0.15%CAD/JPY112.11CryptoBTCUS$64,926−0.97%ETHUS$1,824−0.24%
Tuesday’s Brief

Morning Brief

Friday 13 November 2026

U.S. producer prices rose 6.5% over the year to October, the fastest pace since 2022.

The desk’s view todayCanadian fixed mortgage rates are more likely to rise than fall before year-end.

Story 1 of 5

Bond yields push higher as U.S. producer prices run hot

House keys, the subject of fixed mortgage rates set by bond yields
Photo: Pexels

01What happened

U.S. producer prices rose 0.3% in October and 6.5% from a year earlier, the largest 12-month rise since November 2022, the Bureau of Labor Statistics said Friday at 05:30 PT. Economists had expected 6.6%. On Thursday the U.S. 10-year Treasury yield closed at 5.12%, up from 4.98% before the Veterans Day holiday.

In Canada the five-year bond yieldBond yield The annual return an investor gets for lending to a government or company through a bond. Yields rise when bond prices fall. Fixed mortgage rates are priced from the 5-year Government of Canada yield. rose to 3.53% on 12 November from 3.46% on 10 November and 3.35% on 9 November. The two-year yield reached 3.33%.

02Our view

Fixed mortgage rates are more likely to drift up than down before year-end. Producer prices tend to lead consumer prices by a few months, and a 6.5% annual pace leaves the Fed little room to wait, which pulls Canadian yields along with U.S. ones. We would change our mind if Canada’s October CPI on Monday came in well below expectations and the five-year yield fell back under 3.40%.

03Why it matters to you

If you renew a mortgage before March, check what today’s fixed offers would do to your payment. The yields that set those rates rose sharply this week.

Book a mortgage renewal review

Sources BLS, Producer Price Indexes, October 2026; Stock Titan, October 2026 PPI preview; Bank of Canada, Selected bond yields; Associated Press, Wall Street shakes with swings for Nvidia and oil prices but recovers most of its early losses

Story 2 of 5

Nvidia’s chief executive resigns and markets slip

Nvidia headquarters building in Santa Clara, California
Photo: Coolcaesar, CC BY-SA 4.0, via Wikimedia Commons

01What happened

Jensen Huang resigned as chief executive of Nvidia on Thursday 12 November, with chief financial officer Colette Kress named interim chief executive, after a board inquiry, the Associated Press reported. Nvidia shares opened 14% lower and closed down 4.3%.

The S&P 500 fell 0.4% to 7,592.40 and the Nasdaq 0.4% to 25,366.09, after being down as much as 1.6% early. The S&P/TSX composite fell 274.53 points, or 0.75%, to 36,137.19, led by base metals.

02Our view

This is a concentration story more than a technology story. The market recovered most of its early losses, which says investors still trust the business, but a 14% opening drop in one company shows how much a broad fund now leans on a few names. We would change our view if the selling spread across the chip sector over several sessions rather than staying with one company.

03Why it matters to you

If you hold U.S. index funds in an RRSP or TFSA, check how much sits in the five largest companies. One resignation moved the whole market on Thursday.

Book a portfolio review

Sources Associated Press, Wall Street shakes with swings for Nvidia and oil prices but recovers most of its early losses; Associated Press, How major US stock indexes fared Thursday 11/12/2026; The Canadian Press, S&P/TSX composite down more than 250 points, U.S. stock markets also close lower

Story 3 of 5

Oil jumps on Gulf attacks as the IEA sees a surplus ahead

An oil tanker at sea
Photo: Pexels

01What happened

Brent crude rose 3.3% to US$95.82 a barrel on Thursday and West Texas Intermediate gained US$2.21 to US$88.74, after attacks on Saudi facilities claimed by the Houthis and Iranian claims that tankers were hit near the Strait of Hormuz, which Reuters could not verify. U.S. crude stocks rose 4.7 million barrels in the week to 6 November.

On Friday the International Energy Agency’s monthly report forecast the first surplus since the Iran war began, with 2026 demand falling 2.7 million barrels a day to 102.3 million. Brent was near US$95.50 early Friday.

02Our view

The price is caught between headline risk and a market that is filling back up. The IEA now sees more supply than demand and U.S. stocks are building, so we expect attacks to cause spikes that fade rather than a lasting climb. We would change our mind if Gulf exports, already 26% below pre-war levels in October, fell further for several weeks or diesel shortages reached North America.

03Why it matters to you

If you drive a lot or run vehicles for a business, check how much fuel takes from your monthly budget. Prices may swing on headlines while supply recovers.

Book a budget and savings check

Sources Associated Press, Wall Street shakes with swings for Nvidia and oil prices but recovers most of its early losses; The Canadian Press, S&P/TSX composite down more than 250 points, U.S. stock markets also close lower; Reuters via HDFC Sky, Brent slips 0.3% to $95.5 per barrel as oil heads for second weekly decline; The National, Oil market to return to surplus for first time since start of Iran war, IEA says

Story 4 of 5

Canadian factories stall while stock piles up

Boxes stacked on shelves inside a warehouse
Photo: Pexels

01What happened

Manufacturing sales were unchanged at $80.2 billion in September, while inventories rose 1.7% and unfilled orders 2.1%, Statistics Canada said Friday. Wholesale sales rose 0.7% to $92.5 billion, but fell 0.2% once price changes are removed.

On Thursday the agency reported that building permits fell 4.1% in September to $12.9 billion, with residential permits down 5.8% to $7.8 billion.

02Our view

The Canadian economy is softening under higher rates and tariffs, even as the Bank of Canada leans against inflation. Rising unfilled orders are the bright spot and suggest demand has not collapsed. We would change our mind if October data showed factory sales rising and inventories falling back, which would mean the September build-up was a matter of timing rather than a slowdown.

03Why it matters to you

If you own a business that holds inventory, check how many weeks of stock you carry against sales. Canadian factories are building stock faster than they sell it.

Book a business review

Sources Statistics Canada, Monthly Survey of Manufacturing, September 2026; Statistics Canada, Wholesale trade, September 2026; Statistics Canada, Building permits, September 2026

Story 5 of 5

Bitcoin slides below US$69,000 as rate bets climb

Gold-coloured bitcoin coins
Photo: Pexels

01What happened

Bitcoin fell more than 6% to below US$69,000 in Asian trading on Friday, as markets priced a Federal Reserve rate increase in December, investingLive reported. U.S. spot bitcoin exchange-traded funds have seen outflows of close to US$2 billion so far in November.

Gold also fell on Thursday, with the December contract down US$115.20 to US$3,885.30 an ounce.

02Our view

Crypto is trading like a high-risk bet on easy money, not a hedge against inflation. With the Fed expected to raise rates in December and U.S. ten-year yields above 5%, the pull toward safer income is strong. We would change our mind if bitcoin held its level through a Fed increase, which would suggest buyers see it as something other than a bet on rates.

03Why it matters to you

If you hold crypto in a TFSA or a taxable account, check what share of your savings it is. A loss inside a TFSA cannot be used to offset gains elsewhere.

Book a tax planning review

Sources investingLive, Asia-Pacific market news: Fed hike bets ripple through Asia; The Canadian Press, S&P/TSX composite down more than 250 points, U.S. stock markets also close lower

Today’s news, considered against your own plans.

If one of these stories bears on your mortgage, savings, income or business, we would be glad to go through it with you and explain clearly what, if anything, it means for you.

Book a conversation

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Sources

  • BLS, Producer Price Indexes, October 2026, 2026-11-13
  • Stock Titan, October 2026 PPI preview, 2026-11-12
  • Bank of Canada, Selected bond yields, 2026-11-12
  • Associated Press, Wall Street shakes with swings for Nvidia and oil prices but recovers most of its early losses, 2026-11-12
  • Associated Press, How major US stock indexes fared Thursday 11/12/2026, 2026-11-12
  • The Canadian Press, S&P/TSX composite down more than 250 points, U.S. stock markets also close lower, 2026-11-12
  • Reuters via HDFC Sky, Brent slips 0.3% to $95.5 per barrel as oil heads for second weekly decline, 2026-11-13
  • The National, Oil market to return to surplus for first time since start of Iran war, IEA says, 2026-11-13
  • Statistics Canada, Monthly Survey of Manufacturing, September 2026, 2026-11-13
  • Statistics Canada, Wholesale trade, September 2026, 2026-11-13
  • Statistics Canada, Building permits, September 2026, 2026-11-12
  • investingLive, Asia-Pacific market news: Fed hike bets ripple through Asia, 2026-11-13
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Important disclosure information

All information in this material is as of 13 November 2026 unless otherwise indicated. Market figures shown in the live rails are supplied by the sources named beneath them and may be delayed.

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