Market news roundup, 10 November: Canada extends tariff relief, Hormuz tension and UK spending data
The key headlines of the past hours: Canada extends its US tariff exemption to June 2028, tension continues in the Strait of Hormuz, UK spending strengthens and $26 billion flows into Anthropic.
Contents
Trade and tariffs
Canada: The finance minister said Canada will extend its broad exemption from counter-tariffs on US goods by one year, to 30 June 2028. The relief now also covers non-steel goods used in mining, open-pit extraction and oil and gas, with targeted exemptions for imports in short supply in Canada.
China and Canada: Chinese Vice Premier He Lifeng and Canada's finance and trade ministers co-chaired the second China–Canada economic and financial strategic dialogue. Both sides backed multilateralism and a transparent trade environment, welcomed local-currency swap arrangements, and their finance ministries, regulators and central banks signed memorandums on financial cooperation.
Geopolitics and energy
- Strait of Hormuz: Iran's IRGC navy said it disabled the navigation systems of four large tankers in the past 24 hours that it said were trying to pass through an "illegal route", leaving them unable to continue. The claim has not been independently verified.
- Iran and the US: A senior Iranian security official called reports of talks with Washington "fake" and urged the US to accept Iran's "seven conditions".
- Iraq–Iran border: Iraq's state news agency said the Sheeb crossing reopens on Tuesday morning, while the Mandali crossing will close temporarily from Friday for technical work.
UK economy
| Indicator (October, y/y) | October | September |
|---|---|---|
| Consumer spending (Barclays) | +2.3% | +2.0% |
| BRC like-for-like retail sales | +1.1% | +1.0% |
| BRC total retail sales | +1.5% | +1.3% |
Spending growth was the strongest since July 2025, even though consumer confidence fell to its weakest since April.
Asia
- Taiwan's stock index rose more than 2%.
- Japan: Finance Minister Katayama said expected government revenue from ETF sales will not affect Bank of Japan operations; a decision on tax breaks for retail JGBs has been left to the ruling party.
- South Korea: President Lee called for closer cooperation with the US Congress and US state governments.
Artificial intelligence
- Anthropic said Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC will invest a combined $26 billion at the IPO price through a private placement.
- OpenAI has set up a control room that can halt model output within 35 seconds.
- Australia: Prime Minister Albanese announced mandatory AI safety measures overseen by a new independent AI safety body.
Possible market impact
- Canadian dollar: extended relief and closer ties with China ease trade risk somewhat.
- Oil and gold: Hormuz tension keeps oil supply risk high and supports safe havens.
- Pound: stronger spending data could support sterling.
- Tech stocks: the giant Anthropic investment shows appetite for AI remains strong.
Questions? Telegram support @fibonacci_chart
Forex and CFD trading carries a high level of risk due to leverage and you may lose more than your initial capital. Content on this site is educational and not investment advice.
Get curated analysis every Friday
5 key events, 2 curated analyses and one tool or lesson — one-click unsubscribe.
