CHF WEEKLY ROUNDUP: Oct. 5 - 9, 2026

Global shares were mostly higher overnight in Europe and Asia, while oil prices fell back slightly. This week, oil prices jumped after Iran-backed Houthi terrorist militants, based in Yemen, launched drone and missile strikes on two major Saudi airports, killing three people and injuring 36 others. An ongoing global bond selloff has dominated currency markets in recent weeks, with yields rising again on Thursday. Both stock and metal markets are seeing selling as investors move funds to fixed income to take advantage of higher yields and enter the booming AI sector. The sellers are in control in Europe, and a seven-week slump in French, German, and U.K. stocks continued. Foreign exchange strategists suggested that a lot of the recent euro weakness is coming from the political situation in France. French government bonds have come under heavy selling pressure over concerns about France's deteriorating fiscal situation ahead of next year's presidential election and recent student-led unrest. The widening yield gap between German bonds and those of more indebted euro zone countries, such as France and Italy, has pushed the euro to its lowest level since May last year. Higher oil prices and rising euro zone bond yields have also weighed on the euro.

Both the TSX Composite and Venture exchange index saw a sharp downdraft after Quebec elected a government led by a sovereigntist party. Selling was seen even in the most senior, dividend-paying, “buy and hold” stocks. Investors continue to move to the more attractive yields offered by the Treasuries and to chase the U.S. AI buildout. These mature issuers pay dividends out of cash flow from earnings. In contrast, Government bonds pay interest through additional borrowing, and future redemption will be with additional borrowed, inflation-devalued currency. Be well advised on such a trade. While some recovery is being seen, the overall downtrend in Canadian markets continues since the escalation of U.S./Canada trade actions. The Governor of the Bank of Canada has suggested that interest rate increases may be considered at the October 28 meeting. The policy rate has been unchanged for the past year. Rate increases will not mitigate the impact of ongoing trade issues or fiscal deficits.

In U.S. markets, the S&P 500 and NASDAQ set new all-time highs this week as the AI boom continued to drive performance. Since 2020, the U.S. economy has remained resilient, productivity growth has increased, and corporate earnings have continued to climb. Analysts are bullish on earnings, which are driving stock market prospects for the rest of the decade. The U.S. dollar (USD) rose towards its strongest level in 18 months on Thursday, after the US Federal Reserve (Fed) signalled that policymakers viewed inflation as the biggest risk in their outlook. Fed funds futures are pricing in the probability that the Fed will keep rates on hold at its next meeting ending ⁠October 28, 2026, with a hike in December fully priced in. The AI expansion is presently the main driver of GDP growth in the U.S., and while it is largely debt-funded, it is unlikely to be slowed by interest rate increases. Higher oil prices and Government spending are driving inflation; higher interest costs for consumers, home buyers, and businesses will only slow the overall economy. The U.S. federal deficit climbed to nearly $2 trillion in the fiscal year that ended on Sept. 30.

Gold opens today at USD$4,183.80/oz while silver opens at USD$60.29/oz. Global central banks continued to add gold to their reserves in August, with the Chinese, Uzbek and Polish central banks leading all sovereign buyers. Gold has found support at USD$4,100/oz, and any weakness below that should be seen as a buying opportunity. Bullion holdings at the People's Bank of China expanded by 740,000 ounces in September, marking the 23rd month of accumulation. Gold shares have become undervalued amid recent selling pressure, as the metal fell 6% in September and has investors taking their gains off the table. Look for the chance to get in before they recover into a gold price surge past USD$4,200.00/oz. Suggestions of a coming surplus after years of supply deficits have held the silver market back. Silver is struggling to get to USD$62.00/oz.

Copper opens around USD$6.70/lb this morning. Chilean copper output recorded its worst month in more than 15 years. The AI buildout, driven by increased electrification and data centres, needs copper, but also other metals. Questions have arisen about whether there is enough metal to complete the buildout, and even whether there will be sufficient electricity to power them.

Electric metals remained under some pressure. AI data centres have highly variable power demands that can destabilize electricity flows. They require battery storage systems to function as buffers to protect internal systems as well as the supply grid; the battery storage needs are enormous. Lithium-based battery chemistries are at the forefront of this technology. Look for lithium refining capability outside of China for opportunities  

We are pleased to present our roundup of client news for the period from October 5 to 9, 2026. Canadian Thanksgiving is on Monday, and in the U.S., it is Columbus Day, and the bond market is closed. Watch out for Black Swans.

Fintech AI

On October 6, 2026, Tenet Fintech Group Inc. (CSE: PKK) (OTCID: PKKFF) (FSE: P0T) updated its full-year 2026 revenue guidance range to between $175 million and $180 million (up from $120 million to $130 million). Tenet expects gross profit margins of 11% to 12% and net income ranging from $9.5 million to $10.5 million, resulting in forecasted EPS of between $0.02 and $0.025 for 2026. The Company's guidance upgrade comes following a combination of increased demand for the Company's supply chain-related services and the expectation of the commercialization of its data-derived product offering during the fourth quarter of 2026. Tenet has been monitoring SME data coming from the Company's Cubeler Business Hub platform throughout the year and expects to launch indexes for many economic sectors as part of its offering through the Company's ie-Pulse economic intelligence platform.

Save the date

Rocky Shore Gold is Heading to the Annual Wealth Conference 2026!

Join Rocky Shore Gold (CSE: RSG) (OTCQB: RSGLF) at the Annual Wealth Conference (AWC) 2026 in Richmond Hill, Ontario!

Bringing together 500+ investors, 25+ companies, and industry leaders, AWC is a premier event exploring opportunities across capital markets, real estate, ETFs, private equity, hard assets, and wealth management.

Visit Rocky Shore Gold at Booth #401 to connect with our team, learn more about our projects, and explore opportunities in the gold sector.

Date: Saturday, October 17, 2026

Time: 8:00 AM – 5:00 PM EDT

Location: Sheraton Parkway Toronto North Hotel & Suites, 600 Highway 7, Richmond Hill, Ontario

Click here to register and join.