CHF WEEKLY ROUNDUP: Sept. 21 - 25, 2026

The summer of uncertainty continues apace. Global bond markets have continued to be under pressure, sending yields to recent highs and prices lower. The Iran war raised energy prices, and investors worried about inflation, central bank rates, and rising government deficit spending. Asian markets have been weak for two months, as have the European markets. Oil prices fell below USD$100.00/barrel after both sides made peace offerings at UN meetings, even though reopening the Strait of Hormuz will not quickly restore oil production from the region. Petro-inflation will remain an issue going into the Fall.

The TSX has had a rough ride for two months, particularly the last two weeks, following the failure to reach a deal with the U.S. on trade and tariffs. The Venture exchange is down by 9.5% in the last two months. Money appears to be moving to the American markets. A trade war with the U.S. is exactly what we do not want. The Canadian government sold CAD$3 billion of Long-Term Bonds, at an average yield of 4.201% Thursday, the highest yield for an auction of Canada 30-year Bonds since July 2007. This suggests that the Bank of Canada (BoC) may be forced to raise rates at its October 28, 2026, meeting. While BoC Governor Tiff Macklem continues to talk about fighting inflation, current inflationary conditions originate from war-driven oil prices and excessive Government spending, and interest rate increases will only slow an already sluggish economy and not impact those causes. The Canadian dollar has been declining against the U.S. currency since the imposition of retaliatory tariffs on September 8, 2026. While the first “Canada Investment Summit” claims to have generated nearly CAD$500 billion of new investment in Canada, most of it originated from Canadian financial institutions and not the hoped-for flood of international investment; those sources need to see a longer and more stable policy horizon and enduring Investment conditions to convince them to buy in. European attendance at the Summit was limited. EU sources have limited funds given the demands within Europe. The EU may be offering some sort of undefined “Special Status” to Canada in order to access what Canada has to offer but is unlikely to provide any investment.  

To date, U.S. investors have absorbed the rise in bond yields, betting on the resilience of underlying economic growth, booming corporate profits and the avalanche of spending, led by the AI boom. The tech-heavy Nasdaq closed at a record high on Tuesday. Lower oil prices may ease some of the pressure built up on Wall Street, and U.S. stocks are ticking higher today. Foreign investors bought USD$426B of U.S. securities in the second quarter of 2026, the most since Q1 2020. The U.S. Dollar (USD) continues to rise against world currencies, up 2.2% in the last month. American stock valuations are being driven by 40% EPS growth this year, followed by another 15% to 25% projected for next year. Consumer spending remains high, and AI and Data centre expansions continue. Analysts now predict a 60% chance of a Fed rate hike in the last week of October 2026. That is just ahead of the mid-term elections, so the Fed may elect to wait until the December 9, 2026, meeting to move rates again. The meeting in Washington between U.S. President Donald Trump and Chinese President Xi Jinping provided only limited progress on topics including trade, artificial intelligence and the Middle East.

Gold opens today at USD$4,279.20/oz, struggling to get back above the USD$4,300.00/oz resistance level. Silver sits at USD$64.11/oz this morning, pointing to the next resistance level at USD$66.00/oz. Precious metals are often the easiest thing to sell to cover other losses. Higher interest rates and lower oil prices are having a dampening effect.

Copper prices, at USD$6.99/lb today, and the other base and industrial metals are being hampered by the stronger USD.

Cobalt seems to have halted its decline at USD$17.98/lb.; newer battery chemistries that do not rely on Cobalt are weakening demand. Lithium prices have dipped to USD$19.84/kg as production from Chinese mines continues to be variable. Uranium prices remain constrained by the higher USD, near USD$89.50/lb.

We are pleased to present our roundup of client news for the period from September 21 - 25, 2026.

Fintech

On September 24, 2026, Tenet Fintech Group Inc. (CSE: PKK) (OTCID: PKKFF) (FSE: P0T) announced that it has signed a partnership agreement with Chinese-based brand marketer and product distributor “Brand Ops” that will allow North American Business Hub registered retailers to leverage Brand Ops' network of more than 60,000 retail outlets across China to sell and distribute their products throughout the country.

Brand Ops (https://yijingtea.com/) began operations in 2015 as a regional brand ambassador and distributor serving the Chinese tea industry. The company has since grown into a diversified brand marketing and distribution giant with a network of 60,000+ offline retail outlets in more than 300 cities, along with partnerships with some of China's most popular e-commerce portals.