Canada — Debt, Mortgages & Markets
Key Canadian Market Indexes
| Index / Yield | Weekly Move | Note |
|---|---|---|
| S&P/TSX Composite | ▲ 0.3% | Small gain. |
| S&P/TSX 60 | ▲ 0.4% | Slight uptick. Financials and energy offset some industrial softness. |
| 10-Yr GoC Yield | ~3.42% | Steady through the week; up ~0.20 pp since early November, implying rates higher than the past decade but stable short-term. |
Key News – Debt & Mortgages
- Household debt keeps rising: Q3 credit-market debt (mainly mortgages + consumer credit) rose 1% to almost C$3.2T; debt-to-disposable-income at 176.7% (about C$1.77 of debt per C$1 of income).
- More reliance on leverage: About C$142B of new credit-market debt since end-2024 points to greater borrowing to cope with living costs.
- Mortgage rates: With the BoC policy rate at 2.25% and 10-yr yields near 3.4%, fixed mortgage rates stay above the 2010s but below 2023–24 peaks — renewals see partial payment relief.
United States — Markets, Macro & Stocks
Major Indexes (Weekly)
| Index / Yield | Weekly Move | Note |
|---|---|---|
| S&P 500 | ▼ –0.63% | Modest pullback. |
| Nasdaq | ▼ –1.62% | Tech weakness. |
| Dow Jones | ▲ 1.05% | Steady rise. |
| 10-Yr U.S. Treasury | ▲ 4.18% | About +1.38 bp on the week. |
Macro – Key Points
- Fed rate cut (Wed): Down to 3.75% from 4.00% — third cut in a row; unusually split committee → cautious, data-dependent path.
- Liquidity support: Fed to buy US Treasuries (~$40B) to keep credit markets steady.
- Job openings (JOLTS, Tue): 7.658M (above forecasts) — labor demand still firm; wage pressure may linger.
- Federal budget (Nov): –$173B deficit (better than expected) as tax receipts improved after the government shutdown ended; structural deficit challenge remains.
Stocks in Focus — Quick Takes
| Ticker | Weekly Move | Highlights |
|---|---|---|
| Oracle (ORCL) | ▼ –12.7% | EPS beat but revenue light; higher R&D spend and data-center timing worries pressed margins sentiment. |
| Warner Bros. Discovery (WBD) | ▲ 15.0% | Competing takeover bids lifted the stock; regulators in the U.S./EU expected to scrutinize deals. |
Why It Matters
- United States: Rate cuts plus liquidity support can help valuations, but higher long yields and tech disappointments keep volatility elevated; markets remain data-driven, so quality, cash flow, and profitability matter.
- Canada: Stable yields and expectations for further easing support gradual mortgage relief (especially variable), yet high debt levels and ~3.4% 10-yr yields argue for careful fixed-vs-variable comparisons and readiness for housing-market swings.
