Key Takeaways
- New Zealand's job growth stalled in October, reporting 0.0% month-over-month growth compared to 0.3% prior, alongside a 1.5% annual decline.
- The Canadian dollar strengthened to an 8-day high as Canada's current account deficit significantly narrowed to C$9.7 billion in Q3 2025.
- Copper prices dipped on the London Metal Exchange (LME) due to fresh credit stress in China's property sector, raising demand concerns.
- Russia's central bank stated that global gold demand is being driven by the G7's attempts to utilize Moscow's frozen assets, pushing gold to a record $4,381 per troy ounce.
- Canadian Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a major energy agreement, setting conditions for a new oil pipeline to the Pacific coast.
Global financial markets are navigating a complex landscape marked by stagnant job growth in New Zealand, an improving economic picture for Canada, persistent concerns over China's property sector impacting commodities, and geopolitical tensions driving gold demand.
New Zealand's Job Market Stalls
New Zealand's job market showed signs of stagnation in October, with filled jobs reporting 0.0% month-over-month growth, a notable slowdown from the 0.3% increase observed previously. This translates to a decline of 2,017 jobs, bringing the total to 2.36 million filled jobs. On an annual basis, the number of filled jobs across the country fell by 1.5% (35,569 jobs) compared to October 2023, indicating a broader cooling in the labor market.
Canadian Dollar Rises on Narrowing Deficit
The Canadian dollar (CAD) touched an 8-day high against its U.S. counterpart, buoyed by an unexpected improvement in the nation's current account deficit. Canada's current account deficit narrowed significantly by C$11.9 billion in the third quarter of 2025, reaching C$9.7 billion. This improvement was driven by a decrease in the goods and services deficit, which fell from C$19.1 billion in Q2 to C$10.6 billion. Goods exports saw a 1.8% rise to C$186.0 billion, while imports declined by 2.0% to C$197.1 billion.
Adding to Canada's economic developments, Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a significant energy cooperation agreement. The memorandum of understanding (MOU) outlines conditions for a new bitumen pipeline to the Pacific coast, projected to transport 300,000 to 400,000 barrels per day to Asian markets. Key conditions include Alberta implementing an industrial carbon price of $130 per tonne to reduce methane emissions by 75% over the next decade. In exchange, the federal government agreed to suspend clean electricity regulations and the oil and gas emissions cap in Alberta, and potentially exempt the pipeline from a federal tanker ban.
Copper Prices Hit by China's Property Sector
Copper prices on the London Metal Exchange (LME) experienced a dip, primarily due to renewed credit stress within China's property sector. Concerns over demand from the world's top consumer of industrial metals overshadowed earlier supply-driven gains. Traders at the Shanghai Copper Conference highlighted that the prolonged property slump continues to weigh on consumption, despite underlying strong demand. China's factory output and retail sales growth in October were reported at their weakest pace in over a year, further fueling demand concerns for industrial metals.
Geopolitical Tensions Fuel Gold Demand
Russia's central bank reported that the rising global demand for gold is being driven by attempts from the G7 nations to utilize Moscow's frozen assets. This geopolitical catalyst has contributed to gold's impressive performance, with the precious metal up 59% year-to-date and hitting a record high of $4,381 a troy ounce on October 20. Approximately $300 billion in Russian assets remain frozen, with 210 billion euros ($243 billion) held in Europe, prompting central banks in emerging markets to diversify their international reserves with gold.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.