Canada’s main stock index kept steady on Monday as investors embraced August inflation data, with higher oil prices fuelling worries that inflation could remain elevated. Falling gold prices further pressured sentiment. Tech stocks were also in the spotlight after AI-related shares retreated on Wall Street, following comments from Anthropic and OpenAI leaders advocating a slower pace of AI development. Meanwhile, Prime Minister Mark Carney said Canada is looking to establish a special partnership with the European Union rather than seek membership.
Statistics Canada reported that the annual inflation rate held firm at 3% in August, as gasoline prices and food costs eased slightly last month, while tour and travel prices rose. Every month, consumer prices fell 0.1% in August.
Attention also turned to the AI sector, where growing safety concerns are reshaping discussions around future IPOs and industry growth. Global AI stocks weakened after Anthropic CEO Dario Amodei called for greater caution in developing advanced AI models, arguing that safety risks warrant a more measured approach. He also highlighted the challenge of achieving international cooperation, particularly if China does not adopt similar restrictions. OpenAI CEO Sam Altman echoed a cautious tone, saying an IPO this year would be inadvisable.
| TSX | 35,702.53 | +5.04 |  |
| TSXV | 919.87 | -7.99 |  |
| CSE | 181.82 | +6.99 | |
| DJIA | 52,421.20 | -152.09 | |
| NASDAQ | 26,186.41 | -146.62 | |
| S&P 500 | 7,619.98 | -37.00 | |
The Canadian dollar traded for 71.92 cents US compared to 72.08 cents US on Friday.
US crude futures traded $0.96 higher at US$100.80 a barrel, and the Brent contract rose $0.67 to US$105.20 a barrel.
The price of gold was down US$20.78 to US$4,303.18.
In world markets, the Nikkei was down 518.35 points to ¥63,492.99, the Hang Seng was up 111.97 points to HK$24,917.60, the FTSE was up 47.13 points to ₤10,697.57, and the DAX was down 127.75 points to €25,440.81.
