Indian oil companies purchase 3 million barrels of crude oil, delivery to multiple ports in November

According to the Financial Times, robust AI spending signals another profitable earnings season in the US, offering potential gains for investors. Goldman Sachs predicts that, driven by companies at the heart of the AI infrastructure boom, S&P 500 component companies' earnings for the September quarter are expected to increase by 27% year-on-year.

Jefferies raised ConocoPhillips (COP.US) target price from $159 to $174.

Japan’s bond repurchase program received bids totaling 1.51 billions yen. The average accepted spread for Japanese bond repo was -0.481 yen. The competitive bidding size for Japanese government bond repo reached 90.7 billions yen. The highest accepted spread for Japanese bond repo was -0.360 yen. The maximum accepted spread for Japanese bond repo was 16.6666%.

(1) Statistics Canada reported that goods exports in August rose by 2.5% month-on-month to 77.9 billion Canadian dollars, reversing from a previous decline of 2.6%, while imports fell by 2% to 73.7 billion Canadian dollars. The trade surplus expanded to 4.2 billion Canadian dollars, much higher than market expectations of 1.55 billion Canadian dollars. The previous value was revised upward to 787 million Canadian dollars. (2) During the period, exports of energy products (including refined oil products and crude oil) increased by 4.7% to 19.03 billion Canadian dollars; excluding energy products, exports rose by 1.8%. (3) To avoid the newly imposed 50% US tariffs, Canadian exporters shipped goods to the US ahead of schedule. In August, Canada’s exports to the US rose by 8.1%, while imports fell by 2.5%. The trade surplus with the US reached 11.2 billion Canadian dollars, the highest in 19 months. (4) The new US tariffs on Canadian goods cover approximately 20 billion US dollars’ worth of products and took effect on August 22. Economists expect that the September data will more accurately reflect the impact of the new US tariffs.