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Daily Markets Update: U.S. Yields Hit Highest Since 2002, TSX Starts Q4 Weak

  The short version: Bond yields, not stocks, are running the show to start the fourth quarter. The U.S. 10-year Treasury yield touched about 5.33% overnight and the 30-year about 5.66%, both the highest since 2002, after Treasuries posted their worst quarter since 1994. The S&P/TSX Composite slipped 0.6% on Wednesday to 35,235.87, but still wrapped a record ninth straight quarterly gain. Overnight, Micron’s blowout results sent Japan’s Nikkei up 3.3%, while Europe and Australia sold off. Wall Street futures are mixed ahead of a busy data day and Friday’s U.S. jobs report. Canada: TSX Ends Q3 Higher, but Closes September on a Down Note Canada (Wed close) Level Change % S&P/TSX Composite 35,235.87 −224.40 −0.63% TSX Venture 881.93 −5.43 −0.61% Canadian dollar (US¢) 70.27 −0.19 −0.27% Seven of the TSX’s 12 sub-groups fell. Banks and miners did the damage: RBC lost 1.1% and TD 0.9% as higher yields raised worries about credit, while gold miners gave back early gains (Franco-N...
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The 2024 U.S. Presidential Debate: A Pivotal Moment

 

 The upcoming presidential debate between Joe Biden and Donald Trump is indeed a pivotal moment in the U.S. election. Here’s why:

  1. Unusual Timing: Unlike typical debates held in September or October, this one is scheduled three months earlier. Both candidates will face off at 9 p.m. ET on Thursday. This early debate provides a unique chance for voters to assess them for long, unimpeded stretches.

  2. Resetting the Trajectory: Joe Biden, trailing slightly in most surveys, aims to reset the race by proposing an early debate under specific rules to limit heckling and interruptions. If successful, it could shift the campaign dynamics.

  3. Historic Significance: Longtime Republican strategist Karl Rove called it “the most important 90 minutes of this election season.” While debates don’t typically swing elections, this one has the potential to solidify a candidate’s lead.

  4. Past Debates: The first-ever televised debates between John F. Kennedy and Richard Nixon in 1960 are often remembered because they did influence the outcome. Kennedy’s telegenic performance helped turn the tide in his favor.

In summary, while debates don’t always change the game, this early face-off could be a defining moment in the 2024 U.S. election. Get your popcorn ready—it’ll be a heck of a night! 

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