Finance

On October 20 a US food-importing company filed suit seeking to block 50% tariffs imposed on a range of Canadian goods. The levies rely on Section 338 of the Tariff Act of 1930, a presidential authority dormant for close to a century and invoked for the first time in July. After the Supreme Court limited a different tariff authority, the administration shifted to older powers facing less judicial scrutiny, raising questions about predictability of trade policy.

Copper is up 15.8% year to date and more than 30% over the past 12 months, while gold futures are down 4.11% and 4.52% respectively over the same periods. Investors attribute the shift to AI, grid and defence demand, tight supply and US tariff-driven stockpiling.

Users of the British digital bank Revolut reported being unable to complete some payments or access funds in its app on October 20, with thousands reporting issues across multiple services.

The UK chancellor rejected Labour calls to align capital gains tax with income tax rates, with critics warning such a move could drive wealthy individuals out of Britain. Chancellor John Healey will set out his tax plans in the Budget on October 28.

Walmart on October 20 launched a joint membership with Sam’s Club at $120 per year, further integrating its warehouse-club business and leaning into delivery speed and fuel discounts.

The artificial-intelligence-driven data centre investment boom is showing its first clear signs of cooling. HSBC chief executive Georges Elhedery said AI is a transformative technology worth investing in, but that investors must be selective in the infrastructure underpinning it, focusing on the quality of tenancy agreements and contract pricing rather than assuming every project is sound. At the same time, South Korean data centre builder Elice fell about 30% on its trading debut, a signal that investors are repricing the sustainability of the compute build-out.

Oil prices climbed on October 20, 2026 as investors tracked escalating tensions in the Middle East. Front-month US West Texas Intermediate futures rose about 4.2% to around $107.50 a barrel as the contract neared expiry, while December Brent gained roughly 1.9% to $111.42, its highest level since May 19. Shipping security in the Strait of Hormuz has become the central pricing variable, with ship-tracking data showing at least 18 commercial vessels attacked over the past two weeks.

BlackRock filed on October 19, 2026 with the US Securities and Exchange Commission for a new bitcoin ETF linked to its iShares Bitcoin Trust (IBIT). The product uses a covered put-option strategy to provide downside protection within a pre-set band while preserving capital-appreciation upside. The new fund would be BlackRock’s third bitcoin-linked product, underscoring how mainstream asset managers are leaning on structured vehicles to expand crypto’s reach into more conservative investor pools.

China’s third-quarter economic data released on October 19, 2026 surprised markets to the upside as artificial-intelligence-related exports accelerated sharply. Manufacturing, services and external demand indicators all strengthened, with AI-related hardware and cross-border services trade emerging as the standout drivers. Analysts say the print confirms that technology upgrading is once again anchoring China’s economic trajectory, and that global demand for compute and intelligent terminals is keeping Chinese manufacturing competitive.

Elon Musk announced on October 19, 2026 that he would give one SpaceX share to every minor in America, effectively making every child in the country a part-owner of the private space-exploration firm. The unprecedented commitment triggered immediate discussion among investors, legal scholars and regulators over share sourcing, valuation, tax implications and the governance of the underlying structure. SpaceX is one of the world’s most highly valued private companies, and any large movement of its shares has systemic implications for both markets and household balance sheets.