Daily Pulse
One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.
Michel Doucet
Vice-President and
Portfolio Manager
October 15, 2025
Canada
BCE Inc. plans to save C$1.5 billion in costs and expand home internet services in western Canada and the US to restore growth. The company is targeting revenue growth of as much as 4% and plans to increase free cash flow by 7% a year between 2025 and 2028. BCE shares fell, and the company's stock is down more than 27% over the past 12 months, despite management's outlook being viewed as achievable by RBC Capital Markets analyst Drew McReynolds.
United States
JPMorgan Chase & Co. soared past analysts’ estimates for third-quarter trading and investmentbanking fees, driven by a pickup in dealmaking and underwriting amid lingering volatility tied to President Donald Trump’s tariffs. The busiest quarter for initial public offerings since 2021 helped fuel a 16% jump in investment-banking fees for JPMorgan, while markets revenue climbed 25%. They were predicted to increase 11% and 17%, respectively.
Wells Fargo & Co. raised a key profitability metric, giving its first major update about the bank’s next growth target after the removal of regulatory restraints it had operated under for more than seven years. The lender now aims to achieve return on tangible common equity of 17% to 18% in the medium term, an increase from its prior guidance of 15%, which the bank has reached. ROTCE measures how efficiently a bank can generate earnings available to shareholders, showing the pace of growth and at what cost. The projection comes as the San Francisco-based bank reported net interest income that slightly missed analysts’ estimates.
Europe
The European Union is considering forcing Chinese firms to hand over technology to European companies if they want to operate locally, in an aggressive new push to make the bloc’s industry more competitive. The measures would apply to companies seeking access to key digital and manufacturing markets like cars and batteries, according to people familiar with the plans. The rules would also require the firms to use a set amount of EU goods or labor, and to add value to the products on EU soil. Enforcing joint ventures is another option on the table.
Prime Minister Sebastien Lecornu won the crucial support of the Socialist Party in France’s National Assembly, significantly improving the chances of his new government surviving two no-confidence votes Thursday. The Socialists, who hold leverage in the lower house of parliament, said they won’t vote to topple Lecornu’s fledgling government this week after Lecornu proposed suspending a pension law that raises the retirement age, a condition for the party’s support.
Asia
US President Donald Trump said he might stop trade in cooking oil with China, injecting fresh tensions into the trade relationship between the world’s two largest economies. Trump on Tuesday cast the potential move as retaliation against Beijing for its refusal to buy American soybeans, which he said “is an Economically Hostile Act” that is purposefully “causing difficulty for our Soybean Farmers.” The benchmark S&P 500 turned negative as Trump’s comments re-escalated the conflict with China. Just hours earlier, both Trump and US Trade Representative Jamieson Greer expressed confidence that friction would ease through ongoing trade talks.