Thomson Reuters TRI-T +3.05%increase reported higher third-quarter revenue on Tuesday, boosted by recurring revenue in its big three divisions of legal, tax and accounting and corporates.
The Toronto-based content and technology company raised its full-year 2026 organic revenue guidance to an increase of 8.5 per cent to 9.0 per cent, up from about 8 per cent. Organic revenue tracks sales from existing businesses on a constant currency basis.
“We are pleased with our third-quarter momentum, as revenue growth and margins came in ahead of our prior expectations,” Thomson Reuters CEO Steve Hasker said in a statement.
The owner of Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service reported a 10-per-cent rise in third-quarter revenue to US$1.83-billion and adjusted earnings per share of 81 US cents.
Thomson Reuters excluded financials from its global print division in its results, after completing the sale of a majority stake in the business during the quarter.
Revenue rose by double digits across Thomson Reuters’ combined “big 3” segments of legal, tax and accounting and corporates as a result of recurring revenue and new AI upgrades to CoCounsel Legal and CoCounsel Tax, Audit and Accounting.
Reuters revenue rose 12 per cent, boosted by a surge in licensing revenue from generative AI, with transaction revenue in the news division increasing by 56 per cent to US$44-million.
Meanwhile, AI spending pressured margins in the legal division, which fell to 46.6 per cent from 49 per cent.
Thomson Reuters shares have fallen 6.3 per cent this year, compared with a 10-per-cent rise in the S&P 500, as of Monday.
Shopify Inc. SHOP-T -1.24%decrease reported US$462 million in third-quarter net income, up from US$264-million in the same quarter last year, as its revenue rose more than 30 per cent.
The e-commerce company, which keeps its books in U.S. dollars, says the profit amounted to 36 US cents per diluted share for the quarter ended Sept. 30 compared with a profit of 20 US cents per diluted share a year earlier.
On an adjusted basis, Shopify says its profit amounted to 49 US cents per diluted share in its latest quarter, up from an adjusted profit of 34 US cents per diluted share in the third quarter of 2025.
Revenue for the quarter totalled US$3.74-billion, up from US$2.84-billion in the same quarter last year.
The results included US$836-million in subscription solutions revenue, up from US$699 million a year ago, while merchant solutions revenue totalled $2.91-billion, up from US$2.15-billion in the same quarter last year.
In its outlook for its fourth quarter, Shopify says it expects revenue to grow at a low-thirties percentage rate on a year-over-year basis.
Anthropic reported updated financials as part of an amended Form S-1 filing with the Securities and Exchange Commission.
The company said it generated $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period last year.
Anthropic unveiled its highly anticipated prospectus last week, but the initial filing only included the company’s financials through the first half of the year.
Crude oil prices fell Tuesday for a second consecutive session, as the market hopes the U.S. and Iran will reach a diplomatic settlement to the eight-month-long conflict that has disrupted global energy supplies.
Brent crude was down 3% at $101.54 per barrel, while West Texas Intermediate was 2.3% lower to $94.23. The move lower came after rumors circulated the U.S. and Iran were making progress toward a deal.
Oil prices sold off more than 7% on Monday after Washington and Tehran signaled they were both open to discussions to reach a settlement. The market had been pricing in the risk of escalation after the U.S. midterm elections, with oil gaining more than 10% in October.
The situation in the Middle East remains volatile and there’s still a risk that renewed fighting could break out. Washington attacked Iran’s Qeshm Island on Monday, U.S. officials told The Wall Street Journal, adding that the U.S. has been carrying out “limited strikes” against the country in recent weeks.
The military campaign against Iran has been kept deliberately low-profile to avoid signaling plans for a major escalation in fighting, the report said, quoting an unnamed official.
But despite these strikes, the Trump administration has also been touting a possible diplomatic solution to the conflict, with Vice President JD Vance telling CNN, “The president and I both feel really good about the prospect of potentially coming to a negotiated settlement.”
On Sunday, U.S. Secretary of State Marco Rubio said President Donald Trump would like to resolve the Iranian war “diplomatically,” and prefers not to use military force.
High oil prices have contributed substantially to inflation and high gasoline prices in the U.S., which have become a cause of concern for Trump ahead of the midterm elections.
Last week, two Federal Reserve presidents said interest rates will need to move higher to rein in inflation. Higher rates generally crimp growth and raise costs for consumers, but help to bring down inflation.
— CNBC’s Priyanka Salve contributed to this report.
Key observation: Asian markets were divided. Japan and mainland China experienced significant selling, while Hong Kong and India advanced. This suggests country- and sector-specific pressures rather than a uniform global selloff.
Reasons for the Movements
Market
Explanation
Australia (+0.18%)
Gains in consumer, energy and industrial stocks offset weakness in technology shares. Kalkine+1
Japan (-2.12%)
Heavy selling in semiconductor and AI-related stocks followed U.S. technology weakness. Concerns about returns on AI investments drove the decline. Reuters
India (+0.51%)
Strong IT and pharmaceutical shares, supported by corporate earnings, lifted the Nifty despite weakness in smaller companies. Reuters+1
Hong Kong (+1.46%)
Financial stocks and property developers rebounded, lifting the Hang Seng despite continued concerns about AI spending. RTHK
Shanghai (-1.44%)
AI, semiconductor and communications stocks suffered heavy selling as investors questioned technology valuations and profitability. Aju Press+1
Implications for the TSX
Three developments are particularly relevant:
Technology: Japan’s sharp decline reinforces global selling pressure on AI-related shares, creating risks for Canadian technology valuations.
Materials: Shanghai’s weakness raises concerns about Chinese industrial demand, potentially affecting Canadian base-metal producers.
Energy: Australia’s positive energy-sector performance suggests some commodity-linked companies can remain resilient even during broader market weakness.
Conclusion: The dominant international theme is concern about high AI investment spending and whether earnings will justify technology valuations. This helps explain part of the selling pressure affecting the TSX, although Canadian mining and financial-sector weakness must also be considered.
The important distinction is that Hong Kong and India advanced despite Japan and mainland China falling. Investors are selling selectively rather than abandoning all equity markets.
European Stock Markets – October 30, 2026
Market Performance
Index
Country/Region
Index Level
Change
STOXX 600
Europe
646.75
-0.36%
DAX
Germany
25,818.21
-0.85%
FTSE 100
United Kingdom
10,729.78
+0.07%
CAC 40
France
7,969.42
-0.01%
Figures from your October 30 market snapshot.
Reasons for the Movements
1. STOXX 600 (-0.36%) – Global technology selloff
European technology stocks fell approximately 2.75%, reflecting concerns that substantial AI infrastructure investments may not generate sufficient financial returns. Semiconductor companies were particularly weak. Despite Friday’s decline, the STOXX 600 recorded a monthly gain. Reuters
2. Germany DAX (-0.85%) – Technology and industrial exposure
Germany suffered a larger decline as global selling affected semiconductor and technology-linked companies. Weakness in Infineon and other AI-related businesses contributed to negative sentiment. The Wall Street Journal+1
3. UK FTSE 100 (+0.07%) – Pharmaceuticals and energy provide support
Strong gains in AstraZeneca and BT Group offset substantial losses in NatWest and mining companies. Higher oil prices also supported energy shares. AstraZeneca finished approximately 7.2% higher, while NatWest declined about 9%. Trading Economics+2
4. France CAC 40 (-0.01%) – Economic concerns offset by healthcare gains
French third-quarter economic contraction, accelerating inflation and government debt concerns weighed on investor confidence. However, Sanofi’s approximately 4.7% gain following stronger earnings helped limit the index’s decline. MarketScreener Canada+1
Implications for the TSX
Technology: Global semiconductor weakness creates additional pressure on Canadian technology stocks.
Materials: Lower gold and copper prices threaten Canadian mining shares.
Energy: Higher crude oil prices provide support for Canadian oil producers.
Financials: Global economic uncertainty and interest-rate concerns increase banking-sector volatility.
Conclusion: European weakness reinforces the pattern seen across Asian and North American markets on October 30: investors are reducing exposure to technology and cyclical shares. However, resilience in pharmaceuticals and energy indicates that the selling remains sector-specific rather than universal.
Key TSX concern: Continued weakness in technology and mining shares could outweigh strength in energy and extend the TSX decline.
Magna International Inc. MG-T -1.03%decrease reported its third-quarter profit rose compared with year ago as its revenue edged lower.
The auto parts maker, which keeps its books in U.S. dollars, says its net income attributable to the company amounted to US$383-million or US$1.44 per diluted share for the quarter ended Sept. 30.
The result compared with a profit of US$305-million or US$1.08 per diluted share in the same quarter last year.
Sales for the quarter totalled US$10.06-billion, down from US$10.46-billion a year earlier.
Magna says the decline reflected lower light vehicle production and the impact of divestitures.
On an adjusted basis, Magna says it earned US$1.83 per share in its latest quarter, up from an adjusted profit of US$1.33 per share a year earlier.
Cameco Corp. CCO-T -10.11%decrease reported a third-quarter profit attributable to equity holders of $43-million as its revenue edged up compared with a year ago.
The uranium miner says the profit amounted to 10 cents per diluted share for the quarter ended Sept. 30 compared with a break even result in the same quarter last year.
Revenue totalled $619-million for the quarter, up from $615-million a year ago.
On an adjusted basis, Cameco reported a loss of $2-million or zero cents per diluted share compared with an adjusted profit of $32-million or seven cents per diluted share a year earlier.
Cameco says its results for the quarter and first nine months of the year were generally lower than in 2025, primarily due to lower equity earnings from its investment in Westinghouse, as well as lower sales volumes and higher average unit cost of sales.
The company says those factors were partially offset by higher realized prices.
Canadian energy company Imperial Oil IMO-T +0.63%increase beat profit estimates for third quarter on Friday, as stronger refining margins drove a sharp increase in downstream earnings, offsetting lower oil production.
The Calgary-based company reported net income rose to $2.45-billion, or $5.11 per share, for the quarter ended Sept. 30, beating analysts’ average estimate of $4.70 per share, according to data compiled by LSEG.
The Iran war has disrupted energy exports through the Strait of Hormuz, while attacks on Middle Eastern and Russian energy infrastructure have further tightened global fuel supplies.
The disruptions have pushed up prices of diesel, gasoline and jet fuel relative to crude oil, widening refining margins.
Imperial Oil’s third-quarter downstream earnings climbed to $1.56-billion from $444-million a year earlier, reflecting improved refining margins and a more favorable product mix.
Canadian National Railway Co. CNR-T -0.20%decrease reported a third-quarter profit of $1.21-billion, up from $1.14-billion in the same quarter last year.
The railway says the profit amounted to $2.00 per diluted share for the quarter ended Sept. 30, up from a profit of $1.83 per diluted share a year earlier.
On an adjusted basis, CN says it earned $2.16 per diluted share in its latest quarter, up from an adjusted profit of $1.83 per diluted share a year ago.
Revenue for the quarter totalled $4.77-billion, up from $4.17-billion in the same quarter last year.
CN says its operating ratio, defined as operating expenses as a percentage of revenues, for the quarter was 63.7 per cent, up from 61.4 per cent a year ago.
On an adjusted basis, CN’s operating ratio 61.0 per cent, down from an adjusted 61.4 per cent in the same quarter last year.
