Inflation Pressures Rise as Oil Surges and Gold and Silver Tumble (October 19 – 23, 2026, Recap)

Overview

The week of October 19–23, 2026, featured several important economic developments that influenced global financial markets. Inflation increased in Canada and the UK, while New Zealand reported further price pressures. Meanwhile, US unemployment claims remained low, and declining crude oil inventories helped support oil prices. Stock markets delivered mixed results, while gold and silver recorded significant losses. Corporate earnings from major companies, including Tesla, Netflix, Meta, and American Express, provided further insights into business performance, consumer spending, and the growing impact of artificial intelligence.

Major Economic Indicators and Events in Review

Monday, October 19

15:30 – Canada: CPI m/m (CAD)

In September 2026, Canada’s inflation rate rose to 3.1%, up slightly from 3.0% in August. The main reason was higher energy prices, with gasoline costs rising 27.8% compared to last year. Grocery prices increased by only 1.7%, showing slower growth, but food remains expensive, costing 33% more than in 2020. Housing costs rose 1.8%, while rent increased 2.8%. Canadians in Atlantic provinces faced greater pressure from rising fuel and housing costs. University tuition fees also increased by 2.4%. Overall, while some prices are rising more slowly, Canadians continue to face higher living costs, especially for energy, food, and housing.

USD/CAD fell 1.17% on the day.

Wednesday, October 21

09:00 am – UK: CPI y/y (GBP)

UK annual inflation rose to 3.5% in September 2026, up from 3.1% in August, reaching its highest level since October 2025. Rising transport costs, particularly petrol and diesel prices, were the main drivers, while housing expenses continued to put pressure on household budgets. Meanwhile, food inflation remained steady at 1.3%, and core inflation, which excludes volatile items such as food and energy, increased to 2.8%. The figures highlight renewed inflationary pressures, potentially complicating the Bank of England’s interest rate decisions as policymakers work to bring inflation back toward their 2% target.

GBP/USD edged up 0.1% on the day.

17:30 – USA: Crude Oil Inventories (USD)

For the week ending October 16, 2026, US refineries increased oil processing, operating at 93.4% capacity. Crude oil imports declined, while total petroleum inventories fell by 8.5 million barrels. Crude oil stockpiles dropped by 3.1 million barrels to 412.5 million barrels, 3% below the five-year average. Gasoline inventories also declined, while diesel supplies increased slightly. Overall fuel demand rose 3.2% compared to last year, suggesting strong consumption and tightening oil supplies.

EUR/USD ticked 0.05% lower on the day.

Thursday, October 22

12:45 am – New Zealand: CPI q/q (NZD)

Consumer prices rose 0.7% in the September 2026 quarter, driven mainly by higher international airfares, local council rates, and vegetable prices. International airfares increased 14.3%, council rates rose 6.2%, and vegetable prices climbed 10.5%. However, these increases were partly offset by lower fuel costs, with petrol prices falling 6.5% and other vehicle fuels and lubricants dropping 15.5%. Overall, rising travel, household, and food costs outweighed the decline in fuel prices.

NZD/USD fell 0.31% on the day.

15:30 – USA: Unemployment Claims (USD)

An initial claim is filed by an unemployed individual seeking eligibility for unemployment insurance after leaving a job. This count serves as a leading economic indicator, reflecting labor market conditions. However, because these are weekly administrative data, they can be volatile and challenging to adjust seasonally.

The number of Americans filing new unemployment claims fell by 6,000 to 194,000 in the week ending October 17, 2026, suggesting that the US labor market remains relatively stable. The four-week average also declined to 197,750, indicating that layoffs remain low. However, the number of people continuing to receive unemployment benefits increased by 25,000 to 1.728 million in the week ending October 10. Meanwhile, the insured unemployment rate remained unchanged at 1.1%. Overall, the figures suggest that employers are holding on to workers, although the increase in continuing claims may indicate that some unemployed Americans are finding it harder to secure new jobs.

EUR/USD fell 0.15% on the day.

Commodities

1. Crude Oil

1. Crude oil prices rose 4.44% over the past week

2. Brent Oil

1. Brent was up 6.78% compared to the previous week

3. Gold

1. Gold (XAU/USD) ended the week on Friday with a loss of 4.07%

4. Silver

1. XAG/USD fell by 5.40% last week

Stock Market

1. S&P 500 fell 0.31%

2. DJIA was up 0.53%

3. NASDAQ 100 declined by 0.64%

Top Gainers

1. AI OKTO CORP. (AIOK) 186.19%

2. Estrella Immunopharma, Inc. (ESLA) 129.07%

3. Therapeutics plc (SLN) 126.61%

Top Losers

1. Elme Communities (ELME) -96.14%

2. INLIF Limited (INLF) -92.48%

3. EyePoint, Inc. (EYPT) -86.47%

Company Earnings (October 19-23)

Tuesday, October 20: SPCX (Space Exploration Technologies Corp.)

Tuesday, October 20: GE (GE Aerospace)

Tuesday, October 20: NFLX (Netflix, Inc.)

Tuesday, October 20: GM (General Motors Company)

Wednesday, October 21: META (Meta Platforms, Inc.)

Wednesday, October 21: TSLA (Tesla, Inc.)

Friday, October 23: AXP (American Express Company)

SpaceX reported strong third-quarter results, with revenue surging 161% to $14.6 billion and net profit reaching $4.4 billion. Starlink expanded to 13.6 million subscribers, while its artificial intelligence business generated $7.6 billion in revenue. Starship also made progress, successfully reaching orbit and deploying satellites. However, the company faces significant financial risks, with fourth-quarter spending expected to reach $35 billion–$40 billion as it invests heavily in AI computing, rockets, and satellite infrastructure.

SPCX shares gained 1.00% over the past week.

GE Aerospace reported strong third-quarter results, with revenue rising 18%, operating profit increasing 30%, and earnings per share growing 36%. Strong demand for aircraft engine maintenance and services prompted the company to raise its 2026 financial forecasts. GE Aerospace is also investing in production capacity and new technologies to support future growth. However, supply-chain shortages remain a challenge, while higher costs associated with the GE9X engine program could weigh on profits in 2027.

GE shares fell 8.98% over the past week.

Netflix reported healthy subscriber retention, with fewer members canceling their subscriptions despite recent price increases. The company maintained its full-year outlook and expects strong revenue growth in 2027, supported by new subscribers, higher prices, and advertising. Although advertising revenue is growing rapidly, expansion has been slower than expected due to delays. Netflix also highlighted promising results from its French partnership with TF1 and new content deals with Disney and Globo, while acknowledging challenges in US programming.

NFLX shares declined by 6.64% during the past week.

Meta reported strong third-quarter results, with revenue rising 26% to $64.6 billion, driven by advertising growth and record engagement on Facebook and Instagram. Its new AI assistant, Muse, attracted over 10 million users in just six weeks. However, heavy AI investments pushed expenses up 68%, while free cash flow turned negative. Meta expects losses from its virtual reality division to narrow in 2027 as it shifts more resources toward AI development and subscription opportunities.

META shares fell 9.40% over the past week.

Tesla reported mixed third-quarter results on October 21, 2026. Earnings per share reached $0.48, beating analysts’ expectations of $0.45. However, revenue slipped 0.2% from a year earlier to $28.05 billion, slightly below forecasts. Despite the modest revenue decline, analysts expect Tesla’s earnings to grow nearly 65% next year, from $0.71 to $1.17 per share. However, its high stock valuation suggests investors are already pricing in significant future growth.

TSLA shares gained 4.93% over the past week.

American Express reported strong third-quarter results, with record revenue of $20.1 billion, up 9%, and adjusted earnings per share rising 13% to $4.68. Consumer spending remained healthy, particularly in travel and entertainment, while new card acquisitions reached 3.1 million. The company maintained its full-year revenue growth forecast of 10% and raised its earnings outlook. American Express also plans to expand its use of artificial intelligence. However, restructuring costs and legal expenses weighed on results, with approximately 5% of global positions expected to be eliminated.

AXP shares edged lower by 0.12% over the past week.

Conclusion

Overall, the week reflected continued inflationary pressures, mixed economic signals, and uneven performance across financial markets. Rising energy prices supported crude oil, while gold and silver faced significant selling pressure. Meanwhile, corporate earnings highlighted both business growth and challenges, particularly rising costs and heavy investment in artificial intelligence. Looking ahead, investors will closely monitor inflation trends, central bank decisions, and economic data for clues about future market direction. With uncertainty remaining, financial markets could experience further volatility in the coming weeks.