Q3’s current account deficit came in better than expected, easing from Q2’s record to $10B, as trade tensions continue to bite into the flow of goods.

Foreign demand returned to Canadian markets in size ($80B), led by an appetite for Canadian paper and helped by an $8B equity inflow - the largest since Q1/22. That more than offset $58B of portfolio investment abroad...

… which didn’t translate to corporate investment, as international M&A slowed to $3.5B, from $8B in Q2.