Canadian Prime Minister Mark Carney announced his second set of projects through the nation-building strategy. Canada made these announcements to generate private investments.

These projects will go through the Major Projects Office (MPO), where they will seek a quick approval. The Prime Minister had previously announced five projects that were referred to the MPO. PM Carney said these projects are transformational and will help raise Canada’s competitiveness.

This batch of projects includes building a liquefied natural gas facility in British Columbia, a critical minerals project in Northern Ontario to produce nickel for batteries and an open-pit graphite mine in Quebec. There were six projects in total.

Meanwhile, Enbridge Inc. approved a US$1.4-billion (C$2.0-billion) extension to its Mainline and Flanagan South pipelines, giving it access to more U.S. refineries.

This comes on the heels of the federal budget, which included massive spending to help transform Canada’s economy and protect the country against escalating trade disruptions with its largest trade partner, the U.S.

Last week, the U.S. government shutdown came to an end after U.S. President Donald Trump signed a new spending bill into law.

Democrats and Republicans in the U.S. Congress haggled over the bill, particularly regarding the extension of healthcare subsidies. Both sides eventually reached an agreement and had the bill passed.

The shutdown was not without economic consequences. The Congressional Budget Office projects that the shutdown will drag down economic growth by 1.5 percentage points over the fourth quarter.

Inflation and retail sales reports that were scheduled to be released last week were delayed, leaving investors unsure of the Fed’s next interest rate decision.

In trade news, U.S. President Donald Trump is planning to lower tariffs to address rising food prices, and he is putting together trade deals for some Latin American countries. Meanwhile, U.S. Trade Representative Jamieson Greer said the U.S. is closing in on a trade deal with Switzerland that would lower tariffs on Swiss goods from 39% to 15%.

Retail sales in China rose by 2.9% year-over-year in October, which was above expectations but slower than the 3.0% increase in September.

This marks the fifth consecutive monthly slowdown in retail sales growth, as domestic demand remains muted in China, weighing on overall economic growth.

Higher sales for food and jewelry, amid the Golden Week holiday, were partially offset by a decline in sales for building materials, cars and petroleum products.

Industrial output also slowed, rising by 4.9% year-over-year in October compared to 6.5% in the previous month. October’s increase was the slowest this year.

Despite extensive government stimulus measures, China’s economy continues to struggle for traction. A tariff truce with the U.S. may help, but further support may be needed to get the economy running at full capacity.

Gross domestic product in the U.K. expanded by 0.1% in the third quarter of 2025, according to a preliminary estimate. This missed economists’ expectations and slowed from the 0.3% pace of growth in the second quarter.

Weighing on growth was a cybersecurity attack at Jaguar Land Rover. The incident halted vehicle production at the company and at suppliers, affecting jobs. The decline pulled down overall goods production in the quarter.

Consumer and government spending edged higher, offsetting the decline in business investment.

The unemployment rate increased to 5.0% in September, its highest rate since May 2021. The economy shed 22,000 jobs over the three-month period to the end of September.

The result was concerning for the U.K. government, which is looking to increase spending and now must contend with potentially lower tax revenue. The federal budget will be announced on November 26. The government is expected to lift spending to help support the economy.