The dollar strengthened slightly against the euro and Swiss franc after U.S. consumer prices rose 0.4% in August, lifting expectations the Federal Reserve could raise interest rates next week. Gains were limited as escalating tensions in the Middle East kept oil above $100 per barrel and added to inflation concerns. The yen firmed on speculation the Bank of Japan may hike rates, underscoring persistent uncertainty around inflation and geopolitical risks.

The White House is weighing the use of the Defense Production Act to boost U.S. refining capacity as domestic refineries run at 98% utilization and diesel tops $6 per gallon for the first time. Refinery utilization stayed above 95% for three straight months through late August, the longest stretch since 2000. The market has tightened after about 7 million bpd of capacity went offline in Asia and the Middle East and another 1.4 million bpd became unavailable in Russia, according to Phillips 66. U.S. diesel inventories are now 13% below their fiveyear average.

U.S. stocks finished higher on Friday after an acceleration in consumer prices reinforced expectations that the Federal Reserve will raise interest rates at its policy meeting on Wednesday. The Dow, S&P 500 and Nasdaq all advanced, while Dell jumped to a record high. Rate futures imply a nearly 90% chance of a hike, according to the CME FedWatch tool. Oil prices fell on the day but were still up around 9% for the week amid concerns about Middle East supply disruptions.

BlackBerry shares rose more than 150% from their 52-week low at points in 2026, even after a recent pullback. The company expects to generate about US$100 million in operating cash flow in fiscal 2027. In the latest quarter, first-quarter revenue increased 26% year over year to US$152.9 million, while QNX revenue rose about 26% to US$72.3 million and adjusted EBITDA jumped 144% to US$36.3 million. A recent analyst estimate put fair value at $7.40 per share.

The Canadian dollar fell to a nine-day low of 1.3862 per U.S. dollar, leaving it down 0.2% on the week. U.S. inflation data reinforced expectations the Federal Reserve will raise interest rates next week. Markets are pricing a 57% chance the Bank of Canada hikes at its Oct. 28 decision. A softer oil price also added pressure, with more than 70% of Canadian exports shipped to the United States.

The International Energy Agency sharply lowered its forecast for global oil demand this year, citing an escalation of the war in the Middle East and surging energy prices. The agency said Ukrainian strikes on Russian refineries have also pushed fuel prices higher, with U.S. diesel prices topping $200/bbl, up 94%, and Europe and Asia close behind. The IEA now expects 2026 consumption to fall by 2.5 million barrels per day, far more than its previous estimate.

After a $286 million hack, a crypto exchange’s recovery rules are creating sharply different outcomes for NES token holders, leaving some users better off and others worse off. The platform has not disclosed a detailed compensation plan, but the rules have already drawn attention within the community. The episode highlights concerns about how centralized exchanges allocate losses and make users whole during crises, which could affect confidence in both the venue and its associated token.

A surprise rise in UK economic output has reinforced market expectations that the Bank of England could raise interest rates four times over the coming year, with money-market pricing pointing to a move in the benchmark rate from 3.75% to 4.75%. Economists said the economy’s resilience gives hawkish policymakers more justification to push for a rate increase in the fourth quarter. Separately, Brent crude fell more than 2.5% on Friday, slipping back below $105 a barrel.