The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

1022 ET - New listings of homes for sale rose 2.6% month over month to their highest level in over four years in August, according to Redfin. The surge in fresh supply was driven by San Jose, where listings rose 25.5% year over year, Nashville at 15.8% and Seattle, 13.7%. More homeowners are listing as the mortgage-rate lock-in effect fades, life circumstances prompt moves and sellers adjust to a slower market. The jump in listings is contributing to a widening pool of overall supply. The total number of homes for sale rose 3.9% from a month earlier to its highest level since 2020. Pending home sales were flat from a month earlier. Closed home sales, a more lagging indicator of demand, fell 0.5% to their lowest level in over a year. (chris.wack@wsj.com)

0954 ET - Canada's retaliatory tariffs on C$28 billion in U.S. goods is a shift that should translate to a real consumer drag. According to an ATB Financial report, the response to President Trump's latest tariffs will raise the cost of imports, now that an estimated 7%-8% from the U.S. are subject to counter-tariffs. "Some of the impacts on consumer prices are direct," says the report, pointing to consumer purchases of household goods, recreation and food, while others are indirect, meaning the tariffs fall on industrial and capital purchases that raise the cost of production which will partially be passed onto customers. The report says that this should raise inflation by 0.2%-0.3% on a rate that is "already running too high at about 3%." (adriano.marchese@wsj.com)

0934 ET - Bank of Nova Scotia economist Derek Holt says that, on net, the Trump administration's adjusted tariffs and ban on certain Canadian imports is more like a "face saving" exercise. It's "not substantive in nature and that's a positive," Holt tells clients. His team estimates a net impact for Canada of $1.2 billion, or 0.3% of nominal GDP. Some of the banned imports from Canada amount to "small potatoes," Holt adds, citing $100 million of motorcycles. Canadian dairy products subject to a U.S. ban had minimal sales to America, Holt adds. Forex traders appear in agreement, with the Canadian dollar holding steady versus USD. (Paul.Vieira@wsj.com; @paulvieira)

0931 ET - President Trump's orders to ban certain Canadian imports "could have been much worse," says Wolfgang Alschner, a business-and-trade law professor at the University of Ottawa. "It is clearly more posturing than escalation," he says in a LinkedIn post. Alschner says the ban of certain Canadian imports, effective Sept. 29, is modest, and covers less than 0.25% of Canadian exports. For instance, the U.S. intends to ban Canadian-made mopeds valued at C$81 million. Canadian alcohol accounts for a sizable chunk of the U.S. import ban, but Alschner notes the ban covers only packaged products. Canadian alcohol, like beer, can be sent to the U.S. in bulk and packaged there, he adds. (Paul.Vieira@wsj.com; @paulvieira)

0856 ET - The difference between European Central Bank and Federal Reservepolicy will be a key determinant for the euro and dollar in the coming months, Marex FX's Jonathan Pryor says in a note. "The market is adjusting to evolving themes such as AI debt burden and the fallout from geopolitics, alongside supply side inflation," the co-head of dealing and head of private markets says. "But what is certain is that monetary policy and yield divergence will compete to remain in the driving seat," he says. The ECB is expected to raise interest rates at its policy meeting on Thursday. Any comment policymakers give on the recent jump in government-bond yields will also be closely watched, he says. (emese.bartha@wsj.com)

0845 ET - The 2-year yield is rising as Brent crude crosses the $100-a-barrel threshold amid the escalating conflict in the Middle East. The U.S. military destroyed five Iranian oil tankers Tuesday, and Iran retaliated overnight with a ballistic-missile attack from Iranian territory into Jordan, with no casualties reported. The 2-year yield is at 4.43%, up from Tuesday's level of 4.40%. The 10-year yield is trading roughly at Tuesday's level of 4.81%. It's a light day for any major U.S. economic releases, and investors will be eyeing buyback details from the U.S. Treasury. (jessica.coacci@wsj.com)

0834 ET - President Trump's ban of Canadian imports covers only 0.25% of goods that Canadian firms send southbound, according to estimates from Stephen Brown of Capital Economics. Trump's tariff adjustments are also a wash, he says, as the new Canadian imports subject to a 50% duty are offset by other goods now exempt. Brown cites, for instance, the removal of the 50% levy on switchgear assemblies and cement from Canada, which he reckons is connected to America's push to build data centers. The economic damage is minimal, Brown says, but adds a weak 4Q is now a strong possibility. Brown's bigger worry is a sharply diminished likelihood of Washington and Ottawa resolving their trade conflict, and an increased risk that Trump withdraws from the US-Mexico-Canada trade treaty, or USMCA. (paul.vieira@wsj.com; @paulvieira)

0734 ET - U.A.E. banks remain well positioned to absorb potential capital outflows despite elevated regional geopolitical risks, S&P Global Ratings says. The banking system held about $247 billion in net external assets at the end of June, equivalent to roughly 42% of domestic loans and the strongest position among GCC banking systems. A large and diversified domestic deposit base and high-quality liquid assets provide an additional buffer, while banks' direct credit exposure to sectors most vulnerable to the conflict remains limited, S&P says. (farhan.rafid@wsj.com)

0729 ET - With a European Central Bank rate hike at this Thursday's meeting no longer in doubt, the central question is whether policymakers have both the willingness and the justification to tighten monetary policy even further, ABN AMRO's Christophe Boucher says. For now, more interest-rate hikes would remain pre-emptive, given the eurozone has yet to display clear evidence of significant second-round inflation effects, he says. "At the same time, higher long-term yields have effectively tightened financial conditions since the last ECB meeting." Nevertheless, the ECB will likely keep the door open for more potential tightening while avoiding excessive precision that could be interpreted as forward guidance, Boucher says. "Data dependency will remain the key message." (edward.frankl@wsj.com)

0726 ET - Qatar's fiscal deficit risks widening beyond Standard Chartered's 5% of GDP forecast for 2026 as constrained LNG exports weigh heavily on hydrocarbon revenue, the bank says. The second-quarter deficit widened to $5.8 billion from $0.2 billion a year earlier as government revenue fell 57%, while spending remained resilient. Standard Chartered says seasonal non-hydrocarbon receipts cushioned the shortfall and, without that support, the quarterly deficit would have approached $11 billion. Substantial sovereign assets and access to debt markets provide ample room for financing, it says. (farhan.rafid@wsj.com)

0720 ET - Lending growth at Gulf banks rebounds in the second quarter, suggesting the slowdown following the outbreak of regional conflict was relatively short-lived, Kamco Invest says. Gross lending at 55 listed GCC banks rises 2.6% from the previous quarter to a record $2.59 trillion, with all six GCC markets recording sequential growth. The recovery follows an eight-quarter low in lending growth in the first quarter. Aggregate net profit also reaches a record $17.7 billion, up 7.2% on year, showing continued resilience despite regional disruption. (farhan.rafid@wsj.com)

0717 ET - Saudi banks are increasingly relying on debt markets for funding as lending growth continues to outpace deposit growth, Kamco Invest says. The loan-to-deposit ratio at Saudi-listed banks remains above 100% for a third consecutive quarter, pointing to a structural funding gap in the sector. Saudi issuers raised $49.3 billion through bonds and sukuk in the first half of 2026, accounting for 48% of GCC issuance, as wholesale debt markets take a larger role in meeting funding needs, Kamco says.