Australian dollar reaches parity with Canadian dollar as markets weigh AI and geopolitics

  • The Australian dollar reached parity with the Canadian dollar for the first time in more than eight years as markets weighed AI momentum and geopolitical risks.
  • The Nasdaq rose 0.45% to a record, the Dow fell 0.36%, and SoftBank’s more than $10 billion debt offering reportedly attracted over $20 billion of demand.
  • Oil stayed below $100 a barrel while investors monitored U.S.-Iran contacts, possible Trump-Pezeshkian talks, Trump-Xi discussions and Wednesday’s September flash PMIs.

Markets sent mixed signals in the Tuesday close and Sept. 23 session. The Australian dollar reached parity with the Canadian dollar for the first time in more than eight years, while U.S. stocks finished mixed: the Nasdaq Composite rose 0.45% to a record, the Dow Jones Industrial Average fell 0.36% and the S&P 500 closed flat. Technology shares benefited from interest in Meta Platforms’ Muse AI agent as investors assessed whether Google’s CC agent could attract consumers similarly. Asian shares lost momentum after five gains, and SoftBank’s more than $10 billion debt offering reportedly drew over $20 billion in demand, potentially making it one of the largest junk-bond offerings and signaling lender confidence in artificial intelligence. Oil remained below $100 a barrel as markets monitored U.S.-Iran contacts over conditions for reopening the Strait of Hormuz and preparations for President Donald Trump’s meetings with Chinese President Xi Jinping in Washington.

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