Quebec Bonds Could Benefit as PQ Minority Limits Near-Term Policy Risks, Scotiabank Says
MT newswire2026/10/06 14:0810:08 AM EDT, 10/06/2026 (MT Newswires) -- Quebec provincial bonds should benefit from the Parti Quebecois' (PQ) mandate in the Canadian province, with the minority government outcome limiting near-term fiscal and policy risks, according to Scotiabank Economics. The PQ won 59 of 127 seats in Monday's election, falling five short of a majority with just 28% of the popular vote. The narrow mandate is likely to constrain the PQ's ability to advance its agenda and force it to rely on other parties to govern, wrote Scotiabank in a Tuesday note. Quebec minority governments have historically lasted around two years, adding to uncertainty over the PQ's ability to remain in power, said the bank. The result appears more a rejection of Quebec's other parties than a strong endorsement of the PQ, with 72% of voters backing other parties, added Scotiabank. Any shift to the left, including reliance on the nine-seat Quebec Solidaire, will warrant scrutiny of fiscal plans given the PQ's expensive campaign promises.
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