Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
In a concerning development, global energy-related emissions of carbon dioxide (CO2) surged to a record high last year. The International Energy Agency (IEA) reported that these emissions rose by 410 million tonnes, representing a 1.1% increase, bringing the total to 37.4 billion tonnes.
Several factors contributed to this alarming trend:
- Fossil Fuel Use in Drought-Affected Regions: Countries grappling with droughts faced challenges in hydropower production. As a result, they turned to fossil fuels, exacerbating emissions.
- China’s Economic Reopening: China’s economy rebounded, leading to increased energy demand and subsequent emissions.
- Renewables and Electric Vehicles: While clean technologies like wind, solar, and electric vehicles helped curb emissions growth, other factors offset these gains.
Scientists emphasize that steep cuts in CO2 emissions are essential to meet global climate goals outlined in the Paris Agreement. Without rapid reductions, we risk runaway climate change. The challenge lies in swiftly transitioning away from fossil fuels and embracing sustainable alternatives.
Regional Trends
- United States: Energy-related emissions fell by 4.1%, primarily driven by reductions in the electricity sector.
- European Union: Emissions dropped by nearly nine per cent due to increased renewable power generation and decreased coal and gas power.
- China: Despite contributing significantly to solar, wind, and electric vehicle additions, China’s emissions rose by 5.2% as it recovered from COVID-19-related lockdowns.
Globally, electric vehicles accounted for one in five new car sales in 2023, reaching 14 million—a remarkable 35% increase compared to 2022.
The urgency to address this crisis cannot be overstated. Our collective efforts must focus on sustainable energy sources and innovative solutions to combat climate change.
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