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Weekly Market Snapshot: Records Everywhere as a Blowout Canadian Jobs Report Meets a Shock U.S. Loss

  August 8, 2026 A short, holiday-shortened week still managed to deliver record after record. The TSX, the S&P 500, the Nasdaq, and Europe's major indices all closed the week at or near all-time highs — even as Friday's jobs numbers told two very different stories on either side of the border. Here's everything that moved your money this week, and what to watch next. The Bottom Line The TSX capped its biggest weekly advance in about four months, closing Friday at a record 36,381.23 after Canada added a blowout 75,100 jobs in July (versus 17,800 expected). Wall Street also hit fresh records — but for the opposite reason: US employers unexpectedly cut 23,000 jobs, which markets read as reducing the odds of any further Fed rate hikes. Add in a fourth straight record close for European stocks, a wild swing in oil, and gold pushing toward US$4,400/oz, and it was a week where almost every major asset class ended up higher. 🇨🇦 Canada: TSX's Best Week Since April Canadia...
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US and UK Impose Sanctions on Iran Following Unprecedented Attack on Israel


In a significant move, both the United States and the United Kingdom have taken action against Iran in response to Tehran’s recent attack on Israel. The concern is that this attack could escalate tensions in the already volatile Middle East region. Here are the key points:

  1. Sanctions Targeting Iran:

    • The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has specifically targeted 16 individuals and two entities in Iran. These entities are involved in producing engines that power the drones used in the April 13 attack on Israel.
    • Additionally, OFAC has sanctioned five firms related to steel production and three subsidiaries of Iranian automaker Bahman Group. Bahman Group is accused of materially supporting Iran’s military and other sanctioned groups.
    • The U.K. has also taken action against several Iranian military organizations, individuals, and entities associated with Iran’s drone and ballistic missile industries.

  2. President Biden’s Statement:

    • President Joe Biden emphasized that the U.S. will continue to impose sanctions to further degrade Iran’s military industries. He warned those who enable or support Iran’s attacks that they will be held accountable.

  3. Restricting Access to Microelectronics:

    • The U.S. Commerce Department is imposing new controls to limit Iran’s access to basic commercial-grade microelectronics. These controls apply to items manufactured outside the U.S. but produced using U.S. technology.

  4. Context of Iran’s Attack:

    • Iran’s attack on Israel came as a response to what it claims was an Israeli strike on Iran’s consulate in Syria earlier in the month.
    • Israel’s military chief has stated that his country will respond to the Iranian attack, while world leaders are urging restraint to prevent further escalation.

  5. European Union’s Stance:

    • European Union leaders have pledged to ramp up sanctions on Iran, specifically targeting its drone and missile deliveries to proxies in Gaza, Yemen, and Lebanon.
    • EU foreign policy chief Josep Borrell warned that the situation could lead to a regional war in the Middle East, sending shockwaves globally.

In summary, the U.S. and U.K. are taking decisive steps to hold Iran accountable for its actions, while also urging caution to prevent further conflict. The situation remains tense, and international leaders are closely monitoring developments.

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