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Markets Digest Hot U.S. Inflation as Iran Tensions Keep Oil Elevated

Publication:  moneysavings.ca / Canadian Money Brief  Date:  Tuesday, May 13, 2026 The TSX opens cautiously Wednesday after hotter-than-expected U.S. CPI data rattled Wall Street on Tuesday, while Strait of Hormuz disruptions continue to lift energy stocks and pressure the loonie toward 1.35 against the greenback. TSX ~34,291 S&P 500 7,400.96 ▼0.16% WTI Oil ~$102/bbl ▲ Gold ~$4,721 USD/oz ▼ USD/CAD ~1.35 US CPI Apr 3.8% ▲ (est. 3.7%) Market Overview Canadian investors are starting Wednesday on a cautious note following a mixed session south of the border. U.S. equities dipped Tuesday after April's consumer price index came in at 3.8% — a touch above the 3.7% consensus forecast and the highest reading since May 2023 — while the core rate held at 2.8%, also above expectations. The data has effectively closed the door on any Federal Reserve rate cuts in 2026, with traders now pricing in a roughly 70% chance of a rate hike by April 2027. For Canadians, the ripple effects...
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France and Belgium Support ICC Request for Arrest Warrants of Israel and Hamas Leaders

 

In a significant development, France and Belgium have publicly backed the International Criminal Court’s (ICC) request for arrest warrants for leaders of Israel and Hamas. The ICC’s chief prosecutor, Karim Khan, accused Israeli Prime Minister Benjamin Netanyahu, Defense Minister Yoav Gallant, and three Hamas leaders—Yehya Sinwar, Mohammed Deif, and Ismail Haniyeh—of war crimes and crimes against humanity in the Gaza Strip and Israel.

While Netanyahu and Gallant are not currently facing imminent arrest, this announcement serves as a symbolic blow that deepens Israel’s isolation over the war in Gaza. The ongoing conflict has resulted in significant casualties, with at least 35,000 Palestinians losing their lives, and around 80% of the population—2.3 million Palestinians—being displaced within the territory.

The ICC’s decision to seek arrest warrants has drawn strong reactions. Netanyahu condemned it as “a moral outrage of historic proportions” while the court’s panel of three judges will now decide whether to issue the warrants and proceed with a case.

This development underscores the gravity of the situation and highlights the complex geopolitical dynamics surrounding the Israel-Hamas conflict. As the world watches, the ICC’s pursuit of justice remains a critical step in addressing alleged war crimes committed during the conflict.

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