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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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G7 Commits to Accelerating Fossil Fuel Transition, but Activists Remain Skeptical

 

Leaders of the Group of Seven (G7) developed democracies have pledged to accelerate their transition away from fossil fuels during this decade. The draft statement from their summit in Italy outlines a commitment to achieve net-zero emissions by 2050, in line with the best available science. However, climate activists remain critical, citing a lack of concrete commitments and the fact that many pledges were already agreed upon in previous meetings. The G7’s focus on phasing out coal power generation and reducing methane emissions is commendable, but some environmentalists express disappointment over the allowance for public investments in natural gas. As the COP29 United Nations climate conference approaches, the G7 leaders plan to submit more ambitious national climate plans. 

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