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...
Canada Commits to Buying 12 New Submarines to Boost Defense Capabilities
In a significant move, the Canadian government has announced its intention to acquire 12 conventionally-powered submarines. The decision comes after mounting criticism of Canada’s defense spending by allies, particularly the United States. These new submarines, designed for under-ice operations, will replace the aging Victoria-class boats currently in service.
Key Points:
- Massive Acquisition: The submarine program is estimated to be worth at least $60 billion Canadian dollars, attracting interest from shipbuilders worldwide.
- Sovereignty and Security: With the longest coastline globally, Canada aims to protect its sovereignty and contribute to the security of its partners and NATO allies.
- GDP Target: The investment in submarines will help Canada meet the 2 percent GDP target for defense spending.
- Procurement Process: The Department of National Defence is engaging with manufacturers and potential partners, with a formal request for information expected in fall 2024.
- Global Interest: Shipbuilders from Sweden, Germany, Spain, France, Japan, and South Korea are among those vying for the contract.
This strategic move underscores Canada’s commitment to enhancing its naval capabilities and ensuring maritime security in a changing world. The acquisition of these submarines represents a significant step forward for the Canadian Armed Forces and reinforces their role within NATO.
Note: The exact cost, delivery timeline, and specific shipbuilders are yet to be confirmed, but this announcement signals a decisive shift in Canada’s defense posture.
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