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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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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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