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Markets Brief: Iran Deal Hopes Drive Global Rally — TSX Eyes a Strong Open | May 29, 2026

It's been a week dominated by one headline: the U.S.-Iran war and the fragile hopes of a peace deal. Heading into the long weekend, markets are ending Friday on an optimistic note, with record-setting sessions in Asia and a strong tone across North America. Here's your full wrap. Canada — TSX After a rough patch mid-week, the TSX bounced back Thursday — its first gain since Monday's record close — finishing up around 0.7% to the 34,770s range, driven largely by a blockbuster round of Big Six bank earnings. All six of Canada's largest banks beat analysts' estimates for Q2 (quarter ended April 30), raising dividends and signalling cautious optimism despite the volatile global backdrop. RBC posted a standout quarter, with its Wealth Management division up 28% year-over-year. TD Bank earned $4.25 billion in adjusted net income ($2.38/share), topping expectations, and raised its dividend. CIBC's profit surged 43%, with adjusted EPS of $2.76 beating consensus by a wid...
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Remnants of Hurricane Beryl to Drench GTA with Heavy Rainfall

                                 

The remnants of Hurricane Beryl are set to bring heavy rainfall to the Greater Toronto Area (GTA) today. According to Environment Canada, periods of torrential downpours are possible, and the federal weather agency has issued a rainfall warning for much of southern Ontario, including Toronto.

Rain began overnight, and up to 60 millimeters of rain are expected for much of Toronto and surrounding areas throughout the day, although some areas could see even more. Meteorologist Daniel Liota warns that the morning commute could be treacherous due to heavy downpours, which can cause flash floods and water pooling on roads. Localized flooding in low-lying areas is also possible.

The Toronto and Region Conservation Authority (TRCA) has issued a flood watch, urging the public to stay away from streams, rivers, and shoreline areas. Recreational activities in or around water should be avoided at this time due to rapidly changing conditions.

Hurricane Beryl initially made landfall in Grenada before moving deeper into the Caribbean Sea, affecting Jamaica and eventually Mexico. As it moved over Texas, it weakened to a tropical storm, causing tornadoes and flooding. The unique aspect of this event is the tropical, moisture-laden air mass associated with the remnants of Hurricane Beryl, which contributes to the potential for torrential downpours in the GTA.

The heavy rainfall is expected to taper into scattered showers later tonight and into Thursday, according to Environment Canada’s forecast.




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