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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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Israel Terminates Agreement with UNRWA, Impacting Aid in Gaza

 

In a significant development, Israel has officially terminated its agreement with the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), the primary provider of aid in Gaza. This move follows recent legislation passed by the Israeli parliament, which restricts UNRWA’s operations within Israeli territory.

The Israeli government has accused UNRWA of being infiltrated by Hamas, a claim the agency firmly denies, asserting that it maintains strict neutrality in its operations. The termination of this agreement, which dates back to 1967, is seen as a step towards implementing the new laws that sever ties with the agency.

UNRWA has been a crucial lifeline for millions of Palestinians, providing essential services such as education, healthcare, and food aid. The cessation of cooperation with UNRWA is expected to exacerbate the already dire humanitarian situation in Gaza, where the population relies heavily on international aid.

The international community has expressed concern over the potential humanitarian impact of this decision. Aid groups warn that the new restrictions could severely hamper efforts to address the ongoing crisis in Gaza.

As the situation unfolds, the focus remains on how this decision will affect the delivery of aid and the broader implications for the region’s stability.


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