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Global Markets Reel as Wall Street Suffers Sharpest Fall Since Iran Conflict Began

Wall Street endured its steepest decline since the outbreak of the Iran war, as renewed uncertainty over diplomatic progress sent shockwaves through global markets. The S&P 500 plunged 1.7% , marking its worst day since January and extending a five‑week losing streak , the longest in nearly four years. The Dow Jones Industrial Average fell 469 points , while the Nasdaq dropped 2.4% , slipping more than 10% below its record high — a threshold investors label a correction .  The downturn followed conflicting signals about potential ceasefire negotiations. While U.S. officials suggested Iran was open to talks, Tehran publicly denied direct engagement and dismissed a U.S. proposal delivered via Pakistan. The resulting uncertainty pushed oil prices sharply higher , with Brent crude rising 4.8% to $101.89 , up from roughly $70 before the conflict. Global markets echoed the volatility, with major indexes across Asia and Europe also tumbling. Analysts warn that Iran’s tightening con...
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Montreal Dockworkers Reject Final Offer, Lockout Declared

 

In a significant development, the Montreal Longshoremen’s Union has overwhelmingly rejected the final offer from the Maritime Employers Association (MEA), leading to an immediate lockout. The union, representing approximately 1,200 dockworkers, voted 99.7% against the proposed contract, citing the employer’s refusal to negotiate in good faith.

The MEA expressed disappointment over the outcome, stating that the lockout was unavoidable due to the union’s stance. Essential services and activities unrelated to dockworkers will continue at the port, but the lockout is expected to have substantial economic repercussions, given the Port of Montreal’s role as Canada’s second-largest port, handling nearly $400 million in goods daily.

Union advisor Michel Murray criticized the MEA’s approach, emphasizing that the offer did not address the union’s demands and that the conflict could have been avoided with proper negotiations. The federal labour minister has been urged to intervene to mitigate the economic impact of the lockout.

This lockout adds to the ongoing labor disputes at Canada’s major ports, with workers at the Port of Vancouver also locked out due to a separate contract dispute.


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