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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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Russian Air Defense Fire Suspected in Azerbaijan Airlines Crash

 

Aviation experts have raised concerns that Russia's air defense fire may have caused the recent crash of an Azerbaijan Airlines plane, as the nation mourns the loss of 38 lives.

The Embraer 190 aircraft, en route from Baku to Grozny, was diverted to Aktau, Kazakhstan, due to unspecified reasons. Tragically, it crashed while attempting to land, killing 38 of the 67 people on board and injuring all 29 survivors. 

Cellphone footage shows the plane making a steep descent before crashing into the ground and exploding. Experts point to holes in the plane's tail section as evidence that it may have been hit by a Russian air defense missile, possibly while Russia was defending against a Ukrainian drone attack.

Azerbaijan observed a nationwide day of mourning, with flags lowered to half-mast and a moment of silence observed across the country. Azerbaijani President Ilham Aliyev stated that the weather forced the plane to change its course, but investigations are ongoing.

The Kremlin has urged caution in drawing conclusions before the official investigation is complete. Meanwhile, Azerbaijan demands an official apology and compensation from Russia.




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