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Stocks Pull Back as Oil Climbs on Iran Tensions — June 4, 2026

Global equity markets are under pressure on Thursday as the Iran conflict continues to dominate headlines, with fresh hostilities pushing oil prices higher and dragging on stocks from Toronto to Tokyo. Canada's TSX is extending its pullback for a second day, Wall Street closed sharply lower on Wednesday, and the Nikkei retreated from its record-high close overnight. The throughline is the same: an unresolved Middle East conflict, elevated energy costs, and growing caution after a prolonged rally. 🇨🇦 Canada: TSX Extends Losses The S&P/TSX Composite closed Wednesday (June 3) at 34,801, down 367 points or 1.05% — retreating from the record high reached on Tuesday. The selloff was broad: financials fell, with BMO down 1.5% and Brookfield losing 3.4% after announcing a joint venture with Concert Properties. Mining heavyweights were hit as gold prices declined, with Agnico Eagle off 3.6%, Barrick down 2.5%, and WPM shedding 3.5%. Technology names tracked Wall Street lower, with Sho...
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Freeland and Carney Poised to Enter Liberal Leadership Race

In a significant political development, former finance minister Chrystia Freeland and ex-central banker Mark Carney are expected to enter the race for the Liberal Party leadership. This follows Prime Minister Justin Trudeau's announcement that he will step down once a successor is chosen.

Freeland, who has been a prominent figure in Trudeau's cabinet, is currently leading in public opinion polls. Carney, known for his tenure as the Governor of the Bank of Canada, is also a strong contender. The leadership vote is set for March 9, ahead of the 2025 national elections.

The Liberal Party faces significant challenges, including economic issues and declining support. The new leader will need to address these concerns and devise a strategy to counter the opposition Conservatives.


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