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Weekly Market Snapshot: Mideast Tensions and Chip Selloff Rattle Global Markets (July 13–17)

  Week of July 13–17, 2026 It was a rough week to be a tech investor and a good week to own oil. Escalating conflict between the US and Iran pushed crude sharply higher and rattled global markets, while a fresh wave of selling in semiconductor stocks dragged US and Asian indices lower. Closer to home, the Bank of Canada held its key rate steady, and the TSX—less exposed to chipmakers—held up noticeably better than its US and Asian peers. Here’s how the week broke down across every major market, and what it means for your wallet. 🇨🇦 Canada: TSX Day Close Change Mon, Jul 13 35,252.72 -0.15% Wed, Jul 15 (BoC day) 35,416.20 +0.27% Thu, Jul 16 35,340.15 -0.21% Fri, Jul 17 ~35,262 -0.22% Week total (Fri-to-Fri) — ~flat (about -0.1%) The TSX had a choppy but ultimately quiet week compared with its global peers. Monday's session opened with the Strait of Hormuz blockade headlines and closed lower. Wednesday brought a relief rally after the Bank of Canada's rate hold, with financials ...
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Ontario's Bold Economic Stand: Starlink Contract Axed Amid U.S. Tariffs

 

Ontario Premier Doug Ford has announced a sweeping economic response to U.S. tariffs by canceling a nearly C$100‑million contract with Elon Musk’s Starlink. The agreement, signed last November to provide high-speed satellite internet to 15,000 remote homes and businesses across the province, is now being scrapped as part of Ford’s broader initiative to shield Ontario’s economy from what he calls “destructive” American trade practices.

In a fiery statement on social media, Ford declared that Ontario will ban U.S. companies from provincial contracts until the tariffs—imposed by President Donald Trump—are removed. “We’ll be ripping up the province’s contract with Starlink. Ontario won’t do business with people hellbent on destroying our economy,” he asserted, emphasizing that the province’s annual procurement spending of over $30 billion is at stake.

This decisive move is not only a repudiation of the ongoing trade conflict but also a signal to American businesses that Ontario is ready to defend its local industry. While Ford remains confident in the province’s legal position should any challenges arise over the cancellation, critics and proponents alike are watching closely as this trade dispute continues to reshape economic policies on both sides of the border.

As the situation unfolds, Ontario’s actions underscore a broader trend of regional resistance to policies perceived as harmful to local economies—a trend that may have lasting implications for future trade negotiations.

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