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Oil Surges Past $103 as TSX Extends Losing Streak

  Markets are lower this morning as oil surges past US$103 and tech stocks remain under pressure, with the TSX coming off a fourth straight decline. Below is your ready-to-publish Canadian Money Brief update for April 29, 2026 , built from today’s market data and news. TSX slips as oil spikes and global tensions rise The S&P/TSX Composite opened at 33,584 , down 0.69% from yesterday’s close as weakness in tech and materials continues to weigh on the index. Rising geopolitical tensions and renewed uncertainty around the Iran conflict have pushed WTI crude above US$103 , lifting Canadian energy names but not enough to offset broader declines.  U.S. markets are also softer, with the S&P 500 down 0.49% and tech stocks retreating amid renewed AI growth concerns.  Oil rallies on OPEC turmoil Crude prices are up more than 3% , driven by the UAE’s announcement that it will exit OPEC and by expectations of prolonged supply disruptions tied to the Iran war.  ...
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Canada's Inflation Rate Rises as GST Holiday Ends


Canada's annual inflation rate surged to 2.6% in February, up from 1.9% in January, according to Statistics Canada. This increase follows the conclusion of the federal government's two-month GST/HST holiday, which had temporarily reduced prices on various household staples, gifts, and restaurant bills. The tax break ended mid-February, contributing to a notable rise in consumer prices.

Economists had anticipated a more modest inflation increase to 2.2%, but the actual figures exceeded expectations. Without the tax holiday in place for half the month, inflation would have reached 3%, highlighting the significant impact of the temporary measure.

While gas prices saw a slight monthly increase, their annual comparison showed a deceleration, helping to moderate the overall inflation rate. However, provinces like Ontario and New Brunswick experienced the fastest price accelerations, reflecting regional variations in consumer costs.

This development comes as the Bank of Canada continues to monitor inflation trends closely, especially in the context of ongoing economic challenges. The end of the GST/HST holiday underscores the complexities of balancing temporary relief measures with long-term economic stability.

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