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Markets Digest Hot U.S. Inflation as Iran Tensions Keep Oil Elevated

Publication:  moneysavings.ca / Canadian Money Brief  Date:  Tuesday, May 13, 2026 The TSX opens cautiously Wednesday after hotter-than-expected U.S. CPI data rattled Wall Street on Tuesday, while Strait of Hormuz disruptions continue to lift energy stocks and pressure the loonie toward 1.35 against the greenback. TSX ~34,291 S&P 500 7,400.96 ▼0.16% WTI Oil ~$102/bbl ▲ Gold ~$4,721 USD/oz ▼ USD/CAD ~1.35 US CPI Apr 3.8% ▲ (est. 3.7%) Market Overview Canadian investors are starting Wednesday on a cautious note following a mixed session south of the border. U.S. equities dipped Tuesday after April's consumer price index came in at 3.8% — a touch above the 3.7% consensus forecast and the highest reading since May 2023 — while the core rate held at 2.8%, also above expectations. The data has effectively closed the door on any Federal Reserve rate cuts in 2026, with traders now pricing in a roughly 70% chance of a rate hike by April 2027. For Canadians, the ripple effects...
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Fragile Ceasefire Shattered: Israeli Airstrike Claims Nine Lives in Gaza

An Israeli airstrike in northern Gaza's Beit Lahiya town has resulted in the deaths of at least nine Palestinians, including three local journalists, according to Gaza's health ministry. The strike targeted a vehicle, causing casualties both inside and outside the car. Several individuals were critically injured and rushed to nearby hospitals.

The incident comes amidst ongoing ceasefire negotiations between Hamas leaders and mediators in Cairo. The January ceasefire agreement, which had temporarily halted large-scale fighting, now appears increasingly fragile. Palestinian health officials report that dozens have been killed despite the truce, with both sides accusing each other of violations.

Hamas has condemned the airstrike as a "dangerous escalation" and a violation of international laws, urging mediators to pressure Israel into adhering to the ceasefire terms. Meanwhile, the Israeli military has yet to comment on the incident.

This tragic event underscores the volatility of the region and the challenges in achieving lasting peace.

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