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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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Ontario Premier Ford's Bold Stance Amid U.S. Tariff Tensions

Ontario Premier Doug Ford has issued a strong warning in response to the United States' decision to impose sweeping tariffs on Canadian goods. Speaking at a mining convention in Toronto, Ford threatened to cut off electricity exports to U.S. states like New York, Michigan, and Minnesota if the tariffs proceed. Ontario is a significant electricity supplier to these regions, and Ford emphasized the potential impact of such a move, stating, "They rely on our energy. They need to feel the pain".

The tariffs, announced by U.S. President Donald Trump, include a 25% levy on Canadian goods and a 10% tariff on energy exports. In retaliation, Ford has also proposed additional measures, such as implementing surcharges on energy exports and urging Ontarians to prioritize locally made products. The Premier's remarks come as Canada braces for the economic fallout, with federal and provincial governments preparing coordinated responses to protect industries and workers.

Prime Minister Justin Trudeau has announced retaliatory tariffs targeting billions of dollars in U.S. exports, signaling Canada's firm stance against the trade measures. As tensions escalate, the situation underscores the interconnectedness of the two nations' economies and the potential consequences of a trade war.

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