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Daily Markets Update: Oil Rattles TSX Ahead of BoC Hike Week | Oct 26

  Canadian Money Brief • Daily Markets Update Monday, October 26, 2026 • Covers Friday’s North American and European closes plus Monday’s Asian session Oil took over from AI as the market’s main worry on Friday. Crude jumped above US$100 on fresh attacks on Saudi Arabia, the S&P/TSX Composite finished the week lower, and Wall Street logged a second straight weekly loss for the S&P 500. Monday brought a small reprieve: oil slipped after no weekend escalation in the Iran war, and most Asian and European markets steadied — just ahead of a week stacked with central bank decisions, including the Bank of Canada on Wednesday. The 30-second version TSX: 35,788.18 , down 185.27 points (−0.52%) Friday; −1.07% on the week. Wall Street: Dow −1.2%, S&P 500 −0.5%, Nasdaq −0.2%. Oil: WTI settled at US$103.27 ; Brent at US$116.72 . Loonie: 71.46¢ US , a five-week high. Bank of Canada: markets price roughly an 80% chance of a hike to 2.50% on Wednesday. Canada: TSX Ends the Week in the...
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Trump Implements 25% Tariff on Steel and Aluminum Imports

 

In a significant move, former U.S. President Donald Trump announced a 25% tariff on steel and aluminum imports, effective immediately. This decision follows a day of intense trade negotiations and threats to raise the tariff to 50%. The tariff aims to protect American industries but has sparked concerns about potential economic repercussions and strained relations with key trading partners, including Canada.

The announcement came after Ontario Premier Doug Ford agreed to suspend a proposed tax on electricity exports to the U.S., which had escalated tensions. Both sides are set to engage in further discussions to address trade disputes and explore revisions to the U.S.-Mexico-Canada Agreement (USMCA).

The tariffs are expected to impact global trade dynamics, with Canada and other affected nations preparing to respond. Critics argue that such measures could lead to higher costs for consumers and businesses, while supporters believe they will bolster domestic manufacturing.

This development underscores the complexities of international trade and the challenges of balancing national interests with global economic stability.

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