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5 Things to Know Today: Jobs Report, a Record TSX and the Tariff Countdown (Aug. 7)

  Friday, August 7, 2026 Here's what's moving markets and your money today. 1. Today's Jobs Report Is the Big One Statistics Canada releases the July Labour Force Survey this morning. Economists polled by Reuters expect a gain of roughly 15,000 jobs, following June's increase of 18,200, with the unemployment rate holding steady at 6.5%. RBC Economics is forecasting a smaller gain of about 5,000 jobs, also with the jobless rate flat at 6.5%. The rate has come down from a peak of 6.9% in April. What it means for you: This is the last major jobs reading before the Bank of Canada's September 2 rate decision. A soft number keeps a rate hold (or even a cut) on the table, which matters if you're renewing a variable-rate mortgage or carrying a line of credit. A stronger-than-expected number could nudge bond yields — and fixed mortgage rates — higher. 2. The TSX Is Sitting Near Record Highs The Toronto Stock Exchange closed at a record 36,146.42 on Wednesday, up 344.82 ...
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EU Prepares for Potential Trade Retaliation Against US Tariffs

The European Union has announced its readiness to counteract U.S. tariffs with a robust plan, should the need arise. Speaking to the European Parliament, Ursula von der Leyen, President of the European Commission, emphasized the EU's preference for a negotiated solution but affirmed its preparedness to protect its interests, citizens, and businesses if necessary.

The U.S. administration, under President Donald Trump, has recently imposed tariffs on steel and aluminum imports, with additional duties on cars expected soon. Von der Leyen criticized these measures, highlighting their potential to fuel inflation and increase costs for American industries. She also underscored the importance of diversifying trade and removing internal barriers within the EU's single market to strengthen its economic resilience.

While the EU remains open to dialogue, von der Leyen assured lawmakers that all necessary instruments are on the table to respond decisively if required. The bloc's strategy reflects its commitment to safeguarding its economic stability and maintaining a balanced global trade environment.

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