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Oil Swings, Records Fall, and Bank Earnings Roll In: Markets Update — May 28, 2026

  Thursday is shaping up to be an eventful one for markets. A sharp rebound in oil prices — triggered by fresh U.S. military strikes in Iran overnight — is rattling futures this morning, even as Wall Street closed at fresh records on Wednesday. Here in Canada, the TSX pulled back sharply, weighed down by energy-sector volatility and mixed signals from the big banks. Traders are also keeping a close eye on two major U.S. data releases due today: April PCE inflation and the Q1 GDP second estimate. Canada The TSX had a rough Wednesday. The S&P/TSX Composite shed 241.82 points — roughly 0.70% — to close at 34,412.05, as energy stocks were dragged lower by falling crude prices. The loonie dipped slightly as well, with the Canadian dollar trading at 72.29 cents U.S., compared with 72.40 cents the day before. It's a big week for Canadian bank earnings, and results so far have been mixed but largely solid. Bank of Nova Scotia and BMO Financial Group both reported stronger second-quar...
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UK Eyes Economic Accord as a Path to Tariff Relief

The United Kingdom remains optimistic about the prospects of securing the reversal of US-imposed tariffs through an upcoming economic agreement. Officials from Britain view this potential accord as a critical opportunity to strengthen bilateral trade ties and reduce trade barriers that have strained the economic relationship between the two nations.

Negotiations have gained momentum as both parties seek to address key trade issues, including tariffs on steel, aluminum, and other goods. The UK's leadership has expressed hope that removing these tariffs will not only benefit exporters but also foster economic growth on both sides of the Atlantic.

As discussions advance, analysts are closely observing the diplomatic dynamics that will shape the outcome of the agreement. The deal, if finalized, could mark a turning point in the UK-US economic partnership, paving the way for deeper collaboration and mutual prosperity.


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