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Weekly Market Snapshot: TSX Holds Firm, Loonie Under Pressure as Energy Prices and Rate Uncertainty Dominate | May 23, 2026

  Markets navigated a week of competing signals — elevated energy prices, persistent U.S. inflation, and a Bank of Canada holding steady at 2.25% — as the TSX showed resilience while the Canadian dollar faced modest headwinds. Here's everything that moved the needle this week. 📊 Key Numbers at a Glance S&P/TSX Composite ~34,268 ▲ +7.1% YTD USD/CAD Rate 1.37 ▼ Off Apr. 30 high of 1.358 WTI Crude Oil ~$99/bbl ↑ ~50% since Iran conflict onset BoC Policy Rate 2.25% Held — May 2026 Canada CPI (April) 2.8% ↑ from 2.4% in March TSX Equities — Resilience Holds The S&P/TSX Composite has maintained its upward trajectory through the first half of 2026, up roughly 7.1% year-to-date as of the end of April — and analysts at CIBC continue to project an 11% overall gain for the full year . The energy and materials sectors have been the primary engines of that performance, with oil-price tailwinds from Middle East tensions providing a significant boost to Canadian producers. On the blue-c...
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Drone Strike Sparks Emergency in Russian Port City

The Russian port city of Novorossiysk has declared a state of emergency following a Ukrainian drone attack that damaged residential buildings and injured at least five people, including two children. Mayor Andrei Kravchenko announced the decision on his official Telegram account, sharing images of the destruction and directing officials to respond to the crisis.

One of the injured, a woman, remains in serious condition at a local hospital. The attack also affected a grain terminal, with debris from falling drones causing damage to storage units and sparking a fire, which has since been extinguished. Authorities are assessing the full extent of the damage and providing assistance to those affected.

Ukraine has yet to comment on the incident, though its air force reported that Russia launched 183 drones and two ballistic missiles overnight. The ongoing conflict continues to escalate, with both sides engaging in aerial strikes.

This latest attack underscores the growing intensity of hostilities between Russia and Ukraine, raising concerns about civilian safety and infrastructure stability in the region.

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