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TSX Slumps as Central Banks Hold Steady

  Canada’s Main Index Suffers Sharpest Drop Since May The Toronto Stock Exchange’s S&P/TSX composite index fell 169.92 points, or 0.6%, to close at 27,369.96 on Wednesday, marking its steepest single-day decline in ten weeks. The drop followed a record high the previous day, underscoring investor unease as both the U.S. Federal Reserve and the Bank of Canada opted to keep interest rates unchanged. The materials sector led the retreat, sliding 2.1% amid tumbling copper and gold prices. Financials and technology also posted losses, down 0.6% and 0.5% respectively, as eight of the index’s ten major sectors ended in the red. Market sentiment soured after the Fed’s decision to hold rates steady offered no clear timeline for future cuts, disappointing investors hoping for dovish signals. Meanwhile, the Bank of Canada maintained its benchmark rate at 2.75% for the third consecutive meeting, citing reduced risks of a global trade war. Among individual stocks, Capital Power Corp sa...
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El Al Suspends Flights Amid Escalating Conflict

Israel’s national airline, El Al, has announced the cancellation of flights to and from multiple cities until June 23, citing security concerns due to the ongoing conflict between Israel and Iran. The affected destinations include major European cities, Tokyo, and Moscow.

El Al stated that all flights are suspended at least until June 17, as Israel’s airspace remains closed. The airline assured passengers that once security and aviation authorities grant approval, efforts will be made to resume regular operations and arrange rescue flights for stranded travelers.

Israel’s National Security Council (NSC) has also issued warnings against traveling to Israel via Egypt and Jordan, despite open borders, due to heightened security risks. Meanwhile, El Al’s stock price has dropped 3.5% following the announcement.

Since the Israel-Gaza conflict began in October 2023, El Al has been one of the few airlines maintaining flights to Tel Aviv, even as many foreign carriers suspended operations. Some airlines had recently resumed flights before the latest missile exchanges between Israel and Iran forced renewed cancellations.

Passengers awaiting updates are advised to monitor El Al’s official channels and the Israeli Ministry of Transportation for further developments.

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