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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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Escalating Tensions: Trump and Iran's Supreme Leader Exchange Threats Amid Nuclear Standoff

In a dramatic escalation of tensions, former U.S. President Donald Trump has reiterated his threat to bomb Iran if the nation does not agree to a new nuclear deal. This statement comes amidst a prolonged standoff over Iran's nuclear ambitions, which have been a point of contention since the U.S. withdrew from the 2015 nuclear agreement during Trump's first term.

Iran's Supreme Leader, Ayatollah Ali Khamenei, responded firmly, warning that any act of aggression would be met with a "strong reciprocal blow." He emphasized that Iran remains steadfast in its resistance to direct negotiations under what it perceives as the U.S.'s "maximum pressure" strategy.

The situation underscores the fragile state of international diplomacy, with both sides entrenched in their positions. While Trump continues to push for a new deal, Iran has significantly advanced its nuclear program, raising concerns among global powers.

This exchange highlights the ongoing volatility in U.S.-Iran relations, with potential implications for regional and global stability.

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