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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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Myanmar Earthquake: A Nation in Crisis

The devastating 7.7-magnitude earthquake that struck Myanmar on Friday has left the nation grappling with an overwhelming humanitarian crisis. As of Sunday, the death toll has risen to approximately 1,700, with over 3,400 injured and 300 still missing. Hospitals are struggling to cope with the influx of casualties, and critical infrastructure, including bridges, highways, and airports, has been severely damaged, hindering rescue and relief efforts.

The earthquake, one of the strongest in Myanmar's history, has compounded the challenges faced by a country already in turmoil due to civil war and economic instability. International aid and rescue teams from neighboring countries like India, China, and Thailand, as well as Malaysia, Singapore, and Russia, have begun arriving to assist in relief efforts. However, the scale of destruction and the urgency of stabilizing affected communities before the monsoon season pose significant challenges.

The International Federation of Red Cross and Red Crescent Societies has emphasized the growing humanitarian needs and the importance of restoring transportation routes to facilitate effective rescue operations. With predictions suggesting the death toll could exceed 10,000, Myanmar faces a long and arduous road to recovery.

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