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Weekly Market Snapshot: Records Everywhere as a Blowout Canadian Jobs Report Meets a Shock U.S. Loss

  August 8, 2026 A short, holiday-shortened week still managed to deliver record after record. The TSX, the S&P 500, the Nasdaq, and Europe's major indices all closed the week at or near all-time highs — even as Friday's jobs numbers told two very different stories on either side of the border. Here's everything that moved your money this week, and what to watch next. The Bottom Line The TSX capped its biggest weekly advance in about four months, closing Friday at a record 36,381.23 after Canada added a blowout 75,100 jobs in July (versus 17,800 expected). Wall Street also hit fresh records — but for the opposite reason: US employers unexpectedly cut 23,000 jobs, which markets read as reducing the odds of any further Fed rate hikes. Add in a fourth straight record close for European stocks, a wild swing in oil, and gold pushing toward US$4,400/oz, and it was a week where almost every major asset class ended up higher. 🇨🇦 Canada: TSX's Best Week Since April Canadia...
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Transatlantic Trade Tensions Escalate Amid Tariff Dispute


The European Union (EU) has swiftly responded to former U.S. President Donald Trump's decision to impose a 25% tariff on steel and aluminum imports. In a move aimed at countering the economic impact, the EU announced retaliatory tariffs on $28 billion worth of U.S. goods. These measures target a range of products, including agricultural goods, textiles, and iconic American items like bourbon and motorcycles.

European Commission President Ursula von der Leyen expressed regret over the U.S. tariffs, emphasizing their negative impact on businesses and consumers on both sides of the Atlantic. She described the EU's countermeasures as "proportionate" and reiterated the bloc's openness to negotiation.

This latest development marks a significant strain in transatlantic relations, with both sides facing economic uncertainty and potential disruptions to supply chains. The EU's actions highlight its determination to protect its economic interests while signaling a willingness to engage in dialogue to resolve the dispute.


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