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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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Turkey's Political Turmoil: Protests and Arrests Spark International Debate

Turkey has been gripped by widespread protests following the arrest of Istanbul Mayor Ekrem Imamoglu, a prominent political rival to President Recep Tayyip Erdogan. Authorities have detained nearly 1,900 individuals participating in demonstrations across the country. Imamoglu, accused of corruption and other charges, was jailed pending trial, a move critics argue is politically motivated to eliminate a potential electoral threat to Erdogan.

The protests, described as the largest anti-government demonstrations in a decade, have drawn attention from rights groups and Western leaders, who have expressed concerns about democratic backsliding in Turkey. Despite calls for peaceful protests, clashes between demonstrators and police have escalated, with reports of excessive force being used to disperse crowds.

Justice Minister Yilmaz Tunc defended the judiciary's decision, citing the gravity of the allegations against Imamoglu. Meanwhile, Erdogan dismissed the protests as a "show" and warned of legal consequences for participants.

The situation has sparked international criticism, with rights groups urging Turkey to investigate the use of force and allow peaceful demonstrations. As tensions rise, the political landscape in Turkey remains uncertain, with the opposition calling for continued protests and rallies.

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