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Weekly Market Snapshot: Mideast Tensions and Chip Selloff Rattle Global Markets (July 13–17)

  Week of July 13–17, 2026 It was a rough week to be a tech investor and a good week to own oil. Escalating conflict between the US and Iran pushed crude sharply higher and rattled global markets, while a fresh wave of selling in semiconductor stocks dragged US and Asian indices lower. Closer to home, the Bank of Canada held its key rate steady, and the TSX—less exposed to chipmakers—held up noticeably better than its US and Asian peers. Here’s how the week broke down across every major market, and what it means for your wallet. 🇨🇦 Canada: TSX Day Close Change Mon, Jul 13 35,252.72 -0.15% Wed, Jul 15 (BoC day) 35,416.20 +0.27% Thu, Jul 16 35,340.15 -0.21% Fri, Jul 17 ~35,262 -0.22% Week total (Fri-to-Fri) — ~flat (about -0.1%) The TSX had a choppy but ultimately quiet week compared with its global peers. Monday's session opened with the Strait of Hormuz blockade headlines and closed lower. Wednesday brought a relief rally after the Bank of Canada's rate hold, with financials ...
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Reform UK’s ‘Britannia Card’ Sparks Debate Over Wealth, Tax, and Fairness

In a bold move ahead of the next general election, Britain’s Reform UK party has introduced the “Britannia Card,” a policy aimed at attracting wealthy individuals—particularly foreign investors and returning British expats—by offering significant tax exemptions in exchange for a one-time payment of £250,000.

The card would grant holders a 10-year exemption from UK taxes on offshore income, capital gains, and inheritance, while still requiring them to pay domestic taxes. Reform UK leader Nigel Farage framed the initiative as a way to reverse the exodus of high-net-worth individuals and stimulate economic growth. “We want as many entrepreneurs, risk takers, and job creators as possible in our country,” Farage said during the announcement.

The party claims the funds raised—potentially billions—would be redistributed directly to the lowest-paid 10% of full-time workers, offering them annual tax-free bonuses of up to £1,000. Reform UK argues this would help close the gap between welfare and work, incentivizing employment.

However, critics, including Labour’s finance spokesperson Rachel Reeves, have slammed the proposal as a “tax cut for foreign billionaires,” warning it could lead to higher taxes for ordinary citizens or cuts to public services.

While the Britannia Card is not a path to citizenship or a “golden visa,” its introduction has reignited debate over fairness in the tax system and the role of wealth in shaping national policy. Whether it will win over voters or deepen political divides remains to be seen.

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