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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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U.S.–Spain Tensions Rise as Trump Threatens Trade Halt Over Military Base Dispute

 

The President of the Government, Pedro Sanchez, speaks during the official opening dinner of the Mobile World Congress (MWC) Barcelona 2026, at the Museu Nacional d’Art de Catalunya, on 1 March 2026, in Barcelona, Catalonia, Spain.


U.S. President Donald Trump has sharply escalated tensions with Spain, warning that he may halt all trade between the two countries after Madrid refused to allow the U.S. military to use Spanish bases for operations linked to strikes on Iran. Trump described Spain as “terrible” in its cooperation and said he had instructed Treasury Secretary Scott Bessent to “cut off all dealings” with the country. 

The dispute stems from Spain’s decision to block U.S. access to the jointly operated Rota and Morón bases for missions tied to the Iran conflict. The U.S. has already relocated several aircraft from these facilities following the refusal. Trump’s remarks also revived longstanding friction over Spain’s resistance to increasing its NATO defense spending, a point he emphasized while speaking alongside German Chancellor Friedrich Merz. 

Spanish Prime Minister Pedro Sánchez has downplayed the threat, criticizing the broader U.S. and Israeli strikes on Iran as a “disaster” and signaling that Spain will not shift its position under pressure. As a member of the European Union, Spain’s trade policy is tied to the bloc, meaning any unilateral U.S. embargo would likely trigger wider diplomatic complications with other EU nations.

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