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Premiers Split on Using Potash as a Trade Weapon — What It Means for Your Grocery Bill

  Published August 31, 2026 Canada's premiers can't agree on how far to take the trade war with the United States — and this week, the fight is over a grey mineral mined almost 2,000 kilometres from Ottawa: potash. The disagreement matters well beyond provincial politics. Potash is the "P" and "K" of fertilizer economics — a key ingredient in the blends that grow the wheat, canola, and corn that eventually show up as bread, canola oil, and everything fed to livestock. Canada supplies about 85% of the potash the U.S. uses, which is exactly why some premiers see it as leverage — and why others are warning that pulling that lever could backfire on the very provinces pushing for it. Ford wants to pull the lever. Moe and Smith are warning not to. Ontario Premier Doug Ford is pushing for the toughest response available, including resource-based leverage. Saskatchewan's Scott Moe and Alberta's Danielle Smith are pumping the brakes, warning that squeezing po...
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Global Markets Weekly Wrap: TSX Hits 35,274 as Wall Street and Europe Rally

 


Week of June 29 – July 3, 2026

It was a strong week for equities almost everywhere you looked. Canadian, U.S., and European markets all closed higher, with a softer U.S. jobs report cooling rate-hike fears and giving stocks room to run into the long weekend. Here's how Canada, the U.S., and the rest of the world's major markets performed.

Canada

IndexCloseWeekly Change
S&P/TSX Composite35,274.84+294.84 (+0.84%)
TSX Venture Composite938.28+2.61% (Fri.)
Canadian Dollar (CAD/USD)US$0.7043-0.10% (Fri.)

Gold and materials stocks led the TSX higher on the week. Canadian markets were closed Wednesday, July 1 for Canada Day.

United States

IndexCloseWeekly Change
S&P 5007,483.24+1.8%
Dow Jones Industrial Average52,900.07+2.0% (record high)
Nasdaq Composite25,832.67+2.1%

Figures reflect Thursday, July 2 closing levels; U.S. markets were closed Friday, July 3 for Independence Day (observed). A softer-than-expected June jobs report drove gains by easing fears of further Fed rate hikes, though tech and chip names lagged into the holiday.

Europe

IndexWeekly Change
FTSE 100 (UK)+1.38%
DAX (Germany)+3.69%
CAC 40 (France)+1.07%
STOXX Europe 600+1.96%

Figures cover the four sessions ended Thursday, July 2. Falling eurozone inflation (2.8% in June, down from 3.2%) and easing oil prices supported sentiment; Germany's DAX led the region on strength in cyclical and industrial names.

Asia-Pacific

IndexWeekly Change
Nikkei 225 (Japan)-0.91%
Hang Seng (Hong Kong)+1.69%

Figures cover the four sessions ended Thursday, July 2. Japan's Nikkei slipped as investors took profits in richly valued tech and semiconductor names, even as the broader TOPIX Index gained on strength in financials. Hong Kong's Hang Seng rose on strength in technology, financial, and retail shares.

The Big Picture

Jobs data was the week's main catalyst. A weaker-than-expected U.S. payrolls report reduced expectations for further Federal Reserve rate hikes, lifting sentiment across North American and European markets alike.

Gold and resources shone in Canada. Precious metals and materials stocks drove the TSX's advance, while the small-cap TSX Venture Composite had an especially strong Friday.

Records south of the border. The Dow Jones Industrial Average touched a fresh record high this week, even as chipmakers and AI-related names cooled off after a strong run in the first half of 2026.

Cooling inflation supported Europe. Eurozone inflation came in below expectations, easing pressure on the European Central Bank and helping major indexes across the region post solid weekly gains.

Asia was mixed. Japan saw some profit-taking in tech after a strong AI-driven rally, while Hong Kong stocks advanced on gains in technology, financial, and retail names.

What to Watch Next Week

  • U.S. and Canadian markets both trade a full week, with all major exchanges reopening Monday, July 6.
  • The Bank of Canada's next rate announcement lands on July 15, with the policy rate currently holding at 2.25%.
  • Continued watch on AI and chip stocks in the U.S. and Asia following this week's pullback from recent highs.
  • Eurozone inflation trends and their influence on the European Central Bank's next moves.

This Weekly Market Snapshot is part of the Canadian Money Brief series on MoneySavings.ca. Market data sourced from TMX/S&P Dow Jones Indices, Yahoo Finance, Investing.com, and T. Rowe Price Global Markets Weekly Update. This content is for informational purposes only and is not investment advice.

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