Tuesday, September 8, 2026
Markets reopen today after the long weekend into a genuinely loaded news cycle. Canada's $27.6-billion retaliation tariffs on U.S. goods took effect at 12:01 a.m. this morning, and overnight, attacks on Saudi energy facilities sent oil prices sharply higher, adding a fresh inflation headache on top of an already-hawkish rate picture. Here's everything moving Canadian and global markets today.
The 30-second version: Canada's counter-tariffs on U.S. goods (dairy, appliances, steel, electronics and more) are live as of this morning. Overnight strikes on Saudi energy infrastructure pushed Brent above $99 and WTI above $94, a third straight day of gains. Friday's close (markets were shut Monday for Labour Day) had the TSX down 0.33% and Wall Street lower on hot U.S. jobs data that's boosted Fed rate-hike odds to around 58%. Futures are pointing to a soft open in North America this morning.
🇨🇦 TSX: Last Close (Friday, Sept. 4)
Canadian markets were closed Monday for Labour Day, so the TSX's last print remains Friday's close, which reversed most of Thursday's 541-point surge after the U.S. jobs report came in far hotter than expected.
| Index | Close | Change |
|---|
| S&P/TSX Composite | 36,513.80 | -119.32 (-0.33%) |
The pullback came as a blowout U.S. nonfarm payrolls report (+162,000 vs. ~55,000 expected) raised the odds of a September Fed hike, pulling global yields — and rate-sensitive sectors — lower. That contrasted with Canada's own August jobs data, which showed a surprise loss of 41,700 positions against expectations for a 15,000 gain.
🇺🇸 Wall Street: Last Close (Friday, Sept. 4)
| Index | Close | Change |
|---|
| Dow Jones Industrial Average | 53,414.25 | -271.86 (-0.51%) |
| S&P 500 | 7,718.60 | -0.38% |
| Nasdaq Composite | 26,506.99 | -0.29% |
Fed rate-hike odds for the September 16-17 meeting climbed to roughly 58% on the CME FedWatch Tool after the jobs data, up from around 55% the prior day. This morning's futures point to a cautious open: Dow futures were down about 0.7% and S&P 500 futures off 0.2% in premarket trade, weighed down by the overnight jump in oil prices, though Nasdaq 100 futures were slightly positive as investors watched Oracle earnings due later this week.
🌍 Europe & Asia: Monday's Session
North American markets were shut Monday, but Europe and Asia traded through the long weekend.
| Index | Close | Change |
|---|
| FTSE 100 (UK) | 10,822.13 | -0.08% |
| DAX (Germany) | 26,006.53 | -0.15% |
| CAC 40 (France) | 8,306.15 | +0.33% |
| Nikkei 225 (Japan) | 66,399.84 | +2.12% |
| Kospi (South Korea) | 6,995.39 | +4.61% |
| CSI 300 (China) | 4,575.02 | +0.59% |
Asia's Monday rally was driven by broad tech gains — Samsung Electronics and SK Hynix jumped 5.7% and 8.3% respectively, while SoftBank surged over 11% on a new AI infrastructure investment. Europe was mixed, with energy and tech stocks outperforming while healthcare and financials lagged. Heading into today's session, though, Asian markets are set to edge lower as the overnight Saudi strikes push oil — and inflation worries — higher again.
🛢️ Oil, Gold & the Loonie
| Commodity / Currency | Level | Change |
|---|
| Brent Crude | ~$99.16 US/bbl | +2.23% |
| WTI Crude | ~$94.46 US/bbl | +3.26% |
| Gold | ~C$6,128.63/oz | roughly flat |
| Canadian Dollar (USD/CAD) | 1.3812 | ~72.4¢ US |
Oil is now up roughly 9% over the past week and climbing again this morning after attacks attributed to Iran-aligned Houthi militants struck Saudi energy facilities, wounding more than 70 people and forcing Saudi Arabia to halt operations at some sites. It's the latest escalation in a Strait of Hormuz conflict that's kept crude elevated for weeks. Goldman Sachs has raised its Brent and WTI forecasts to $85 and $80 for December 2026, warning that shipping disruptions could persist into 2027.
🇨🇦🇺🇸 Tariff Day: What Actually Changed This Morning
Canada's counter-tariffs — announced August 25 in response to the U.S.'s 50% Section 338 tariffs on Canadian goods — took effect at 12:01 a.m. today. Here's the shape of it:
- Scope: $27.6 billion in U.S. imports across roughly 600–700 tariff classifications.
- Rates: 15%, 25% or 50%, matching the corresponding U.S. rate on each product, dollar for dollar.
- Hardest-hit sectors: Steel, aluminum and iron products, furniture and clothing face the top 50% rate; dairy, appliances, agricultural equipment, pulp and paper, and electronics are also targeted.
- What's excluded: U.S. goods already in transit to Canada when the measures took effect are not subject to the new tariffs.
- Support package: Ottawa has paired the tariffs with a $7.5-billion support package for affected businesses and workers.
- What stays the same: Existing Canadian counter-tariffs, including the 25% levy on U.S. autos, remain in place separately.
Ottawa and Washington are still trading blame publicly for the collapse of trade talks last month. Adding to the friction, President Trump on Monday called for a boycott of Bombardier on social media.
💡 What It Means for You
If you buy imported dairy products, household appliances, furniture or electronics with U.S. origins, expect price increases to start showing up over the coming weeks as retailers pass through the new tariffs — historically, Bank of Canada research on the 2025 counter-tariffs found tariffed goods got roughly 6% pricier with about 25% of the tariff rate passed through to shoppers. On the oil side, higher crude prices tend to show up at the pump within days, not weeks, so budget for gas costing more this month if the Strait of Hormuz tensions don't ease. And if you're carrying a variable-rate mortgage or HELOC, today's inflationary pressure — from both tariffs and oil — is exactly the kind of thing that keeps the Bank of Canada's door open to a rate hike rather than a cut.
👀 What to Watch This Week
- Wednesday, Sept. 9: Chewy earnings; continued watch on Strait of Hormuz developments.
- Thursday, Sept. 10: European Central Bank rate decision — a hike to 2.75% is widely expected. Also: U.S. August PPI, existing home sales, and earnings from Oracle, Macy's and Adobe.
- Monday, Sept. 14: Statistics Canada releases August CPI — the first inflation read to reflect any early impact from this week's tariffs.
We'll be tracking all of it here on the Canadian Money Brief. Check back tomorrow for the next Daily Markets Update.
Market data compiled from BNN Bloomberg, CNBC, TheStreet, Bloomberg, Trading Economics, Kitco and Canada.ca as of the morning of September 8, 2026. Figures for indices not yet open for today's session reflect the most recent available close. This article is for informational purposes only and does not constitute financial advice.
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