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Markets Digest Hot U.S. Inflation as Iran Tensions Keep Oil Elevated

Publication:  moneysavings.ca / Canadian Money Brief  Date:  Tuesday, May 13, 2026 The TSX opens cautiously Wednesday after hotter-than-expected U.S. CPI data rattled Wall Street on Tuesday, while Strait of Hormuz disruptions continue to lift energy stocks and pressure the loonie toward 1.35 against the greenback. TSX ~34,291 S&P 500 7,400.96 ▼0.16% WTI Oil ~$102/bbl ▲ Gold ~$4,721 USD/oz ▼ USD/CAD ~1.35 US CPI Apr 3.8% ▲ (est. 3.7%) Market Overview Canadian investors are starting Wednesday on a cautious note following a mixed session south of the border. U.S. equities dipped Tuesday after April's consumer price index came in at 3.8% — a touch above the 3.7% consensus forecast and the highest reading since May 2023 — while the core rate held at 2.8%, also above expectations. The data has effectively closed the door on any Federal Reserve rate cuts in 2026, with traders now pricing in a roughly 70% chance of a rate hike by April 2027. For Canadians, the ripple effects...

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Tragedy Strikes During Hajj Pilgrimage: Over 300 Egyptians Succumb to Heat

 

At least 323 Egyptian pilgrims tragically lost their lives during the annual Hajj pilgrimage in western Saudi Arabia. The majority of these deaths were attributed to heat-related illnesses, according to two Arab diplomats coordinating their countries’ responses.

The Hajj, one of the five pillars of Islam, draws millions of pilgrims from around the world to Mecca. However, this year’s pilgrimage faced extreme temperatures, with the area where rituals are performed experiencing a rise of 0.4 degrees Celsius (0.72 degrees Fahrenheit) per decade due to climate change.

Among the deceased, 60 Jordanian pilgrims also succumbed to the heat. Tragically, many of the Egyptian casualties were unregistered pilgrims attempting to save money by avoiding official visas. These off-the-books pilgrims lacked access to air-conditioned facilities provided by Saudi authorities along the Hajj route.

The total death toll reported by various countries has reached 577, highlighting the severity of this heartbreaking event. Other nations, including Indonesia, Iran, and Senegal, have also reported fatalities during this year’s Hajj pilgrimage.

As we mourn the loss of these lives, it serves as a stark reminder of the challenges posed by climate change and the need for better safety measures during religious pilgrimages.


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