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Weekly Market Snapshot: Gold's Wild Ride, TSX Slips as Warsh Rattles Markets

  It was a week that started with the TSX chasing records and ended with new Fed Chair Kevin Warsh reminding everyone the inflation fight isn't over. Big bank earnings rolled in strong, Nvidia delivered a blockbuster quarter, and gold went from a fresh record above $4,700 to a sharp Friday selloff — all in five trading days. Here's what moved your money this week, and what's coming up. 🇨🇦 Canadian Markets Index Close (Fri) Week Change S&P/TSX Composite 36,553.92 ▼ down on the week Canadian Dollar (USD/CAD) ~71.98¢ US roughly flat The TSX opened the week near record territory (36,834 Thursday, its second-highest close ever) on the strength of a clean finish to Big Five bank earnings — RBC posted a record $6.0 billion quarterly profit, CIBC's adjusted income jumped 26%, and Scotiabank's PCLs came in better than feared. But Friday turned rough: the index dropped roughly 280 points (-0.77%) to 36,553.92 as Warsh's hawkish tone hit both banks and gold miners, e...

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Unprecedented Heatwaves Highlight Urgent Climate Crisis

 

In recent months, numerous regions around the globe have been grappling with record-breaking heatwaves, underscoring the escalating impacts of climate change. From North America to Europe, Asia, and beyond, temperatures have soared to unprecedented levels, causing widespread concern among scientists and the public alike.

In the United States, Death Valley experienced temperatures exceeding 125°F (51.7°C) for nine consecutive days in early July, while Las Vegas shattered its all-time heat record at 120°F (48.9°C). Similarly, Europe has faced extreme heat, with countries like Spain and Greece enduring prolonged periods of high temperatures, exacerbating the risk of wildfires.

The situation is equally dire in other parts of the world. In Saudi Arabia, over 1,000 people succumbed to the heat during the Hajj pilgrimage, as temperatures soared to 125°F (51.8°C) at the Grand Mosque in Mecca. Meanwhile, Pakistan’s hospitals have been overwhelmed by heat-related illnesses amid frequent power outages and water shortages.

These extreme heat events are not isolated incidents but part of a broader trend driven by climate change. The global average temperature has been steadily rising, with each of the past 13 months setting new records for that month. The European Union’s Copernicus Climate Change Service reported that the planet experienced its hottest day in at least eight decades on July 21, only to break that record again the following day.

As greenhouse gas emissions continue to warm the Earth’s atmosphere, the frequency and intensity of heatwaves are expected to increase. This alarming trend highlights the urgent need for global action to mitigate climate change and adapt to its inevitable impacts.


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