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Weekly Market Snapshot: Oil Tops $100, Tariffs Bite, and the TSX Whipsaws (Sept 8-11)

  Four trading days, three straight TSX losses, a $27.6-billion tariff package, and oil's first trip above $100/barrel since spring. Markets clawed back some ground Friday, but it was a rough week for Canadian portfolios. Here's what actually happened, and what's coming next. The week in one line: Escalating US-Iran conflict sent oil above $100/bbl, Canada's retaliation tariffs took effect Sept 8, and a four-day Wall Street losing streak snapped Friday on in-line US inflation data. 🇨🇦 Canada: TSX The S&P/TSX Composite fell in three of four sessions this week before a Friday bounce, ending down 2.2% from last Friday's close. Date Close Change Fri, Sept 4 (prior close) 36,513.80 — Tue, Sept 8 36,123.05 -1.07% Wed, Sept 9 35,907.00 -0.60% Thu, Sept 10 35,506.28 -1.11% Fri, Sept 11 35,697.49 +0.54% The Friday relief rally came as oil prices eased on hopes for Gulf diplomacy and August's US inflation print landed close to forecasts, letting Canadian banks (TD...
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Finance Minister Chrystia Freeland Resigns Amid Budget Deficit Blowout

 

In a shocking turn of events, Finance Minister Chrystia Freeland announced her resignation from Prime Minister Justin Trudeau's cabinet on Monday. The announcement came just hours before the release of the government's fall economic statement, which revealed a staggering budget deficit of C$61.9 billion, overshooting the target by C$20 billion.

Freeland cited disagreements with Trudeau over the government's economic policies as the primary reason for her departure. She expressed concerns about the "costly political gimmicks" and urged the Prime Minister to collaborate more closely with the country's premiers to address economic challenges.

The fall economic statement, tabled by Government House Leader Karina Gould in Freeland's absence, included over C$20 billion in new spending and highlighted the growing fiscal deficit. The government also pledged C$1.3 billion for border security measures in response to threats of steep tariffs from U.S. President-elect Donald Trump.

Freeland's resignation has thrown the government into disarray, raising questions about the future direction of Canada's economic policies and the potential impact on the upcoming general elections.



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