S&P/TSX Composite

S&P Futures Up 1.2% and Nasdaq 100 Futures Up 2%

TSX Closer: The Index Gains as Gold Rebounds, Household Net Worth Climbs

The Toronto Stock Exchange closed with a gain on Friday as investors welcomed higher gold prices and assessed fresh data showing Canadian household wealth continued to grow in the first quarter despite volatility in financial markets.The S&P/TSX Composite Index closed up 266.39 points, or 0.77%, to 34,937.85, as strong gains in battery metals, base metals and financial stocks outweighed weakness in health care, technology and energy shares.Battery Metals Index led gainers, up 6.70%, with Base Metals, Industrials, Utilities, and Financial, up 2.21%, 0.60%, 0.07%, and 0.86%, respectively. Health Care led decliners, down 1.64%, with Information and Technology, down 0.99%, Telecom, down 0.12%, and Energy, down 0.48%.In commodities, gold traded sharply higher on Friday, rising off a seven-month low on expectations Iran is ready to sign a peace deal with the United States, promising to lower the high oil prices that have raised inflation and boosted the U.S. dollar and bond yields.Gold for July delivery was last seen up US$124.80 to US$4,238.80 per ounce after falling to the lowest since Nov. 20 a day earlier. The rise comes as U.S. President Trump on Thursday said he canceled planned attacks on Iran and said a peace deal with the country is near.For oil, West Texas Intermediate (WTI) crude fell for a second day on Friday, falling to the lowest in nearly two months on expectations the United States and Iran are near a deal to end their war and reopen the Strait of Hormuz. WTI crude oil for July delivery closed down US$2.83 to settle at US$84.88 per barrel, the lowest since April 17, while August Brent oil was last seen down US$3.11 to US$87.27.With the prospect of lower geopolitical tensions and a potential peace deal in sight between the United States and Iran, the US dollar (USD) sold off early Friday as the demand for safe havens cooled, said Rosenberg Research.Oil prices are responding to the possibility of a deal between the U.S. and Iran, as both Brent and WTI have pulled back by more than 4.0%, noted Rosenberg. The other currencies that are underperforming as things settle are the Canadian dollar and the Norwegian krone, two currencies that markets closely identify with oil price moves, stated Rosenberg.Beyond commodity markets, fresh economic data showed Canadian household wealth continued to grow in the first quarter despite volatility in financial markets. Household net worth rises in the face of volatile equity markets, said Statistics Canada in a statement on Friday.The net worth of Canadian households, the value of all assets minus all liabilities, rose 1.3% in the first quarter of 2026 to reach just over $18.6 trillion, as the value of both non-financial and financial assets increased in tandem. Following two consecutive quarterly declines, non-financial assets were up 1.1% in Q1, led by an uptick in the value of residential real estate. Financial assets increased by 1.3%.Household balance sheets added $148.0 billion in financial assets in Q1, and this gain was driven by net purchases of mutual fund units and higher valuations of domestic equities and investment funds amid easing valuations for foreign equity holdings, StatsCan noted.Meanwhile the seasonally adjusted stock of household credit market debt in Canada reached $3.25 trillion in Q1, the latest StatsCan data revealed. At the same time, the ratio of household credit market debt as a proportion of household disposable income increased for the sixth consecutive quarter, climbing by 0.9 percentage point to 179.6% in Q1. In other words, there was roughly $1.80 in credit-market debt for every dollar of household disposable income, the agency said.The household debt service ratio, measured as total obligated payments of principal and interest on credit market debt as a proportion of household disposable income, rose after two consecutive quarterly declines. The ratio finished Q1 at 14.75%, up from 14.68% in Q4 2025, as total debt payments rose 1.1% to outpace income, added StatsCan.The value of household residential real estate rose 1.3% to $8.47 trillion in Q1, despite a decline in real estate activity as measured by resales. According to the MLS House Price Index, the composite house price increased by 0.7% in the first three months of 2026; however, the number of resales declined by 8.4%. In contrast, StatsCan's New Condominium Apartment Price Index indicated that, since the first quarter of 2025, new condominium apartment prices have fallen by 5.9% in Toronto and by 2.9% in Vancouver. According to the Bank of Canada's Financial Stability Report, pressures in condominium markets, particularly in Toronto and Vancouver, have created challenges for condominium owners and investors.Besides, the household saving rate fell to 3.5% in Q1 as growth in disposable income (+0.6%) lagged that in nominal household spending (+0.9%). Households continued purchasing mutual fund shares in the first quarter of 2026, registering the third-largest acquisition (+$75.3 billion) on record and following the record-high investment in the fourth quarter of 2025 (+97.1 billion) StatsCan said. In 2025, households benefitted from record-high reinvested earnings through fund investment incomes and capital gains, while in the first quarter of 2026, households focused on record net investments in exchange-traded funds.Additionally, the Bank of Montreal (BMO) noted implications of the expected negative birth rate in the country. In Canada, demographic attention has been rightly focused on the massive influx and then capping of non-permanent residents, said BMO. However, a collapse in natural population growth has been unfolding in the background. Net births are expected to turn negative for the first time ever in 2028, stated BMO. That is, more Canadians will begin to pass away than will be replaced with new babies.According to the bank, there are many causes and many longer-term implications. Among the latter, the lower labor force and potential economic growth, lower break-even job growth rates, a role for artificial intelligence to drive more productivity, mounting stress on social security funding, and an evolving housing demand curve.

TSX Closer: The Index Advances Despite Weak Building Permit Data; Gold Rebounds

The Toronto Stock Exchange closed sharply higher on Thursday, as investors assessed mixed economic data and the Bank of Canada's policy outlook, while a rebound in gold prices after U.S. President Trump said he's near a deal to end the war on Iran helped offset weakness in several heavyweight sectors.The S&P/TSX Composite Index closed up 520.14 points, or 1.52%, to 34,671.46, with most sectors finishing higher on Thursday.Base Metals led gainers, up 6.39%, with Information and Technology, up 1.34%, Utilities, up 0.35%, Telecom, up 0.29%, Industrials, up 0.19%, Financial, up 1.14%, and Health Care, up 0.38%. Battery Metals Index led decliners, down 3.16%, while Energy closed down 0.14%.The latest construction data pointed to a broad-based slowdown in development activity, with both residential and non-residential projects weighing on overall building intentions.The total value of building permits issued in Canada fell $1.0 billion, or 7.6%, month over month, to $12.5 billion in April, as both the non-residential sector and the residential sector contributed to the decline in construction intentions, said the country's statistical agency on Thursday.April's slip was more than twice the 3% month-over-month drop estimated by the Bank of Montreal. On a constant dollar basis, the total value of building permits issued in April declined 7.7% from the previous month and was up 2.7% on a year-over-year basis, said Statistics Canada. The value of non-residential building permits fell $585.9 million to $5.0 billion in April.In commodities, gold rose off a six-month low on Thursday, rising for the first time in five sessions after U.S. President Trump said he canceled planned attacks on Iran and talks between the two may be resuming. Gold for July delivery was last seen up US$10.00 to US$4,143.30 per ounce, rising off the lowest since Nov. 24 and recovering from session lows of US$4,046.20.Meanwhile, West Texas Intermediate (WTI) crude oil closed lower on Thursday, falling off session highs after Trump's comments. WTI oil for July delivery closed down US$2.32 to settle at US$87.71 per barrel, falling off a session high of US$93.64, while July Brent oil was last seen down US$2.86 to US$90.24.The Bank of Canada held rates at 2.25% at Wednesday's policy meeting and kept the policy rate at the lower end of its estimated neutral range of 2.25%-3.25%, UBS said. While communications were little changed, the BoC acknowledged more plainly the "policy dilemma" caused by weakening economic activity and rising inflation. With the outlook remaining uncertain, UBS expects the central bank to remain on hold this year and believes the balance of risks could even be tilted toward rate cuts rather than hikes, depending on how the economy evolves.In Governor Tiff Macklem's opening remarks, he made it clear that "holding the policy rate unchanged balances those risks", referring to downside growth risks and upside inflation risks, noted Rosenberg Research.However, the Canadian dollar should remain vulnerable since it will take a lot more to knock United States traders from the view that the Federal Reserve will be hiking rates sooner rather than later, according to Rosenberg.Macklem's commentary was largely consistent with what was outlined at the April policy meeting, noted David Doyle, head of economics at Macquarie Group. As the governor did in April, Macklem referred to the potential for "consecutive increases" in the policy rate should energy prices remain elevated. Macquarie continues to anticipate the BoC's next move to be a rate hike, with the baseline timing in September 2026. Doyle added that the expectation for labor market improvement and stronger growth momentum informs this view.Policymakers remained sanguine on inflation, citing improvement in core inflation measures and limited evidence of broad-based spillovers from higher energy prices. The BoC also reiterated that it would look through the Iran war's near-term impact on inflation, said Nomura, adding that, overall, downside risks to growth remain elevated while price pressures appear contained. The bank continues to expect the BoC to remain on hold through 2026.The BoC's decision to keep rates unchanged reinforced Bank of Montreal's (BMO) view that rates will likely be at this level through 2026.BMO, noting the BoC's policy dilemma, said: "Raising rates to dampen inflation could further slow the economy. Easing rates to support growth increases the risk that higher inflation becomes persistent. For now, holding the policy rate unchanged balances those risks."

TSX Closer: Index Drops as Investors Assess Bank of Canada's Hold, Inflation and Trade Risks

The Toronto Stock Exchange dropped on Wednesday as weakness in base metals and financial stocks offset gains in energy shares, while investors digested the Bank of Canada's latest decision to hold interest-rates unchanged and assessed the competing risks of slowing economic growth, elevated inflation and ongoing trade uncertainty.The S&P/TSX Composite Index closed down 260.37 points, or 0.76%, to 34,151.032, with sectors mixed over Wednesday's session.Base Metals led decliners , down 3.46%, while Health Care, Battery Metals Index, Industrials, and the Financial were down 1.36%, 1.80%, 1.26%, and 0.22%, respectively. Energy led gainers, up 1.63%, with Information and Technology, up 0.54%, Utilities, up 0.47%, and Telecom, up 0.39%.The BoC on Wednesday kept irates unchanged, including the key overnight rate at 2.25%, as expected. This was the fifth consecutive decision to maintain rates on hold. Since the BoC's April policy decision, the economic impact of the ongoing conflict in the Middle East has increased, wrote the central bank in its statement.Higher energy prices and disruptions in global supply chains are weighing on global growth and pushing up inflation. At the same time, the U.S. administration continues to propose new tariffs and trade policy uncertainty remains elevated. Against this backdrop, the Canadian economy has remained soft and inflation has increased. The BoC noted it expects the economy to remain in excess supply.The central bank expects consumer price index inflation to hover close to 3% in the coming months before easing gradually toward 2%. The BoC reiterated it is committed to keeping inflation close to the 2% target over time.Uncertainty is unusually elevated, and the risks could shift, said Governor Tiff Macklem in his press conference. On Canada slipping into a technical recession, Macklem said that the country's economy is weak, but "it is not clearly in recession"."There's been a lot of volatility, month to month, quarter to quarter, but when you look through the bumps, I mean the economy hasn't really grown in the last year, but it hasn't shrunk either," Macklem added.TD said the BoC's decision to hold rates reflects the need to balance weak economic growth against inflation risks stemming from higher oil prices and ongoing trade uncertainty. The bank expects the central bank to remain on hold through the rest of the year as excess economic capacity helps contain broader inflation pressures.CIBC said the Bank of Canada remains "very patient" as it weighs inflation risks from higher oil prices against growth risks tied to trade uncertainty and potential new tariffs. The bank expects rates to remain unchanged through 2026, with current policy settings supporting an economic recovery later this year and into 2027 if oil and trade uncertainties ease.Meanwhile, the Bank of Montreal said the policy statement was matter-of-fact, with no big surprises. "The BoC expects growth to rebound in Q2, but "the economy is expected to remain in excess supply", said BMO.The extra line about the economy being "weak" is a touch more dovish, but there's still concern about the potential for rising inflation from higher energy prices, according to the bank. BMO continues to expect the BoC to stay on hold through the rest of the year.A hold on rates was widely expected, but the focus was always going to be on how the bank's Governing Council would describe the evolving risks, said National Bank of Canada. In April, markets seized on Macklem's "consecutive" rate hikes threat in the scenario where oil prices remain elevated and higher energy prices lead to higher generalized inflation, noted the bank.Despite a steady dose of mostly soft inter-meeting economic and inflation data, the BoC is continuing to warn that tighter policy may be needed, stated National Bank. However, the shock of explicitly stating this has worn off and bond yields edged down moderately after the dust on the decision settled. The bank judged that the near-term hike scenario is growing less likely and it still expects the BoC to remain sidelined through year-end.Government of Canada bond yields lowered after the hold decision. While the tone from the BoC was neutral and little changed relative to the April decision, financial markets appear to have been expecting a more hawkish tone and as a result bond yields moved lower as expectations for rate hikes this year were slightly reduced, stated CIBC.In commodities, gold traded at the lowest in more than six months as the metal falls out of favor with traders, who are moving to the dollar as a hedge as a report showed U.S. inflation rose again last month, heightening expectations the Federal Reserve will raise interest rates to check rising prices.Gold for July delivery was last seen down US$155.80 per ounce to 4,1130.80 per ounce, the lowest since Nov. 24. The drop comes as the U.S. Bureau of Labor Statistics reported the May Consumer Price Index rose at a 4.2% annualized rate, up from 3.8% in April but matching expectations, according to MarketWatch.Meanwhile, the West Texas Intermediate crude oil rose on renewed fighting between the United States and Iran, while a report showed U.S. oil inventories fell for an eighth week. WTI oil for July delivery closed up US$1.83 to settle at US$90.03 per barrel, while August Brent oil was last seen up US$2.23 to US$93.78.On the trade front, Scotiabank said Canada's export markets continue to diversify away from the United States, although the U.S. remains by far the country's largest trading partnerThe share of Canadian exports bound for the United States is gradually trending lower, averaging 76% in 2024 and 72% last year, and coming in at 69% in April 2026, according to Scotiabank. This has been driven by a decline in exports to the U.S. and increasing exports to other regions, mainly Europe, noted the bank.In April, exports to the U.S. rose 4.8% month over month and were up 5.7% compared with 2024. Exports to other countries dropped 4.8% month over month but were up 48.3% from 2024, though much of this has been driven by elevated overseas exports of gold.

Brief: Bank of Canada Press Conference With Governor Macklem Ends

Brief: Bank of Canada Governor Says The Economy Is Weak But Not in Recession

Brief: Bank of Canada Governor Reiterates Sees Economic Growth to Resume in Q2

Brief: Bank of Canada Governor Says Not Much Has Changed "Big Picture" From April's Policy Meeting

Brief: Bank of Canada Governor Says Evidence of Pass-Through From High Energy Prices Would "Get Our Attention"

Brief: Bank of Canada Press Conference With Governor Macklem on Policy Decision Starts

Bank of Canada Keeps Rates on Hold, as Expected; May Need to Cut Rate If U.S. Sets "Significant" New Trade Restrictions

The Bank of Canada kept its rates unchanged on Wednesday, including the key overnight rate at 2.25%, as expected, continuing to look through the Iran war's immediate impact on inflation and conflicting economic data.This is the fifth consecutive decision to maintain rates on hold.Since the BoC's April policy decision, the economic impact of the ongoing conflict in the Middle East has increased, wrote the central bank in its statement. Higher energy prices and disruptions in global supply chains are weighing on global growth and pushing up inflation. At the same time, the United States administration continues to propose new tariffs and trade policy uncertainty remains elevated.Against this backdrop, the Canadian economy has remained soft and inflation has increased. The BoC noted it expects the economy to remain in excess supply.The central bank predicts consumer price index inflation to hover close to 3% in the coming months before easing gradually toward 2%. The BoC reiterated it's committed to keeping inflation close to the 2% target over time.Uncertainty is unusually elevated, and the risks could shift, said Governor Tiff Macklem in his press conference opening statement published with the policy decision. Monetary policy may need to be "nimble," added the governor.If the U.S. imposes "significant" new trade restrictions on Canada, Macklem said the BoC may need to cut the policy rate further to support economic growth. Alternatively, if the conflict in the Middle East continues and higher energy prices start leading to ongoing generalized inflation, monetary policy will have more work to do -- there may be a need for consecutive increases in the policy rate.

Brief: Bank of Canada Governor Says May Need to Cut Rate If U.S. Imposes "Significant" New Trade Restrictions

Brief: Bank of Canada Governor Says Monetary Policy May Need to Be "Nimble"

Brief: Bank of Canada Governor Says in Opening Press Statement Inflation Seen Close to 3% Y/Y in Coming Months; to "Gradually" Ease Toward 2%

Brief: Bank of Canada Sees Economy Remaining in Excess Supply

Brief: Bank of Canada Reiterates Ready to Respond With Rate Changes as Needed

Brief: Bank of Canada Keeps Rates Unchanged, as Expected

TSX Closer: Index Falls As Oil Slump Weighs On Energy Shares Ahead Of BoC Interest-Rate Decision

The Toronto Stock Exchange slumped Tuesday as a sharp decline in oil prices weighed on energy shares, while investors assessed mixed economic data, a wider Canadian trade surplus and the outlook for the Bank of Canada's interest-rate decision coming tomorrow.The S&P/TSX Composite Index closed down 67.05 points, or 0.19%, to 34,411.69, with sectors mixed over Tuesday's session.Energy led decliners, down 3.13%, while Health Care, Information and Technology, and the Base Metals were down 0.60%, 1.17%, and 0.54%, respectively. Battery Metals Index led gainers, up 1.53%, with Financial, up 0.97%, Utilities, up 0.32%, Industrials, up 0.35%, and Telecom, up 0.45%.In commodities, gold fell to at a six-month low on Tuesday even as the dollar weakened. The precious metal for July delivery was last seen down US$74.00 to US$4.289.40 per ounce, the lowest since Dec. 10. The price of the metal has dropped 7.7% over the past month as investors turn to the dollar to hedge against the threat of higher interest rates as inflation rises due to the high oil prices that have followed the U.S. war on Iran.Meanwhile in oil, West Texas Intermediate (WTI) crude oil fell 3.4% on Tuesday on calming tensions in the Middle East as Iran and Israel ended their missile attacks and U.S. President Trump said negotiations to end the war on Iran and reopen the Strait of Hormuz are in their "final throes". WTI crude oil for July delivery closed down US$3.10 to settle at US$88.20 per barrel, while August Brent oil was last seen down US$2.82 to US$91.43.On the economic front, Statistics Canada reported Canada's merchandise trade surplus with the world widened in April as exports outpaced imports. It widened to $2.7 billion in April from $1.8 billion in March, as exports rose 1.6% month over month, while imports edged up 0.3% month over month, said the country's statistical agency on Tuesday. This was the second consecutive monthly trade surplus, and the largest since January 2025, wrote Statistics Canada in a statement.The April surplus was roughly in line with a $2.50-billion consensus surplus provided by MUFG. Exports of energy products rose 9.7% month over month in April. This followed an increase of 23.4% in March. Both monthly increases were driven by higher prices, which continued to rise in April amid the uncertainty caused by the conflict in Iran, the agency added.The country's expanding trade surplus is helped not only by higher oil prices but also by an increase in export volumes, said CIBC. Total exports rose by 1.6% month over month, driven by energy products, food and autos. Export growth would have been stronger were it not for a pullback in the volatile gold trade, stated CIBC. Excluding the two volatile areas of energy and metal/non-metallic minerals, exports were up by 5.1% and total exports saw another solid increase in volume terms.Total imports edged up slightly in both nominal and volume terms. The solid increase in export volumes is positive for monthly and quarterly gross domestic product, although the strong advance estimate for April GDP will likely have already included most, if not all, of that information, added CIBC. The further gain in export volumes at the start of Q2, following a solid rise in March, will mean that net trade should be a positive for quarterly GDP and support a rebound in economic activity following two marginal contractions, the lender added.Recent trade data suggested that Canadian exports have largely recovered to pre-2025 levels, although still with some weakness in sectors hit hardest by United States tariffs. However, with tariff uncertainty remaining as CUSMA renegotiations drag on, further upward momentum will likely be limited in the near-term, CIBC noted.Looking ahead to monetary policy, Rosenberg Research said the Bank of Canada is expected to leave interest rates unchanged at 2.25% during Wednesday's policy meeting, with markets continuing to price in one 25 basis points rate hike before year-end.Besides the Canadian dollar) has been the weakest reserve currency in recent weeks, as Canada's deteriorating real growth profile, unfavorable Canada-United States two-year spreads, and declining bullion prices weigh on the currency, said National Bank of Canada. Full-time employment at a record high makes it hard to call Canada a recession story, but a sustained Canadian dollar rally will likely require Ottawa to secure a trade accord with the United States this summer, pointed out the bank.Meanwhile, fresh industry data pointed to continued softness in consumer demand, with Canadian vehicle sales remaining below year-ago levels. Canadian auto sales fell 0.6% month over month to 1.89 million units at a seasonally adjusted annualized rate in May, based on data from Omdia, said Scotiabank.The monthly selling rate has trended in the 1.85 million to 1.9 million annualized range since February, an improvement from the three months to January when sales averaged 1.75 million to 1.8 million but still below the two-million rate a year ago.

TSX Closure: The Index Gains As Energy, Financial Shares, Advance Ahead of the BoC's Rate Decision

The Toronto Stock Exchange closed higher on Monday, recovering some of Friday's 804-point drop as strength in energy, financial and base metals stocks offset weakness in battery metals and defensive sectors, while investors weighed rising oil prices, inflation concerns and expectations the Bank of Canada will leave interest rates unchanged this week.The S&P/TSX Composite Index closed up 65.29 points, or 0.19%, to 34,478.74, with sectors mixed. Battery Metals Index led decliners , down 12.33%, while Health Care, Telecom, Utilities and Industrials were down 2.27%, 0.42%, 0.83%, and 0.15%, respectively. Energy led gainers, up 1.63%, with Financial, up 0.42%, Information and Technology, up 0.88%, and the Base Metals, up 1.13%.In commodities, gold fell to a fresh five-month low as rising oil prices fueled concerns that higher energy costs could keep inflation elevated and pressure central banks to raise interest rates. Gold for June delivery was last down US$5.00 at US$4,360.30 an ounce, while Saxo Bank said renewed tensions in the Middle East and a stronger-than-expected U.S. jobs report had reinforced expectations that the Federal Reserve may need to raise interest rates in 2026.However, oil prices rose as renewed hostilities between Iran and Israel heightened concerns over global crude supplies, although gains eased after reports the two sides had agreed to halt further attacks. WTI crude settled up US$0.76 at US$91.30 a barrel after earlier climbing as high as US$95.47, while Brent crude rose US$1.13 to US$94.22. Market participants continued to monitor the impact of tensions around the Strait of Hormuz, a key transit route for global oil shipments, with reports noted that supply risks are overshadowing OPEC+'s planned production increases.Against that backdrop, National Bank said the BoC should consider publishing an unemployment-rate forecast as part of its quarterly Monetary Policy Report, mentioning that labor market conditions are central to the inflation outlook and the future path of interest rates.The bank noted that the monthly Labour Force Survey remains the most closely watched Canadian economic release for bond markets, as employment and unemployment data help investors gauge inflation pressures and recalibrate expectations for monetary policy. It added that publishing unemployment-rate projections, alongside an estimate of the economy's trend or natural unemployment rate, would improve market understanding of how the central bank is likely to pursue its price-stability mandate.Meanwhile, CIBC said Canada's efforts to reduce its reliance on the U.S. economy through trade diversification have yielded only modest results despite recent progress. The bank noted that Canada has 15 free-trade agreements covering 51 countries and more than 61% of global GDP, but the impact on export diversification has been limited.CIBC said the share of Canadian exports destined for the United States has fallen to 69% over the past 12 months from 76% in 2024, with demand from China and Europe helping offset some of the decline. The lender added that despite ongoing trade tensions, Canada's long-term economic alignment is likely to remain with the United States.Looking ahead, National Bank said the BoC is expected to leave its overnight target unchanged at 2.25% on Wednesday. This would mark the fifth consecutive hold after policymakers first declared in October that policy is at "about the right level" to keep inflation near target and support the economy's transition, noted the bank.There is little in the data to justify a more hawkish shift from the BoC at its Wednesday policy meeting, said ING. April inflation undershot expectations with the headline consumer price index rising more modestly than feared to 2.8% year over year from 2.4%, the market consensus had been 3.1%, while core inflation surprisingly slowed. Meanwhile, the labor market has been mixed, noted the bank.Despite the gain in employment data on Friday, UBS said the BoC considers this in the broader trend of a "soggy" labor market. A flat four-month moving average in employment growth, even with Friday's strong gain in May, suggests the BoC would need to see a sustained improvement rather than just this one-month gain before this would tip the balance, stated UBS. This also has to be framed alongside disappointing growth in Q1, writes the bank in a note to clients.Additionally, the federal government on Monday offered loans to airlines struggling to cope with the soaring price of jet fuel, as Iran war forced them to cut flight schedules and curtail profit forecasts, reported The Canadian Press.The new program will let carriers borrow up to $150 million each, said Finance Minister Francois-Philippe Champagne."By building on existing relief measures with targeted and temporary support for Canada's airline sector, we are helping maintain connectivity, protect Canadian jobs and reduce pressures on travelers during this period of elevated fuel costs," Champagne said in a news release.Besides, s new report pointed out Canada could be poised for a slower-than-usual summer rental market as average asking rents for May were down approximately $100 from a year earlier, reported CP.The latest monthly analysis from Rentals.ca and Urbanation finds the average asking rent for May was down 4.7 per cent year-over-year to $2,029, marking the 20th consecutive annual decline, it added.

S&P/TSX Composite Index Up 198.14 Points to 34,611.59 at Midday