⭐ Must Read
Today's Top 5 Stories
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1
🍁 Canada
How U.S.-Canada trade talks collapsed into an all-out trade war
Negotiations broke down over what Canada saw as an unthinkable price for a deal; Ottawa hit back with retaliatory tariffs on ~$28B of U.S. goods effective Sept. 8, and Carney says Canada is "at war" economically with its largest trading partner.
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2
🌍 Geopolitics
Iran and Oman agree a temporary route through the Strait of Hormuz
A revenue-sharing framework for transiting oil through Hormuz is easing the market's worst fears of prolonged disruption; oil has fallen for two straight sessions.
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3
🤖 AI & Tech
Wall Street braces for Nvidia's after-the-close earnings
Analysts expect quarterly revenue to clear $100B for the first time; the whole AI trade leans on tonight's print.
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4
📈 Markets
Investors hunt for clarity from the Fed's Warsh at Jackson Hole
Warsh has ditched forward guidance in favor of reading bond yields, stoking confusion and pushing long yields toward two-decade highs ahead of his Friday speech.
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5
🏛 Greece
Mitsotakis warns Turkey: Greece won't yield in the Aegean
Athens holds its line on EEZ and continental-shelf claims despite renewed Turkish objections, even as energy cooperation like the Cyprus interconnector continues.
📊 Commodity & Index Dashboard
Market Pulse
Indices via midday U.S. session data; gold/bitcoin/oil/FX are live spot quotes. Prices as of Wednesday, Aug 26, 2026, ~4:45pm ET.
S&P 500
SPX
7,678
▲ 0.7 pts
▲ 0.01%
INDEXDow Jones
DJI
53,480
▼ 97.4 pts
▼ 0.18%
INDEXNasdaq
IXIC
26,117
▼ 0.12%
INDEXGold
$/oz
$4,608.72
▼ 0.61%
SPOTBitcoin
BTC
$78,746
▲ 0.44%
SPOTVIX
FEAR GAUGE
15.55
▲ 0.65%
INDEXWTI Crude
$/bbl
$82.73
▲ 0.45%
SPOTUSD/CAD
FX
1.3867
▲ 0.21%
SPOTPrices as of Wednesday, Aug 26, 2026, ~4:45pm ET / 1:45pm PT.
Why These Move Markets Today
S&P 500 — Daily Chart
Source: TradingView — click chart to open the live version
Bottom Line
- Canada-U.S. relations are in open economic warfare — retaliatory tariffs land Sept. 8, and the BoC's next move is now a coin flip between hold and hike.
- Nvidia's earnings after tonight's close are the single biggest catalyst for markets this week; a beat-and-raise keeps the AI trade alive, a miss could hit the whole tape.
- Oil's slide on Iran-Oman Hormuz progress is the good-news story markets need — but Friday's Warsh speech at Jackson Hole could reset the rate-path narrative either way.
📈 Markets & Economy
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BMO beats estimates despite lower headline profit, announces buyback
Adjusted EPS of $3.96 topped forecasts; the bank will buy back 25 million shares as its U.S. unit turns the corner.
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Scotiabank Q3 profit up 17%, beats estimates on capital-markets strength
Adjusted EPS of $2.28 vs. $2.10 expected; domestic banking ROE still trails the bank's mid-20s target.
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U.S. tariff threat turns a copper surplus into a near-record price
A rush of metal into COMEX warehouses ahead of a possible 2027 tariff is draining stockpiles everywhere else.
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The heat on Treasury Secretary Bessent grows
His plan to intervene in bond markets is drawing criticism from across the political spectrum, including a former mentor.
🍁 Focus
Canada
🍁 Canada
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Four takeaways from Canada's tariff counterpunch
Nearly 900 U.S. items are targeted as of Sept. 8, alongside a $7.5-billion support package for businesses and workers.
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Loblaw brings back "T" symbols to flag tariff-hit products
The grocer says it's better positioned than last year, having diversified its supplier base away from the U.S.
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Loonie edges higher as Canada rolls out retaliatory tariffs
Swaps now price roughly a 40% chance the Bank of Canada's next move is a hike, not a cut.
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Ontario's Ford drops the insults but backs retaliation
Ford says things "got heated" with Trump but stands behind Ottawa's doubled steel and aluminum tariffs.
📅 Weekly Calendar
Canada Earnings — Week Ahead
Calendar of Canada Earnings — Week Ahead
⭐ This Week's Headline
Big Six Bank Week
All six of Canada's major banks report this week — BMO & Scotiabank Tuesday, National Bank Wednesday, RBC, TD & CIBC Thursday. Together they carry roughly $1.2 trillion of the week's combined market cap on this calendar.
| Company | Symbol | Mkt Cap | Mean EPS Est (FQ1) | EPS Yr-Ago (FQ-3) | Report Time |
|---|---|---|---|---|---|
| Tuesday, August 25 — 6 companies | |||||
| Bank of Montreal | BMO.TO | $168.1B | 3.75 | 3.23 | Before Open |
| The Bank of Nova Scotia | BNS.TO | $149.0B | 2.10 | 1.88 | Before Open |
| Perseus Mining Ltd | PRU.TO | $8.2B | — | — | After Close |
| Westgold Resources Limited | WGX.TO | $6.0B | — | — | After Close |
| Paladin Energy Ltd | PDN.TO | $5.2B | 0.02 | — | After Close |
| Aduro Clean Technologies Inc | ACT.TO | $747M | (0.13) | (0.13) | After Close |
| Wednesday, August 26 — 4 companies | |||||
| National Bank of Canada | NA.TO | $83.8B | 3.20 | 2.68 | Before Open |
| EQB Inc. | EQB.TO | $5.7B | 2.25 | 2.07 | After Close |
| Serabi Gold PLC | SBI.TO | $468M | — | — | Before Open |
| Corby Spirit and Wine Ltd | CSWa.TO | $454M | 0.23 | — | After Close |
| Thursday, August 27 — 5 companies | |||||
| Royal Bank of Canada | RY.TO | $394.1B | 4.08 | 3.84 | Before Open |
| Toronto-Dominion Bank | TD.TO | $271.3B | 2.47 | 2.20 | Before Open |
| Canadian Imperial Bank of Commerce | CM.TO | $146.5B | 2.53 | 2.16 | Before Open |
| Southern Cross Gold Consolidated Ltd | SXGC.TO | $3.3B | 0.00 | (0.01) | After Close |
| Pioneer AI Foundry Inc | JPEG.NLB | $0M | — | — | During Market |
| Friday, August 28 — 1 company | |||||
| Laurentian Bank of Canada | LB.TO | $1.8B | 0.63 | 0.78 | Before Open |
| Monday, August 31 — 1 company | |||||
| Roots Corp | ROOT.TO | $160M | — | — | Before Open |
🏛 Focus
Greece
🏛 Greece
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Tourism receipts jump 14.8% to €8.8-billion in H1 2026
Bank of Greece data shows the sector still doing the heavy lifting for the recovery.
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Greece plans to repay €13-billion of debt early in 2026
Athens's borrowing costs now sit below Washington's — a striking reversal from the crisis years.
🏆 Around the Leagues
Sports
No sports roundup for today.
📚 From Your Library
Daily Idea
The Ingenious Lehman Brothers Autopsy
Lehman Brothers' collapse revealed the corporate form as a capital mint. By creating hundreds of foreign subsidiaries, Lehman engaged in tax arbitrage and utilized complex internal repo arrangements to manufacture phantom liquidity.
The Code of Capital — Katharina Pistor
📚 Books & Ideas
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Now in your library: The Money Trap, by Alok Sama
A former SoftBank president's inside account of Masa Son's biggest bets — including the ones he held onto long after he should have let go.
📥 New In Your Feed
Reading Queue
What landed in Readwise Reader overnight, in full — tap to expand.
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Behind Big Tech's AI Commitments
Olga Usvyatsky · Deep Quarry
A clear-eyed look at the off-balance-sheet leases and purchase commitments behind the AI buildout, and how much of the risk is actually cancellable.
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Blame Canada?
Sam Lowe · Most Favoured Nation
On why Canada negotiates so hard on trade, and the economics of who really pays for a tariff.
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The Money Trap
Alok Sama
Memoir from SoftBank's former president on Masa Son's dealmaking, currently 22% through in your library.