Geopolitical tensions were a key driver in Q2, with the U.S.–Iran conflict pushing energy prices sharply higher early in the quarter before an interim agreement and ceasefire helped bring oil back down toward pre-conflict levels by late June. Even with occasional renewed hostilities, markets largely treated the improvement in the energy backdrop as supportive for inflation trends and central-bank decision-making.
SECOND QUARTER HIGHLIGHTS
- • S&P/TSX Composite hits a new all-time high of 35,389.58 on June 16th
- • S&P 500 hit a new all-time high of 7,609.78 on June 2nd
- • Canadian dollar hit a 14-month low of $0.702 on June 22nd
- • WTI Oil hit a 4-year high of $114.58 USD per barrel on April 7th
- • Bank of Canada maintained the overnight rate at 2.25%
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