Six major assets all finished the week higher, but energy markets moved roughly five times faster than equities or the Canadian dollar. The split reflects two separate stories playing out at once: a blowout Canadian jobs report pushed the TSX and Government of Canada bond yields higher, while an escalating Iran conflict drove oil and gold to their own gains on a separate track. A weak US retail sales report on Friday cracked the growth-driven leg of the rally without touching the war-driven one.
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Brent crude rose 5.1% over the week to $87.84 a barrel as an escalating Iran conflict pushed oil back toward its earlier highs.
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Brent was the only one of the three to finish above its starting level, while the index and gold both fell.
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The Bank of Canada held its policy rate at 2.25% for a seventh straight time, yet Canadian yields rose as United States yields surged.
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The index fell for the month even though Brent crude gained and the Strait of Hormuz stayed shut, because rising United States bond yields outweighed oil and gold.
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