Welcome to Markets Desk, your midday read on what's moving markets and why.
Oil is extending its gains after President Trump described the ceasefire with Iran as on life support, effectively crushing hopes for a near-term diplomatic resolution. Crude traders are pricing in the risk of prolonged Middle East instability, and that geopolitical premium is back in the barrel.
Across the Pacific, Asian equity markets largely shrugged off those same ceasefire concerns, rising through the session as investors appeared reluctant to let headlines override the broader risk-on tone that's been building. It's a reminder that regional markets sometimes move to their own rhythm, even when Washington is loud.
Closer to home, new cell phone data from the University of Toronto is putting hard numbers behind what many suspected — that Trump's trade war is doing real damage to cross-border economic activity with Canada. Work trips, not just leisure travel, appear to be falling sharply, suggesting the strain goes well beyond tourism into the kind of business-to-business commerce that rarely makes headlines until the damage is already done.
That's the tape. Markets Desk, signing off the floor.
