Canadian Stocks Tumble As U.S.-Iran Deal Delayed Amid Fresh Middle East Escalation

Reports citing U.S. Central Command (CENTCOM) say American forces intercepted four Iranian drones allegedly headed for the Strait of Hormuz and struck coastal radar sites in Goruk and on Qeshm Island to protect commercial and military vessels. Iran’s navy said it fired warning shots at U.S. assets; CENTCOM denied this. Trump and U.S. officials linked any resolution to lower fuel prices, while investors track oil and defense stocks.

Australia’s S&P/ASX 200 fell 0.7% to 8,625.10 on Friday, its lowest close since May 28, and logged its worst week in nearly a month. The index was down 1.2% for the week. The slide followed U.S.-Iran peace talks stalling amid U.S./Israel and Hezbollah ceasefire disputes, while resources and financials declined.

The Global Electronics Association reported April 2026 North American PCB data: the book-to-bill ratio was 1.24, and shipments rose 5.8% year over year. Separately, the article says Compal Electronics’ Czeladź investment remains frozen with no production start or official updates. It also notes REalloys’ $20.6 million investment to secure exclusive preferred rights to rare earth processing systems ahead of a 2027 Pentagon ban.

Canadian stocks rebounded Thursday as investors priced higher chances of de-escalation in the Middle East. The S&P/TSX Composite rose 1.19% to close at 35,217.06 after hitting an intraday record 35,291.13. Healthcare led gains. The article cites Israel-Lebanon ceasefire renewal and continued U.S.-Iran peace talks, while noting Hezbollah rejected the truce.

Meta accused Australia of breaching its US free trade agreement by proposing a 2.25% tax on tech platforms’ total Australian revenue, including non-social-media revenue. Meta said the move violates “no less favourable” treatment for US firms and is broader than prior digital taxes. Australia’s assistant treasurer Daniel Mulino said the government remains committed and would return proceeds to news media. The dispute stems from Australia’s 2021 news bargaining law.

The article discusses Xi Jinping hosting US President Donald Trump and Russian President Vladimir Putin in Beijing in May 2026. It cites a White House fact sheet saying both sides agreed on Iran’s nuclear limits, Strait of Hormuz reopening, and North Korea denuclearization, and announced US–China trade/investment boards. It also notes China’s planned purchase of 200 Boeing aircraft and at least $17bn/year in US farm goods through 2028.