TSX Closes Higher on Oil Pullback

Argentina’s unemployment rate rose to 7.9% in the second quarter of 2026, up from 7.8% in the previous quarter, although the change was not statistically significant. The employment rate edged up to 45.0% from 44.8%, while labor force participation increased to 48.9% from 48.6%. By region, unemployment was highest in the Pampas region at 9.7%, followed by Greater Buenos Aires at 8.2%. The jobless rate stood at 8.4% for women and 7.5% for men. Unemployment among women aged 14 to 29 reached 17.1%, while the rate for men in the same age group stood at 14.1%. By education level, the largest share of unemployment was among those with completed secondary education at 2.8% of the labor force. Regarding job-search duration, 2.4% of the labor force had been looking for work for more than a year. Meanwhile, unemployment in urban areas outside Greater Buenos Aires rose significantly, from 6.8% to 7.6%.

The S&P/TSX Composite Index rose nearly 1% to trade close to 36,000 on Thursday as gold prices jumped, lending support to mining stocks. Gold rebounded as the recent rally in oil prices lost steam, limiting the surge in bond yields. The moves followed reports that Saudi Arabia aims to restore around half of its East-West pipeline capacity within days and return it to full operation within six weeks. Agnico Eagle, Barrick and WPM rising about 2%. The pause in the oil rally also supported credit-sensitive stocks, as easing inflationary pressures helped lower bond yields. Major banks traded above the flatline, with CIBC and National Bank up around 0.5%. Meanwhile, the US Federal Reserve raised interest rates, while FOMC members projected in their Summary of Economic Projections that another rate hike could be warranted this year. Fed Chair Kevin Warsh said inflation remains elevated, while data released last week showed that core US inflation rose more than anticipated in August.

Futures tracking the TSX rose on Thursday as gold prices jumped, lending support to mining stocks. Gold rebounded as the recent rally in oil prices lost steam, easing inflationary pressures. The moves followed reports that Saudi Arabia aims to restore around half of its East-West pipeline capacity within days and return it to full operation within six weeks. The pause in the oil rally also supported credit-sensitive stocks, as easing inflationary pressures helped lower bond yields. Meanwhile, the US Federal Reserve raised interest rates and FOMC members projected another rate hike could be warranted this year in their SEP. Fed Chair Kevin Warsh said inflation remains elevated, while data released last week showed that core US inflation rose more than anticipated in August.