Monday Morning Java

Good morning and happy Monday!

A Cup of Coffee

The fragile ceasefire between the United States and Iran collapsed this week, with both countries exchanging airstrikes. In the most alarming development for global energy markets, commercial shipping through the Strait of Hormuz — the critical waterway through which roughly 20% of the world's oil flows — came to a halt, with no vessels crossing since Sunday evening. Oil prices surged sharply on the news, reviving inflation fears and shaking bond markets globally.

A devastating blaze tore through a pub in Bangkok's Chatuchak district, killing at least 27 people and leaving 25 critically injured. Witnesses described chaotic scenes as patrons ran through flames to escape, and a musician performing that night said he crawled for the exit before being thrown clear by an explosion. Thai authorities have launched an investigation into the cause of the fire.

Long-serving South Carolina senator Lindsey Graham passed away this week; a medical examiner confirmed he died from an aortic tear. Graham was a towering figure in American foreign policy, known for his evolution from a fierce Trump critic to one of the former president's most steadfast allies. Tributes poured in from across the political spectrum, reflecting his decades of service and influence.

Andy Burnham, former Mayor of Greater Manchester, secured the backing of 322 of 403 Labour members of Parliament to become the next leader of the UK's governing Labour Party. He is expected to be formally confirmed as party leader on July 17 and enter 10 Downing Street on July 20. World leaders are already assessing what a Burnham premiership will mean for UK relations with the US, Europe, and beyond.

In a historic California ruling, a jury found Meta's Instagram and Google's YouTube liable in a landmark social media addiction trial brought on behalf of young users. The verdict is being hailed as a watershed moment that could reshape the legal landscape for tech platforms. Meta has already announced it will appeal the decision.

Yukon-born Gavin McKenna, a proud Tr'ondëk Hwëch'in citizen from Whitehorse, was selected 1st overall by the Toronto Maple Leafs at the NHL Draft in Buffalo — making him the first Indigenous player from Canada to be the top overall pick in nearly 50 years. McKenna, 18, arrived on the red carpet wearing a custom suit with his family's faces on the lining and beaded pins crafted by his sister, honouring his heritage. His achievement has been celebrated by Indigenous communities from coast to coast, with Assembly of First Nations National Chief Cindy Woodhouse Nepinak calling it "a proud moment for First Nations across the country.

The 2026 Calgary Stampede has been a resounding success, with attendance figures surpassing expectations despite ongoing economic pressures facing Canadians. A single Friday recorded over 129,000 visitors, and the cumulative total has already surpassed one million guests — putting the event on track for a record-challenging year. Officials noted that surpassing 1.4 million guests would be a remarkable achievement, and community spirit across the city has been electric.

On July 13, Minister Hodgson formally marked a significant milestone in Canada and Poland's growing energy and economic security partnership. The collaboration focuses on clean energy development and strengthening energy independence — a timely initiative given the week's global energy market turmoil. The partnership positions Canada as a key partner for European allies seeking reliable and cleaner energy alternatives.

A Cup of Tea

On July 13, 1713, the Treaty of Utrecht was signed, ending Queen Anne's War and fundamentally redrawing the map of colonial North America. Under its terms, France ceded control of Acadia (renamed Nova Scotia), Newfoundland, and the vast Hudson Bay territory to Britain. This treaty set the stage for generations of French-English tension on Canadian soil, and its legacy would later contribute to the tragic Deportation of the Acadians in the 1750s.

In 1832, Newfoundland was granted representative government by the British Crown, and the first session of its newly formed House of Assembly was convened at St. John's on July 13. This marked a pivotal step in the island's long road toward self-governance, predating its eventual entry into Canadian Confederation by over a century. It was one of the first expressions of democratic participation in what would one day become Canada's easternmost province.

A Little Snack

(Week ending Friday, July 10, 2026)

Index	Region	7-Day Change
S&P 500	USA	▲ +1.23%
NASDAQ	USA	▲ +1.74%
Dow Jones	USA	▼ -0.50%
TSX Composite	Canada	▲ +0.30%
FTSE 100	UK	▼ -1.70%
DAX	Germany	▼ -2.76%
Nikkei 225	Japan	▼ -1.70%
Hang Seng	Hong Kong	▲ +3.53%

Market Summary: It was a tale of two markets this week. US tech stocks — buoyed by AI and semiconductor enthusiasm — powered the Nasdaq to a 1.74% gain and kept the S&P 500 solidly positive, even as the escalating US-Iran conflict sent oil prices surging and rattled global sentiment. European and Japanese markets bore the brunt of the energy shock, with Germany's DAX falling nearly 3% on geopolitical anxiety and rising ECB rate-hike expectations. The standout performer was Hong Kong's Hang Seng, which surged 3.53% on a wave of China AI optimism, while Canada's TSX eked out a modest gain led by consumer and financial shares.