Canada's main stock index opened higher on Thursday, tracking a global market rally, on news that the United States was on the verge of signing a trade agreement with Britain.
The TSX Composite Index acquired 33.03 points to begin Wednesday at 25,194.21.
The Canadian dollar faded 0.2 cents at 72.08 cents U.S.
In corporate news, Canadian Natural Resources beat analysts' estimates for first-quarter profit, as it benefited from higher oil and natural gas production. Natural Resources stock hiked $1.49, or 3.7%, to $41.31.
Late on Wednesday, Trump posted on Truth Social that he would hold an Oval Office news conference at 10 a.m. EDT on Thursday about a "major trade deal with representatives of a big, and highly respected, country," with reports suggesting this could be the U.K.
The news followed hints of negotiations with the U.K.
ON BAYSTREET
The TSX Venture Exchange gained 6.44 points, or 1%, to 673.70.
Seven of the 12 subgroups were higher in the first hour, as energy rumbled 2.1%, telecoms beamed higher 2%, and health-care stocks were 1.5% haler.
The five laggards were weighed most by materials, down 1%, gold, duller by 0.8%, and consumer staples, off 0.6%.
ON WALLSTREET
Stocks were higher Thursday after President Donald Trump announced that a trade deal between the U.S. and United Kingdom had been struck.
The Dow Jones Industrials hiked 199.24 points to 41,313.21.
The broader index took on 28.11 points to 5,659.39.
The NASDAQ Composite jumped 119.97 points to 17,858.13.
Tech shares rose, boosted on news Wednesday that the Trump administration is preparing to rescind Biden-era artificial intelligence chip controls that would have taken effect later this month.
Nvidia traded about 0.5% higher, and Intel climbed 3.3%. AMD traded more than 3% higher as well. Megacaps Meta Platforms and Amazon advanced more than 1% each, and Tesla popped over 3%.
Thursday’s moves come after a winning session on Wall Street that saw volatile moves, as investors digested the latest Federal Reserve policy announcement and monitored for signs of progress on trade deals. Market participants share increasing worries that a global trade war could send prices higher and worsen inflationary pressures.
The Fed on Wednesday kept its benchmark overnight borrowing unchanged, as expected. Fed Chair Jerome Powell said during his post-decision press conference that if announced tariffs remain at their current levels, they could lead to a slowdown in economic growth, a spike in long-term inflation and greater unemployment.
Prices for the 10-year Treasury settled back, raising yields to 4.31% from Wednesday’s 4.28%. Treasury prices and yields move in opposite directions
Oil prices sprinted $1.68 to $59.75 U.S. a barrel.
Prices for gold backed off $28.20 to $3,363.70 U.S.
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