Equities in Canada’s largest market climbed to another all-time peak Monday, despite the trade picture worldwide becoming murkier, with more threats of higher tariffs emanating from the White House.
The TSX Composite Index leaped 175.60 points to 27,198.85
The Canadian dollar sagged 0.05 cents at 73.01 cents U.S.
U.S. President Donald Trump on Saturday announced a 30% tariff on most imports from the EU and Mexico starting August 1, despite ongoing trade negotiations.
Trump had issued a letter late on Thursday implementing a 35% tariff rate on Canada, adding that the rate would go up if Canada retaliated.
Exclusion for goods covered by the United States-Mexico-Canada Agreement on trade are expected to stay, while the 10% tariffs on energy and fertilizer are also not set to change.
On TSX, technology shares rose led by a rise of two cents, or 1.4%, in bitcoin miner Bitfarms to $1.48, as the cryptocurrency hit a record high on Monday.
Industrial stocks rose led by Thomson Reuters shares that hit a record high and were last up $20.88, or 7.7%, at $293.33.
Miners Aya Gold & Silver was up 20 cents, or 1.5%, to $13.66, SSR Mining added 12 cents to $17.41 and Orla Mining advanced nine cents to $15.44.
On Monday, domestic trade data showed that wholesale trade grew by 0.1% in May from April on higher sales in the personal and household goods subsector.
Almonty Industries is set for NASDAQ debut on Monday following a $90-million U.S. IPO. Shares of the tungsten concentrate producer, however, fell $1.30, or 16.6%, to $6.52.
On the macroeconomic scene, Statistics Canada says wholesale trade for May edged up 0.1% to $84.2 billion.
ON BAYSTREET
The TSX Venture Exchange edged up 2.74 points to 786.54.
Eight of the 12 TSX subgroups were higher by the close, with information technology up 1.8%, while industrials advanced 0.9%, and consumer staples were up 0.8%.
The four laggards were weighed most by energy, sagging 0/3%, while telecoms and health-care, were each off 0.2%.
ON WALLSTREET
The S&P 500 edged higher on Monday even after President Donald Trump threatened high tariffs on more countries over the weekend. Losses were kept in check as investors bet those duties will eventually be negotiated down and looked ahead to a busy week for second-quarter earnings season.
The Dow Jones Industrials shot higher 88.14 points to end Monday at 44,459.65.
The much-broader index gained 8.81 points to 6,268.56.
The NASDAQ Composite added 54.8 points to 20,640.33.
Investors continue to monitor ongoing updates on the tariff front, after Trump announced Saturday that the U.S. will impose 30% tariffs on the European Union and Mexico starting Aug. 1. Leaders of the EU and Mexico indicated they intend to keep talking with the Trump administration this month in an attempt to agree on a lower rate.
Trump’s announcement comes ahead of inflation readings this week, which will give investors a better sense of how the Trump tariffs already in effect are being felt throughout the economy.
Eyes are on a slew of earnings reports set to roll out this week. Major banks, including JPMorgan Chase, will deliver quarterly reports starting Tuesday.
Prices for the 10-year treasury fell, raising yields to 4.43% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.53 to $66.92 U.S. a barrel.
Gold prices swooned $11.30 at $3,352.70 U.S. an ounce.
