Mining Shares Boost TSX by Noon
Canada's commodity-heavy main stock index on Monday rebounded from the previous session's losses, led by gains in mining stocks, while investors looked for potential trade deals between the U.S. and its key trading partners.
The TSX Composite Index climbed 122.19 points to pause for lunch Monday at 27,436.20.
The Canadian dollar was ahead 0.24 at 73.10 cents U.S.
Among individual stocks, Osisko Development rose 19 cents, or 5.7%, to $3.54, after the mineral exploration company announced a $450 million credit agreement with funds advised by Appian Capital Advisory.
U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident that Washington could secure a trade deal with the EU, but August 1 is a hard deadline for tariffs to kick in.
However, traders awaited clarity on U.S.-EU trade talks and looked for additional trade deals ahead of Trump's August 1 tariff deadline.
Meanwhile, domestic investors will assess the Bank of Canada's Business Outlook Survey, due later in the day, for business expectations amid tariff-related uncertainty.
Economically speaking, Statistics Canada said its industrial product price index, the Industrial Product Price Index rose 0.4% month over month in June and increased 1.7% year over year. The raw materials index increased 2.7% month over month in June and grew 1.1% year over year.
ON BAYSTREET
The TSX Venture Exchange shot higher 15.97 points, or 2%, to 813.72.
All but one of the 12 TSX subgroups were higher, with gold brighter by 4.1%, materials stronger by 3.1%, and consumer staples stronger 0.9%.
Only energy missed the party, waning 0.6% by midday.
ON WALLSTREET
U.S. stocks moved higher on Monday as investors tracked the latest developments in trade and awaited the start of big tech earnings this week.
The Dow Jones Industrial Average leaped 246.58 points to 44,588.77.
The S&P 500 sprinted 38.27 points to 6,335.06.
The NASDAQ Composite popped 153.85 points to 21,063.84. S&P and NASDAQ readings hit intraday highs during the first two hours.
On Sunday, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the “hard deadline” for countries to start paying tariffs, though he also added that “nothing stops countries from talking to us after Aug. 1.”
This comes as earnings season is off to a strong start. Of the 62 S&P 500 companies that have reported thus far, more than 85% have topped expectations, according to FactSet data. Earnings for the second quarter are also tracking 5% year-over-year growth following the first week of results, per Bank of America.
Alphabet increased around 2%, while others like Meta Platforms and Apple advanced more than 1%.
Prices for the 10-year treasury climbed, weighing yields to 4.35% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices demurred 42 cents to $66.92 U.S. a barrel.
Gold prices boomed $53.30 to $3,411.60 U.S. an ounce.
