TSX rises as US pauses new tariffs on Canadian goods
The S&P/TSX Composite Index rises nearly 1% above 36,500 after US President Donald Trump pauses new 50% tariffs on Canadian goods for three days.
The S&P/TSX Composite Index rose nearly 1% to trade above 36,500 after US President Donald Trump paused new tariffs on Canadian goods.
Trump announced late Tuesday that he was putting a three-day pause on the new 50% tariffs that were set to take effect on Wednesday, saying the two countries had reached a deal.
The prospect of a deal lent support to Canadian exporters, with Magna International adding 1% and Nutrien rising nearly 2%.
Oil prices hit a three-week high as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions persisted, supporting energy producers.
Suncor and Tourmaline Oil added about 1%.
Gold prices were supported by a weaker dollar as global bond yields stabilized, boosting mining stocks.
Agnico Eagle jumped 7%, while Barrick and WPM rose about 6% each.
Meanwhile, financials remained pressured amid energy-driven inflationary pressures stemming from the Middle East conflict and ahead of the release of the US Fed's July meeting minutes.