S&P/TSX Composite slips as banks fall, gold lifts
Canada’s S&P/TSX Composite erased early gains and hovered marginally below 36,650 as heavyweight bank losses outweighed gold-producer gains amid shifting US-Canada tariff signals.
The S&P/TSX Composite Index erased early gains and hovered marginally below the flatline at 36,650, as losses for heavyweight banks offset gains for gold producers, while markets assessed updates to trade policy.
US President Trump paused the 50% tariffs on select Canadian goods and signaled that a trade deal with Canada was soon to be agreed upon.
Still, reports indicated that metals will remain tariffed.
Banks led the losses even though the US Treasury doubled the buyback amount on bonds and notes to limit recent pressure on North American bond yields.
BMO, TD Bank, and RBC sank more than 3%.
On the other hand, gold prices surged on the drop for the dollar and yields.
Miners led the gains, with Agnico Eagle, Wheaton, and Barrick up between 10% and 5%.