S&P/TSX Composite rises 0.7% as bank earnings lift financials
The S&P/TSX Composite Index climbed 0.7% to close at 36,958 on Tuesday as investors weighed major bank earnings and trade-dispute developments in the US and Canada.
The S&P/TSX Composite Index rose 0.7% to close at 36,958 on Tuesday as investors weighed major bank earnings against new developments in the US-Canada trade dispute.
Financials traded higher amid a busy week of quarterly results from major banks.
BMO (+0.6%) reported higher third-quarter profit, driven by strong performance in its capital markets business, while Scotiabank (+7%) also posted stronger earnings, supported by higher interest income.
RBC rose 1.4%, TD Bank added 2%, and CIBC gained 2.8% ahead of their results on Thursday.
National Bank (+2.6%) is due to report on Wednesday.
Miners also supported the index amid higher gold prices.
Meanwhile, Canada will double its counter-tariffs on US steel and aluminum products to 50%.
New 50% duties will also apply to US-made milk, furniture, clothing, video-game consoles, smartphones, and other electronics, affecting about C$20 billion in annual US exports to Canada.