S&P/TSX Composite falls 0.4% as mining and trade tensions weigh
The S&P/TSX Composite Index slipped 0.4% to close at 36,814. Mining stocks were mostly lower as gold eased after US PCE data; retaliatory Canadian tariffs on about $20 billion of annual US imports added pressure.
The S&P/TSX Composite Index edged 0.4% lower to close at 36,814 on Wednesday, retreating from Tuesday’s record high, as mining losses and trade tensions weighed on the index.
Miners were mostly lower as gold prices slipped following US PCE data above forecasts, raising expectations for a Fed rate hike.
Agnico Eagle tumbled 4.2%, Barrick shed 3.6% and WPM fell 4.3%.
BRP (+1.7%) and Linamar (-1.4%) extended losses amid escalating trade tensions.
Canada announced retaliatory tariffs on about $20 billion worth of annual US imports, matching Washington’s latest duties on autos, furniture, plastics, plywood and electrical equipment.
ATD (-1.1%) and Dollarama (-3.6%) also fell as trade tensions are expected to weigh on Canada’s economy.
National Bank fell 4.2% despite reporting third-quarter profit above expectations.
RBC (+0.5%), TD Bank (+0.7%) and CIBC (+0.1%) report on Thursday.
BMO closed flat and Scotiabank rose 0.8% after reporting stronger-than-expected quarterly results on Tuesday.