G7 summit lifts investor sentiment
[Correction: Voice-over incorrectly states that WTI was up at the time of writing, when it was in fact down.]
TSX futures retraced Friday's losses on Monday, shrugging off tensions in Iran and Israel in exchange for optimism surrounding the G7 summit beginning today in Alberta and the U.S. Federal Reserve's interest rate announcement on Wednesday. Market Numbers (Futures)
TSX: Up (0.4%) 26,610.36.TSXV: Down (0.09%), 721.13.DOW: Up (0.5%), 42,420.NASDAQ: Up (0.68%), 21,792.
FTSE: Up (0.52%), 8,889.79.
Leaders from some of the most powerful nations in the world, including the U.S., Canada and Great Britain, will meet Monday and Tuesday in Kananaskis, Alberta, for the G7 summit, with eyes on sending a clear message to constituents and markets about numerous ongoing wars, as well as U.S. president Trump's destabilization of global trade.
While Trump's tariffs continue to disrupt near-term industrial expectations, there remains room for deals to be made for key players to avoid them, as highlighted by Japan's Nippon Steel finalizing its acquisition of U.S. Steel for US$14.9 billion. The deal follows two national security reviews and reportedly includes a 'golden share' issued to the U.S. government, affording it the power to veto certain decisions by the resulting company.
US: Up (0.62%), US$0.7371.
Euro: Down (0.51%), €0.6367.
GBP: Up (0.07%), £0.5427.
JPY: Up (0.29%), ¥106.29.
Bitcoin: Up (1.16%), C$144,901.89. Commodities (Futures)
Natural Gas: Up (3.13%), US$3.69.
WTI: Down (3.41%), US$70.49.
Gold: Down (0.51%), US$3,415.23.
Copper: Down (0.21%), US$4.8172.
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The heads of the world's seven most powerful economies are meeting amid a U.S.-led tariff war and global uncertainty US President Donald Trump steps off of Air Force One upon arrival at Calgary International Airport, before the start of the G7 summit, in Calgary, Alberta, Canada, June 15, 2025. Photo by BRENDAN SMIALOWSKI / AFP via Getty Images KANANASKIS, ALTA. — U.S. President Donald Trump said that he feels a new trade deal with Canada could be achievable shortly, telling media at the G7 that ejecting Russia in 2014 was a mistake and that he is open to adding China to the summit. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Trump's remarks during a photo op with Prime Minister Mark Carney at the onset of the summit Monday set the stage for what will be a high-tension two-day G7 meeting in Kananaskis, Alta. 'I think we have different concepts,' said Trump on trade with Canada. 'I have a tariff concept. Mark (Carney) has a different concept, which is something that some people like. But we're going to see if we can get to the bottom of it today.' Asked if a new deal could come within days or weeks, Trump said yes but noted that both parties had to come to an agreement. (L/R) Canadian Prime Minister Mark Carney looks on as U.S. President Donald Trump gestures during an arrival ceremony during the Group of Seven (G7) Summit at the Pomeroy Kananaskis Mountain Lodge in Kananaskis, Alberta, Canada on June 16, 2025. Photo by LUDOVIC MARIN / POOL/AFP via Getty Images Trump and Carney met for roughly one hour at the Pomeroy Kananaskis Mountain Lodge, half of which was one-on-one before they were joined by a coterie of advisors and their countries' respective ambassadors. This advertisement has not loaded yet, but your article continues below. 'We've developed a very good relationship. And we're going to be talking about trade and many other things,' Trump told U.S. and Canadian reporters crammed into the small meeting room. The heads of the world's seven most powerful economies are meeting amid a U.S.-led tariff war and global uncertainty over conflicts in the Middle East and Ukraine. On the opening day of the summit, Trump was sporting a lapel pin featuring both Canadian and U.S. flags for what appears to be the first time in his current presidency. In remarks made before the media on Monday morning, Carney wished Trump a belated happy birthday, which was Saturday. Trump also told reporters that he believes China, the world's second-largest economy, should join the leaders of the seven most advanced economies in the world. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. US President Donald Trump steps off Air Force One upon arrival at Calgary International Airport, before the start of the G7 summit, in Calgary, Alberta, Canada, June 15, 2025. Photo by BRENDAN SMIALOWSKI / AFP via Getty Images 'Well, it's not a bad idea. I don't mind that,' said Trump. 'If somebody wants to suggest China coming in, I think we — but you want to have people that you can talk to.' The idea is likely to raise hackles among the Canadian delegation. During the election campaign, Carney said he believed China was the greatest threat to Canada's national security. Trump also criticized the decision to eject Russia from the G8 in 2014, following that country's annexation of Crimea, and said that Vladimir Putin 'was very insulted' by the decision. He also wrongly blamed former Prime Minister Justin Trudeau for pushing for Russia's ejection, which happened while Stephen Harper was prime minister. In fact, Russia's membership in the G8 was suspended in March 2014. While Obama was the American president at the time, Conservative Stephen Harper was Canada's prime minister. Months later, Harper made international headlines at the Group of 20 Summit in Australia when he admonished Putin, then Russia's president, to 'get out of Ukraine.' Russia announced in January 2017 that it was permanently leaving the G8. This advertisement has not loaded yet, but your article continues below. U.S. President Donald Trump (left) and British Prime Minister Kier Starmer meet with fellow G7 leaders during a meeting at the G7 Leaders' Summit on June 16, 2025 in Kananaskis, Atla. Photo by Chip Somodevilla / Getty Images 'The G7 used to be the G8. Barack Obama and a person named Trudeau didn't want to have Russia in, and I would say that that was a mistake, because I think you wouldn't have a war right now if you had Russia in, and you wouldn't have a war right now if Trump were president four years ago,' Trump said. 'It was a mistake in that you spend so much time talking about Russia, and he's no longer at the table, so it makes life more complicated, but you wouldn't have had the war.' However, while saying booting Russia from the G8 was a mistake, Trump stopped short of saying that Putin should be invited back. 'I'm not saying he should at this point, because too much water has gone over the dam, maybe. But it was a big mistake,' he said. Following the bilateral meeting, Carney formally welcomed the other six G7 leaders during a brief ceremony before kicking off the first group session on the global economic outlook. This advertisement has not loaded yet, but your article continues below. Trump appeared to have a slight limp while he walked towards the stage to shake Carney's hand. On stage, the president and Carney commented on the weather, with Trump noting that weather services had predicted rain during a military parade in Washington during his birthday Saturday. Donald Trump (L) is greeted by Steven Crowchild of the Tsuut'ina First Nation (3R) upon arrival at Calgary International Airport, before the start of the G7 summit, in Calgary, Alberta, Canada, June 15, 2025. Photo by BRENDAN SMIALOWSKI / AFP via Getty Images 'Didn't rain,' he added. Monday morning's meeting is the first since the two men met in Washington, D.C. in early May. Canada has been a major target of Trump's trade and rhetorical belligerence. Although Trump has largely scaled back talk of annexing Canada, making its northern neighbour the 51st state, trade troubles remain top of mind for observers and Canadian diplomats. Canada will be pushing Trump this week on lowering the 50-per-cent tariffs placed on Canadian steel and aluminum and further tariffs on foreign vehicle imports. This advertisement has not loaded yet, but your article continues below. Before flying to Canada on Sunday, Trump said, without providing any details, that he thinks 'we'll have a few new trade deals' to announce while at the G7. 'Our primary focus would be trade and trade with Canada, and I'm sure we can work something out,' Trump told reporters. Carney told Trump that the G7 is 'nothing without U.S. leadership and without your personal leadership.' Trump responded that he and Carney have developed a 'very good relationship.' Trump then took multiple other questions, about the Iran-Israel conflict and about U.S. Immigration and Customs Enforcement raids in American cities that have seen major street protests mobilized in response. Eventually, Carney stepped in, ending the questions, saying that the leaders had to get to other meetings. This advertisement has not loaded yet, but your article continues below. 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