Toronto stocks subdued as investors await pivotal US-Russia meet
At 9:55 a.m. ET (1355 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab was up 0.03% at 27,924.45 points.
Among TSX sub-indexes, healthcare (.GSPTTHC), opens new tab led weekly gains after a 3.7% rise on the day, boosted by a 37% weekly jump in Bausch Health Companies (BHC.TO), opens new tab, its biggest rise since May 2023.
Materials (.GSPTTMT), opens new tab was the biggest drag, down 0.5%, as gold prices traded with caution ahead of the Trump-Putin talks.
The stage was set for the U.S.-Russia summit in Alaska, scheduled for 11 a.m. Alaska time (1900 GMT), to discuss a ceasefire in Ukraine that Washington views as a potential path to ending Europe's deadliest war since World War Two.
Trump said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks go well.
"Short-term investors are hoping at least the meeting brings some kind of ceasefire or at least have continuous talks as we're moving towards the end of the summer," said Michael Constantino, CEO at Webull Canada.
TSX's moves also mimicked Wall Street's benchmark S&P 500 index, which was largely flat. However, the blue-chip The Dow Jones Industrial Average took the spotlight as it hit an all-time intraday high.
Despite the tepid moves, ongoing expectations for U.S. Federal Reserve easing have kept Canadian equities on track to finish the week higher. The TSX is up 0.5% so far this week.
Data on Friday showed Canadian factory sales grew 0.3% in June from May, led by petroleum, coal and food products, while wholesale trade rose 0.7% on gains in food, beverage and tobacco.
South of the border, retail sales rose by an expected 0.5% in July, but a spike in import prices raised concerns that U.S. tariffs could fuel inflation in the months ahead.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
4 minutes ago
- Reuters
Outline emerges of Putin's offer to end his war in Ukraine
LONDON, Aug 16 (Reuters) - Russia would relinquish tiny pockets of occupied Ukraine and Kyiv would cede swathes of its eastern land which Moscow has been unable to capture, under peace proposals discussed by Russia's Vladimir Putin and Donald Trump at their Alaska summit, sources briefed on Moscow's thinking said. The account emerged the day after Trump and Putin met at an airforce base in Alaska, the first encounter between a U.S. president and the Kremlin chief since before the start of the Ukraine conflict. Ukrainian President Volodymyr Zelenskiy is due to travel to Washington on Monday to discuss with Trump a possible settlement of the full-scale war, which Putin launched in February 2022. Although the summit failed to secure the ceasefire he said he had wanted, Trump said in an interview with Fox News' Sean Hannity that he and Putin had discussed land transfers and security guarantees for Ukraine, and had "largely agreed". "I think we're pretty close to a deal," he said, adding: "Ukraine has to agree to it. Maybe they'll say 'no'." The two sources, who requested anonymity to discuss sensitive matters, said their knowledge of Putin's proposals was mostly based on discussions between leaders in Europe, the U.S. and Ukraine, and noted it was not complete. Trump briefed Zelenskiy and European leaders on his summit discussions early on Saturday. It was not immediately clear if the proposals by Putin were an opening gambit to serve as a starting point for negotiations or more like a final offer that was not subject to discussion. At face value, at least some of the demands would present huge challenges for Ukraine's leadership to accept. Putin's offer ruled out a ceasefire until a comprehensive deal is reached, blocking a key demand of Zelenskiy, whose country is hit daily by Russian drones and ballistic missiles. Under the proposed Russian deal, Kyiv would fully withdraw from the eastern Donetsk and Luhansk regions in return for a Russian pledge to freeze the front lines in the southern regions of Kherson and Zaporizhzhia, the sources said. Ukraine has already rejected any retreat from Ukrainian land such as the Donetsk region, where its troops are dug in and which Kyiv says serves as a crucial defensive structure to prevent Russian attacks deeper into its territory. Russia would be prepared to return comparatively small tracts of Ukrainian land it has occupied in the northern Sumy and northeastern Kharkiv regions, the sources said. Russia holds pockets of the Sumy and Kharkiv regions that total around 440 square km, according to Ukraine's Deep State battlefield mapping project. Ukraine controls around 6,600 square km of Donbas, which comprises the Donetsk and Luhansk regions and is claimed by Russia. Although the Americans have not spelled this out, the sources said they knew Russia's leader was also seeking - at the very least - formal recognition of Russian sovereignty over Crimea, which Moscow seized from Ukraine in 2014. It was not clear if that meant recognition by the U.S. government or, for instance, all Western powers and Ukraine. Kyiv and its European allies reject formal recognition of Moscow's rule in the peninsula. They said Putin would also expect the lifting of at least some of the array of sanctions on Russia. However, they could not say if this applied to U.S. as well as European sanctions. Trump said on Friday he did not immediately need to consider retaliatory tariffs on countries such as China for buying Russian oil - which is subject to a range of Western sanctions - but might have to "in two or three weeks." Ukraine would also be barred from joining the NATO military alliance, though Putin seemed to be open to Ukraine receiving some kind of security guarantees, the sources said. However, they added that it was unclear what this meant in practice. European leaders said Trump had discussed security guarantees for Ukraine during their conversation on Saturday and also broached an idea for an "Article 5"-style guarantee outside the NATO military alliance. NATO regards any attack launched on one of its 32 members as an attack on all under its Article 5 clause. Joining the Atlantic alliance is a strategic objective for Kyiv that is enshrined in the country's constitution. Russia would also demand official status for the Russian language inside parts of, or across, Ukraine, as well as the right of the Russian Orthodox Church to operate freely, the sources said. Ukraine's security agency accuses the Moscow-linked church of abetting Russia's war on Ukraine by spreading pro-Russian propaganda and housing spies, something denied by the church which says it has cut canonical ties with Moscow. Ukraine has passed a law banning Russia-linked religious organisations, of which it considers the church to be one. However, it has not yet started enforcing the ban.
Daily Mail
4 minutes ago
- Daily Mail
FLOURISHING AFTER 50: My husband and I split up last year. I'm now broke and too ashamed to ask for help
Dear Vanessa, I'm 54 and feel like my whole life is falling apart. My husband and I split up last year, and since then, my finances have spiralled. I'm drowning in credit card debt and behind on my mortgage. Some days I can't even get out of bed - the worry makes me feel physically sick. I feel too ashamed to tell my adult kids how bad it is, and I've started avoiding my friends because I can't afford to go out. I know I need to face this, but the anxiety is crippling me. Where do I even start when my mind is a mess, and my money is worse? Megan. Dear Megan, Thank you for putting this into words. It takes real courage to say, 'I need help.' So many women over 50 are carrying this silent burden. Debt is one of the biggest causes of financial stress for people rebuilding after separation - and the shame that comes with it can feel just as heavy. Debt loses its power when you face it step by step. Start by writing down exactly what you owe - credit cards, loans, mortgage, everything. Seeing the true numbers can feel terrifying, but it is the first step to taking back control. Next, look at what's coming in. Are you working? Could you pick up a few extra shifts or side work to bring in even a few hundred dollars more each week? Small extra amounts add up over time. Think about what you own too - do you have a spare room you could rent out for a while? Could you sell things you no longer need to ease the pressure? Every bit of extra cash helps. Contact your bank and ask about hardship options. Many lenders will work with you to pause payments or restructure what you owe - they would rather help than see you fall further behind. And please call the National Debt Helpline on 1800 007 007. It's free and confidential - they talk to people in your exact situation every day. Remember, this is not just about money, it's about how this stress is weighing on your mind and body. I asked Chelsea Pottenger, founder of EQ Minds and an expert in mental wellbeing, for her thoughts too, because your headspace needs care just as much as your finances. Chelsea says: 'When money stress builds up, it triggers survival mode - your mind can freeze and your body reacts with panic. The shame feeds isolation, but you are not alone and you don't have to stay stuck. 'Try tiny resets such as a short walk, fresh air, and deep breathing to calm your nervous system so you can face the next step. And please, tell someone you trust, there is power in sharing what you're carrying.' Megan, this fear will start to shrink once you take action - one small step, then another. That is how you go from stuck to steady. You do not have to do it alone. If you want to see more about what financial stress does to the body and how to break that cycle - watch my conversation with Chelsea. We talk through what really happens in your mind under pressure, and simple steps that can help you rebuild your money and your mental health, one day at a time. Take a breath. Watch when you're ready. And remember - help is out there, and you deserve it.
Telegraph
4 minutes ago
- Telegraph
Once again Vladimir Putin has left Donald Trump looking weak
SIR – The sight of Donald Trump applauding Vladimir Putin, the butcher of Ukraine, when the two met in Alaska was the most powerful symbol yet of Mr Trump's weakness ('Putin got exactly what he wanted from Trump', Analysis, August 16). He even purred at Putin's words: 'Next time in Moscow.' No deal, no ceasefire and no mention of sanctions: the Kremlin achieved a rout. Europe must now redouble its support for Volodymyr Zelensky. Adrian Charles Enfield, Middlesex SIR – For all Mr Trump's boasts, his summit with Putin produced no deal and no movement from a war-mongering Moscow. Russia left with a clear diplomatic win, embarrassing America. Mr Trump's idea of '10/10', as he described the meeting, is a curious one. Sebastian Monblat London SE14 SIR – No one can blame Donald Trump for trying, but he needs to face reality. Vladimir Putin is not interested in finishing a war he thinks he is winning. He regards Volodymyr Zelensky as the illegitimate leader of a country he doesn't recognise. He will only accept peace if it involves the capitulation of Ukraine as an independent country. David Kenny Tredunnock, Monmouthshire SIR – I am appalled that on VJ Day, while we honoured those who both died and survived, Mr Trump was insensitive enough to meet the aggressor Putin in his pursuit of a Nobel Peace Prize. Nick Kester Wattisfield, Suffolk SIR – If Nato had deployed into Ukraine before Vladimir Putin's invasion, it would not be in the position it finds itself in now. The alliance has been shown up as weak, and seems to have forgotten that deterrence is a proven way to contain military aggression. Lt Col Jeremy Prescott (retd) Southsea, Hampshire
