@ the Bell: TSX hits record high despite mixed inflation signals
Canada's main stock index reached a new all-time high on Tuesday, driven by strong performances in metal mining stocks, as investors assessed the country's mixed inflation report.
According to Statistics Canada, the removal of the consumer carbon tax in early April significantly lowered inflation. However, there are emerging signs of rising costs at grocery stores.
The annual inflation rate dropped to 1.7 per cent in April, down from 2.3 per cent in March. While this is slightly above the 1.6 per cent forecasted by economists, it still marks a notable cooling in inflation.
Meanwhile, US Vice President JD Vance met with Canadian Prime Minister Mark Carney in Rome on Sunday to discuss fair trade policies, according to a statement from Vance's office. The two countries are working to resolve a tariff dispute. Today, finance ministers from the Group of Seven (G7) industrialized nations are gathering in Canada. While they aim to find common ground on non-tariff issues, reaching agreement may prove difficult amid a Trump administration focused on advancing US interests.
The Canadian dollar traded for 71.89 cents US compared to 71.51 cents US on Friday.
US crude futures traded $0.07 lower at US$62.62 a barrel, but the Brent contract rose $0.15 to US$65.69 a barrel.
The price of gold was up US$61.29 to US$3,290.84.
In world markets, the Nikkei was up 30.86 points to ¥37,529.49, the Hang Seng was up 348.76 points to HK$23,681.48, the FTSE was up 81.81 points to ₤8,781.12, and the DAX was up 101.13 points to €24,036.11.
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