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S&P/TSX composite edges higher in late-morning trading
TORONTO — Canada's main stock index edged higher in late-morning trading as strength in the industrial sector battled weakness in technology and base metal stocks. The S&P/TSX composite index was up 2.03 points at 27,924.88. In New York, the Dow Jones industrial average was up 74.32 points at 44,986.14. The S&P 500 index was down 22.59 points at 6,426.56, while the Nasdaq composite was down 225.40 points at 21,404.37. The Canadian dollar traded for 72.19 cents US compared with 72.42 cents US on Monday. The October crude oil contract was down 64 cents US at US$62.06 per barrel. The December gold contract was down US$11.90 at US$3,366.10 an ounce. This report by The Canadian Press was first published Aug. 19, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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US Pensions Will Ride Stock Rally to Reach 12% Gains, S&P Says
(Bloomberg) -- US public retirement funds will outperform typical investment expectations as they profit from strong stock returns, S&P Global Ratings said in a recent report. Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone A Photographer's Pipe Dream: Capturing New York's Vast Water System A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Why New York City Has a Fleet of New EVs From a Dead Carmaker Princeton Plans New Budget Cuts as Pressure From Trump Builds Analysts expect pensions to generate returns of 11% to 12% for the fiscal year that ended in June, driven by steep jumps in stock prices. These gains would be in spite of a dip that occurred in April, when the S&P 500 shed more than $5.4 trillion in two trading sessions after investors reacted to President Donald Trump's tariff plans. This year's outperformance adds to the estimated pension returns of 16% to 17% in fiscal 2024. There is usually a one-year delay between the measurement of pensions to reporting, S&P said. Managers typically plan for returns of at least 7% to maintain funded ratios, according to the report. The ratings firms also increased its discount rate guideline to 6.5% from 6% on expectations that the market rally will continue, powered by productivity-enhancing technologies such as artificial intelligence, as well as private equity returns. 'Should US public pension plans continue to exceed expectations, with technological growth persisting as new technologies mature, and the Fed's rates stabilize, we could see market gains and improved funding for these plans,' analysts led by Todd Kanaster wrote. Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Women's Earnings Never Really Recover After They Have Children Americans Are Getting Priced Out of Homeownership at Record Rates Yosemite Employee Fired After Flying Trans Pride Flag ©2025 Bloomberg L.P. Sign in to access your portfolio
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India's Modi meets China's top diplomat as Asian powers rebuild ties
Indian prime minister Narendra Modi met China's top diplomat on Tuesday and hailed the 'steady progress' made in improving the bilateral relationship after a years-long stand-off between the nuclear-armed Asian powers. Mr Modi also noted 'respect for each other's interests and sensitiveness' in a statement on social media after meeting Chinese Foreign Minister Wang Yi. China's foreign ministry said the countries have entered a 'steady development track' and the countries should 'trust and support' each other. Mr Wang arrived in India on Monday and has met with foreign affairs minister Subrahmanyam Jaishankar as well as national security adviser Ajit Doval about the countries' disputed border in the Himalayan mountains. India's foreign ministry said Mr Wang's meeting with Mr Doval discussed 'de-escalation, delimitation and boundary affairs'. Relations plummeted in 2020 after security forces clashed along the border. The violence, the worst in decades, left 20 Indian soldiers and four Chinese soldiers dead, freezing high-level political engagements. 'The setbacks we experienced in the past few years were not in the interest of the people of our two countries. We are heartened to see the stability that is now restored in the borders,' Mr Wang said. Mr Modi emphasised the importance of maintaining peace and tranquillity on the border and reiterated India's commitment to a 'fair, reasonable and mutually acceptable resolution of the boundary question', his office said in a statement. The rebuilding of India-China ties coincides with friction between New Delhi and Washington after US president Donald Trump imposed steep tariffs on India, a long-time ally seen as a counterbalance against China's influence in Asia. India is part of the Quad security alliance with the US, along with Australia and Japan. The chill in relations after the deadly clash in 2020 between troops in the Ladakh region affected trade, diplomacy and air travel, as both sides deployed tens of thousands of security forces in border areas. Some progress has been made since then. Last year, India and China agreed to a pact on border patrols and withdrew additional forces along some border areas. Both countries continue to fortify their border by building roads and rail networks. In recent months, the countries have increased official visits and discussed easing some trade restrictions, movement of citizens and visas for businesspeople. In June, Beijing allowed pilgrims from India to visit holy sites in Tibet. Both sides are working to restore direct flights. Last week, the spokesman for India's foreign ministry, Randhir Jaiswal, said India and China were in discussions to restart trade through three points along their 2,167-mile border. 'Settling the boundary issue between the two countries requires political compromise at the highest political level,' said Manoj Joshi, a fellow at the Observer Research Foundation, a New Delhi-based think tank. He also served as a member of the advisory board for India's National Security Council. The thaw between Beijing and New Delhi began last October when Mr Modi and Chinese president Xi Jinping met at a summit of emerging economies in Russia. It was the first time the leaders had spoken in person since 2019. Mr Modi is set to meet Mr Xi when he travels to China late this month — his first visit in seven years — to attend the summit of the Shanghai Cooperation Organisation, a regional grouping formed by China, Russia and others to counter US influence in Asia. Earlier this year, Mr Xi called for India and China's relations to take the form of a 'dragon-elephant tango' — a dance between the emblematic animals of the countries. Last month, India's external affairs minister visited Beijing in his first trip to China since 2020.
