@ the Bell: Markets rise on Middle East ceasefire and Fed speculation
Canada's main stock index edged slightly higher on Thursday, supported by indications that the ceasefire between Israel and Iran was holding steady. The truce has helped calm investor nerves. The truce has helped calm investor nerves. Mining, financial, and industrials sector gains provided the most lift for the TSX, but tech market losses kept that growth in check. Meanwhile, US President Donald Trump stated on Wednesday that he plans to seek a pledge from Iran to abandon its nuclear ambitions during upcoming talks.
US stock markets also climbed higher, positioning Wall Street to potentially hit new record highs. Investor optimism is fuelled by expectations that Trump will appoint a new Federal Reserve chair to replace Jerome Powell—someone who may act swiftly to lower interest rates. Anticipation of another rate cut by the Fed has been growing due to recent mixed economic data. However, Trump has intensified his criticism of the central bank for not acting quickly enough. His repeated attacks on Powell, along with the suggestion of naming a successor before Powell's term ends, could cast a shadow over the Fed's leadership and potentially undermine its authority.
The Canadian dollar traded for 73.38 cents US compared to 72.86 cents US on Wednesday.
US crude futures traded $0.35 higher at US$65.27 a barrel, and the Brent contract rose $0.03 to US$67.71 a barrel.
The price of gold was down US$6.66 to US$3,324.46.
In world markets, the Nikkei was up 642.51 points to ¥39,584.58, the Hang Seng was down 149.27 points to HK$24,325.40, the FTSE was up 16.85 points to ₤8,735.60, and the DAX was up 150.97 points to €23,649.30.
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