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Business Recorder
01-08-2025
- Business
- Business Recorder
TSX falls after Trump increases tariff on Canada
Canada's main stock index slipped on Friday as investors assessed U.S. President Donald Trump's new tariff regime that included levies on Canada and dozens of other countries. The S&P/TSX composite index was down 1.4% at 27,878.91 points, posting its biggest percentage decline in nearly four months. The index is set to snap a two-week winning streak. Trump late on Thursday signed an executive order increasing tariffs on all Canadian goods not covered by the U.S.-Mexico-Canada trade agreement to 35% from 25%. He also imposed duties ranging from 10% to 41% on imports from countries including Brazil, India and Taiwan. 'President Trump has always been for negotiation…Canada will get a deal done but at what cost that's the question,' said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. 'The good news is most of the things that we send to the U.S. fall under the USMCA. But we're hearing that Trump wants to negotiate that agreement in 2026…that will be a much greater ramification.' Healthcare stocks fell 1.7%, tracking losses in U.S. and European peers after Trump sent letters to the leaders of 17 major pharmaceutical firms, outlining how they should cut U.S. prescription drug prices to match those paid overseas. Technology shares led the broader sectoral decline with a 3.3% fall, after tech giant Amazon's results disappointed investors. Energy stocks fell 2.6%, tracking lower oil prices. Among individual stocks, Imperial Oil posted a fall in second-quarter profit, sending its shares down 1.8%. NFI Group slipped 4.6% after the bus and coach manufacturer missed second-quarter revenue estimates. Data showed that U.S. job growth slowed more than expected in July, while the prior month's data was revised sharply lower, pointing to a steep moderation in the labor market. Meanwhile, Canada's manufacturing sector contracted for a sixth straight month in July, hit by tariffs.
Business Recorder
13-06-2025
- Business
- Business Recorder
TSX falls as Israel's strikes on Iran dampen risk appetite
Canada's main stock index declined on Friday, dragged down by losses in technology shares, as Israel's widescale strikes on Iran dampened global risk appetite. The S&P/TSX composite index was down 0.5% at 26,490.64 points. Israel has warned that the strikes were the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. However, U.S. President Donald Trump urged Iran to make a deal over its nuclear programme, saying there was still time for the country to prevent further conflict with Israel. The downturn in the TSX was limited as investors shifted to safe-haven assets, boosting metal mining shares. The materials sector gained 0.6% The energy sector rose 1.7% to be the top gainer as the tensions in the Middle East sparked worries about supply disruptions, boosting crude prices. 'I don't think it's any surprise that Toronto Stock Exchange is going to hold up greater than New York, which is more based on technology or multinational corporations,' said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. 'Gold and oil make up a big chunk of our market and anything commodities-based is relatively going to do well'. The technology sector fell 1.5%, while the heavyweight financial stocks were down nearly 1%. The benchmark index achieved a second consecutive record high on Thursday and appears poised to secure its third straight weekly gain, provided losses remain contained.
Mint
06-06-2025
- Business
- Mint
TSX adds to weekly gain as tech and energy shares climb
TSX ends up 0.3% at 26,429.13 For the week, the index gains nearly 1% Energy adds 1.4% as oil settles 1.9% higher June 6 - Canada's main stock index rose on Friday to a new record high, led by gains for energy and technology shares, as oil prices advanced and U.S. and Canadian jobs data eased investor concerns about a possible recession. The Toronto Stock Exchange's S&P/TSX composite index ended up 86.84 points, or 0.3%, at 26,429.13, inching past its record closing high on Tuesday. For the week, the index was up nearly 1%. Canada's economy added 8,800 jobs last month, compared to an expected decline of 12,500, while U.S. job growth also beat expectations. "Jobs are slowing down but still not falling off a cliff and I don't think a recession is imminent as many people are fearing," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. U.S. crude oil futures settled 1.9% higher at $64.58 a barrel, helped by the U.S. jobs data but also optimism about trade talks between the U.S. and China. U.S. President Trump said three of his cabinet officials will meet with representatives of China in London on June 9 to discuss a trade deal. "The pressure is on the U.S. to make some of these deals," Small said, adding that tariffs are unlikely to return to previous sky-high levels proposed by U.S. President Donald Trump. The energy sector rose 1.4% and technology ended 1.9% higher. Heavily weighted financials also posted gains, rising 0.6%. Consumer staples were a drag, falling 0.9%, and the materials group, which includes metal mining shares, ended 1.7% lower as gold and copper prices fell. This article was generated from an automated news agency feed without modifications to text.
Business Recorder
05-05-2025
- Business
- Business Recorder
TSX dips after new Trump tariffs; Fed decision in focus
Canada's main stock index slipped on Monday, as U.S. President Donald Trump's new tariffs sparked fresh investor concerns, ahead of the Federal Reserve's monetary policy decision this week. The Toronto Stock Exchange's S&P/TSX composite index was down 0.4% at 24,942.81 points. Trump on Sunday announced a 100% tariff on movies produced outside the U.S., but offered little clarity on how the levies would be implemented. Shares of U.S. media firms tumbled amid concern that the latest tariffs could increase the cost for Hollywood studios and disrupt the global entertainment industry. 'A lot of movies are made in Canada…it makes it very economical for the U.S. companies to come up and film a movie here versus down in the U.S. So, not a good announcement for us here in Canada', said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. Meanwhile, data showed that Canada's services economy contracted for a fifth straight month in April as uncertainty around trade policy and the country's general election weighed on activity. The spotlight this week will be on the Federal Reserve, which is widely expected to leave interest rates steady on Wednesday. On the TSX, energy shares led sectoral losses with a 1.9% fall, tracking a drop in oil prices. Conversely, mining stocks were up 0.8% after gold prices gained more than 2%. Canadian fuel refiner and retailer Parkland rose 7.6% after U.S.-based Sunoco LP said it will buy the company in a deal valued at about $9.1 billion, including debt.
Yahoo
11-04-2025
- Business
- Yahoo
Canadian, U.S. markets close higher, capping off topsy turvy week
Canadian and U.S. stocks closed higher Friday, capping off a tumultuous week that saw nausea-inducing drops and intense spikes driven largely by tariff headlines out of the United States. "It's been a topsy-turvy day, like every day," said Allan Small, senior investment adviser at the Allan Small Financial Group with iA Private Wealth. "I don't recall seeing markets this jittery, this jumpy." Canada's main stock index closed up 572.93 points, or 2.5 per cent, to 23,587.80. In New York, the Dow Jones industrial average closed up 619.05 points at 40,212.71. The S&P 500 index rose 95.31 points to 5,363.36, while the Nasdaq composite was up 337.14 points at 16,724.46. The Canadian dollar traded for 71.99 cents US compared with 71.35 cents US on Thursday. Small said there were positive nuggets of news by week's end, such as better-than-expected U.S. inflation data, strong earnings reports from big American banks and comments from the U.S. Federal Reserve Bank of Boston's president that the Fed could step in if issues around market functioning or liquidity arise. But Small said investors are much more closely watching the machinations around U.S. tariffs. "The economic data, corporate earnings data, just doesn't hold a candle to politics," he said. "Even the slightest rumour or conversation, whether or not it actually happens, can move markets far more than any of the economic data you're going to put in front of investors today." Markets soared earlier in the week after U.S. President Donald Trump said he would pause some of the "reciprocal" tariffs against global trading partners, though he kept the 10 per cent baseline levy in place. Markets reversed course a day later as the U.S. trade war with China ramped up. Small is advising everyday investors not to get hung up on the day-to-day swings, and instead scope out buying opportunities for quality stocks. "A lot of those big names, leaders in their industry and sectors, have dropped significantly — leaders in tech, leaders in banks, leaders really right across the board. No matter what sector, it seems as though everything is taking a hit. So it is a good time to buy for the future," said Small. "Don't look day to day. The numbers you see on the screen or on your statement, obviously they're real ... But it doesn't become reality until you sell ... The reasons why they're falling are skewing the real value of those shares." The May crude oil contract settled up US$1.43 to US$61.50 per barrel and the May natural gas contract was down three cents US at US$3.53 per mmBTU. The June gold contract was up US$67.10 at US$3,244.60 an ounce and the May copper contract was up 19 cents US at US$4.52 a pound. This report by The Canadian Press was first published April 11, 2025. Companies in this story: (TSX: GSPTSE, TSX: CADUSD) Lauren Krugel, The Canadian Press
