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Globe and Mail
a day ago
- Business
- Globe and Mail
TSX hits new record high as investors shrug off Middle East concerns
Canada's main stock index hit a new all-time high on Monday, led by gains in information technology stocks, with investors shaking off concerns around escalating Middle East tensions and instead focusing on the Group of Seven summit. The S&P/TSX composite index was up 0.6% at 26,670.69 points. The commodity-heavy benchmark index fell 0.4% on Friday after a record setting run last week, buoyed by rising commodity prices, lower-than-expected U.S. inflation data and optimism around the U.S.-China trade deal. Focus is on the G7 meeting in Canada, where a draft statement said seven countries' leaders will work to safeguard market stability, including energy markets. The discussions are also expected to center on advancing trade deals, with investors closely watching prospects of Canada moving closer to a trade agreement with the U.S. Meanwhile, geopolitical tensions continued to dominate headlines as the conflict between Israel and Iran showed no signs of cooling, but oil prices edged lower after a 7% surge on Friday. 'Investors are starting to price in that the conflict in the Middle East will be contained,' said Ian Chong, portfolio manager at First Avenue Investment Counsel. This week's Fed monetary policy decision presents the next major challenge for markets. While the U.S. central bank is widely expected to keep interest rates unchanged on Wednesday, investors will watch for hints about potential rate cuts in the coming months. 'Fed will probably be on hold, especially with the Middle Eastern tension potentially driving oil prices higher, which is inflationary and I don't think the rhetoric will necessarily change coming out of the Fed,' Chong added. On the TSX, information and technology sector was the top performer, up 1.4%, as the shares rebounded from Friday's sharp losses. Consumer discretionary and the heavy-weight financials also gained ground, advancing over 1% each. On the downside, the energy sector fell the most, down 1.3%, tracking oil prices. Metal mining shares were also trading 0.5% lower as gold prices also slipped after hitting nearly an eight-week high. At 10:48 a.m. the Dow Jones Industrial Average was 1.17% higher, the S&P 500 gained 1.16% and the Nasdaq Composite was also up 1.51%. U.S. Treasury yields fell after the report of Iran's outreach to Israel, with the 10-year notes yielding 0.9 basis points to 4.415%, from 4.424% late on Friday. MSCI's gauge of stocks across the globe marched 1.09% higher after the U.S. open. Reuters, Globe staff
Mint
09-06-2025
- Business
- Mint
TSX falls as tech shares weigh; eyes on US-China trade talks
June 9 - Canada's main stock index fell on Monday, dragged by technology shares, as investors cautiously monitored a fresh round of U.S.-China trade talks aimed at easing tensions between the world's largest economies. The S&P/TSX composite index was down 0.3% at 26,346.82 points, coming off its record high close on Friday. All eyes are on the high-stakes talks in London, where top U.S. and Chinese officials are meeting to defuse tensions that recently expanded beyond tariffs to export controls over goods and components critical to global supply chains. "I would say there is an undercurrent of caution," said Brian Madden, chief investment officer and portfolio manager at First Avenue Investment Counsel. "There's lots of sort of arm waving about trade phone calls, but trade deals take a long time to negotiate, so I don't think anyone is expecting a miracle here in the short term between the U.S. and China". The discussions follow a rare call last week between U.S. President Donald Trump and his Chinese counterpart, Xi Jinping. Meanwhile, Prime Minister Mark Carney on Monday Canada's Liberal government will pour extra billions into its armed forces and hit NATO's 2% military spending target this fiscal year, five years earlier than promised. Jet maker Bombardier and aviation simulation and training company CAE gained 2.7% and 0.8%, respectively. The broader industrial sector, however, fell 0.5%. Information and technology shares were leading the losses on the TSX, with enterprise software solutions provider Enghouse Systems falling 2.4% as brokerage CIBC cut the price target on the stock. Heavyweight materials sector was trading in green with 0.2% gains as gold and silver prices rose in the day. Among other stocks, uranium supplier Cameco jumped 9.6% to the top of the benchmark index after a number of analysts raised the stock's price target. This article was generated from an automated news agency feed without modifications to text.
