Latest news with #SIAWealthManagement
Reuters
5 days ago
- Business
- Reuters
TSX posts biggest weekly gain since September as corporate earnings impress
Aug 8 (Reuters) - Canada's main stock index ended marginally lower on Friday but still notched a hefty weekly gain, as investors cheered corporate earnings and shrugged off domestic data that showed the economy shedding jobs last month. The S&P/TSX composite index (.GSPTSE), opens new tab ended down 2.59 points, or 0.01%, at 27,758.68, having pulled back from a record closing high on Wednesday. For the week, the index was up 2.7%, its biggest weekly gain since September last year, as Shopify Inc took over as Canada's most valuable publicly traded company. The e-commerce company reported on Wednesday quarterly results that impressed investors, sending its shares soaring more than 20%. "The TSX has been benefiting this week from a generally positive response to earnings that have been coming out in Canada," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "We had a job decline in Canada which, combined with the disappointing U.S. numbers from last week, suggests the North American employment market is slowing and that the economy itself might be starting to slow." The Canadian economy shed 40,800 jobs in July, giving back some of the substantial gains seen in the prior month and sending the share of people employed in the population to an eight-month low. Signs of slowing U.S. growth have fueled optimism over Federal Reserve interest rate cuts, helping to push U.S. stocks higher. The TSX's technology group added 0.7% on Friday, with shares of Open Text Corp ( opens new tab climbing 10.0% after the software company beat estimates with its quarterly results. The materials group, which includes metal mining shares, was up 0.6% as the price of copper climbed. Shares of Lundin Gold ( opens new tab ended 6.5% higher after the company reported quarterly results. Sun Life Financial Inc ( opens new tab was a drag. Its shares dropped 7.9% after the life insurer said it would miss a 2025 profit target for its dental business in the U.S. due to uncertainty in Medicaid funding. Heavily weighted financials dipped 0.2% and consumer discretionary ended 1% lower.
Reuters
28-07-2025
- Business
- Reuters
TSX pulls back from record high as gold hits a three-week low
July 28 (Reuters) - Canada's main stock index pulled back on Monday from a record high as a drop in the price of gold weighed on mining shares and after a trade deal between the European Union and the U.S. that was anticipated by investors. The S&P/TSX composite index (.GSPTSE), opens new tab ended down 88.93 points, or 0.3%, at 27,405.42, after posting a record closing high on Friday. The , announced on Sunday between two economies accounting for almost a third of global trade, will see the U.S. impose a 15% import tariff on most EU goods from next month, but offers some protection for critical industries like cars and pharmaceuticals. "The market was expecting this news for a long time and as such we're not seeing the market rally on the trade deal," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "We had a massive rally in the markets, they're kind of tired and people are taking profit on the news." Canada is also a major trading partner with the United States. Talks between Canada and the United States on a trade deal are at an intense phase, Prime Minister Mark Carney told reporters, reiterating that an agreement without any tariffs at all was unlikely. The materials group, which includes fertilizer companies and metal mining shares, lost 1.5%. Gold fell to a near three-week low as the U.S.-EU trade accord lifted the U.S. dollar, while investors awaited fresh cues on interest rate policy from this week's Federal Reserve meeting. The Fed and the Bank of Canada are both due to make a policy decision on Wednesday. Real estate declined 1.2% and industrials ended 0.7% lower. Gains for energy helped limit the Toronto market's decline, with the sector adding 1.9% as the price of oil rose. U.S. crude futures settled up 2.3% at $70.04 a barrel after U.S. President Donald Trump said he would shorten the deadline for Russia to end its war in Ukraine.
Business Recorder
12-05-2025
- Business
- Business Recorder
TSX gains on US-China tariff agreement
Canada's main stock index rose on Monday as the United States and China reached a deal to reduce tariffs, boosting investor optimism and easing fears of an all-out trade war disrupting global markets. The Toronto Stock Exchange's S&P/TSX composite index rose 0.7% at 25,531.01 points, tracking gains in U.S. peers. The index hit over a three-month high earlier in the session. The two biggest economies announced on Monday that the U.S. will cut the extra tariffs it imposed on Chinese imports in April to 30% from 145%, while Chinese duties on U.S. imports will reduce to 10% from 125%. The new measures will be effective for 90 days. 'Canadian markets can benefit from the big easing in trade tensions (as) it shows that the tariff war may be able to get resolved more quickly than people had previously thought', said Colin Cieszynski, chief market strategist at SIA Wealth Management. The U.S.-Sino deal comes days after a U.S.-UK limited trade agreement, easing fears that U.S. President Donald Trump's reciprocal tariffs announced on April 2 would roil global trade and spark a worldwide recession. Back home, Canadian Prime Minister Mark Carney's new cabinet will be sworn in on Tuesday. On TSX, energy stocks gained 3.1%, tracking a jump in oil prices, while information and technology stocks advanced 4.1%. On the flip side, mining stocks fell nearly 4% after safe-haven gold fell more than 2%. Pan American Silver fell 14.1% after the miner plans to acquire MAG Silver Corp in a transaction that values the silver mining company at about $2.1 billion. Conversely, MAG Silver rose 7.2%. Hudbay Minerals jumped 8.8% after the miner beat first-quarter profit and revenue estimates. Shares also rose on the back of higher copper prices.
Reuters
12-05-2025
- Business
- Reuters
TSX gains on US-China tariff agreement
May 12 (Reuters) - Canada's main stock index rose on Monday as the United States and China reached a deal to reduce tariffs, boosting investor optimism and easing fears of an all-out trade war disrupting global markets. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab rose 0.7% at 25,531.01 points, tracking gains in U.S. peers. The index hit over a three-month high earlier in the session. The two biggest economies announced on Monday that the U.S. will cut the extra tariffs it imposed on Chinese imports in April to 30% from 145%, while Chinese duties on U.S. imports will reduce to 10% from 125%. The new measures will be effective for 90 days. "Canadian markets can benefit from the big easing in trade tensions (as) it shows that the tariff war may be able to get resolved more quickly than people had previously thought", said Colin Cieszynski, chief market strategist at SIA Wealth Management. The U.S.-Sino deal comes days after a U.S.-UK limited trade agreement, easing fears that U.S. President Donald Trump's reciprocal tariffs announced on April 2 would roil global trade and spark a worldwide recession. Back home, Canadian Prime Minister Mark Carney's new cabinet will be sworn in on Tuesday. On TSX, energy (.SPTTEN), opens new tab stocks gained 3.1%, tracking a jump in oil prices, while information and technology stocks (.SPTTTK), opens new tab advanced 4.1%. On the flip side, mining stocks (.GSPTTMT), opens new tab fell nearly 4% after safe-haven gold fell more than 2%. Pan American Silver ( opens new tab fell 14.1% after the miner plans to acquire MAG Silver Corp ( opens new tab in a transaction that values the silver mining company at about $2.1 billion. Conversely, MAG Silver rose 7.2%. Hudbay Minerals ( opens new tab jumped 8.8% after the miner beat first-quarter profit and revenue estimates. Shares also rose on the back of higher copper prices.
Bloomberg
10-04-2025
- Business
- Bloomberg
Asia Joins Wall Street Celebration of Trump's Tariff Pause
Asian stock markets surged, joining Wall Street's celebration of a 90-day pause in tariffs by President Donald Trump. Japan's Topix Index jumped 8% while shares in Taiwan, particularly dependent on tech exports to the US, surged over 9%. Treasuries rallied after a tumultuous session. Even in China, excluded from the tariff reprieve and hit with an even bigger hike in duties, stocks rose on expectations for Beijing to implement more stimulus measures. Yet there are also signs the euphoria may soon fade. Oil prices reversed their earlier gains, with Brent below $65 a barrel as investors turned their attention to the likely impact of US-China trade tensions on global energy demand. 'The market seems to be treating this like it's over and I'm not convinced it's over yet,' said Colin Cieszynski, chief market strategist at SIA Wealth Management. Andy Sieg, Citi's head of global wealth, warned that clients should stay cautious. 'Don't chase this, don't buy the dip,' he said.
