Latest news with #SW8AssetManagement
Business Recorder
2 days ago
- Business
- Business Recorder
TSX rises on energy boost; US-China talks in focus
Canada's main stock index rose on Tuesday as rising oil prices boosted the energy sector, while investors awaited key developments from the second day of the U.S.-China trade negotiations. The S&P/TSX composite index, up 0.2% at 26,420.31 points, was hovering near the record high levels reached on Friday. U.S. Commerce Secretary Howard Lutnick said trade talks with China were going well as the two sides met for a second day in London. Any progress in the negotiations is likely to bring relief to the markets given that President Donald Trump's often-shifting tariff announcements and swings in U.S.-China ties have affected global supply chains and economic growth worldwide. 'The Canadian markets are benefiting from obviously the optimism and the positive direction of U.S. equity markets,' said Matt Skipp, President of SW8 Asset Management. 'And I think the U.S. markets are moving higher on the assumption that Trump will not do anything that will hurt American assets, equities etc.' White House economic adviser Kevin Hassett said on Monday the U.S. was likely to agree to lift export controls on some semiconductors in return for China speeding up the delivery of rare earths. Almost all major sectors were trading in the green on the TSX, with energy shares leading the way as oil prices advanced, buoyed by U.S.-China trade talks and a dip in Saudi Arabian crude supply to China. Consumer staples and consumer discretionary sectors gained 1% and 0.7%, respectively. Bucking the trend, the materials sector was down almost 1%. Looking ahead, markets will focus on Wednesday's U.S. inflation report, which will influence expectations for Federal Reserve interest-rate cuts.
Yahoo
31-03-2025
- Business
- Yahoo
TSX posts biggest decline in three weeks on trade war gloom
By Fergal Smith (Reuters) -Canada's main stock index fell on Friday by the most in three weeks as U.S. data and an expanding trade war raised fears of a global economic slowdown. Toronto Stock Exchange's S&P/TSX composite index ended down 401.91 points, or 1.6%, at 24,759.15, its lowest closing level since March 18 and its biggest decline since March 4. For the week, the index was down 0.8%. Major U.S. benchmark, the S&P 500, posted an even steeper decline. "When the president of the United States tries to shut down the global economy it can be problematic for stock markets," said Matt Skipp, president of SW8 Asset Management. "How can any business leader make an impactful decision, whether it's purchasing for their businesses, when the government changes its mind every day." U.S. consumer spending rebounded less than expected in February while a measure of underlying prices increased by the most in 13 months, stoking fears the economy was facing a period of tepid growth and high inflation amid an escalation in trade tensions. Canadian GDP rose 0.4% in January but a preliminary estimate showed activity flatlining in February. U.S. President Donald Trump and Prime Minister Mark Carney had a conversation that both men described as productive, although the Canadian leader said Ottawa would be imposing retaliatory tariffs next week as promised. On Wednesday, Trump announced a 25% tax on imported vehicles. Autos are Canada's second-largest export. The technology sector was the biggest decliner, falling 3%, with e-commerce company Shopify Inc ending 5.7% lower. The materials group, which includes metal mining shares, fell 1.7%. It was weighed down by a 15.8% drop in the shares of Aya Gold & Silver Inc after the company reported quarterly results. Consumer discretionary fell 2.2%, with auto parts suppliers adding to their recent declines and shares of Restaurant Brand International losing 6.1%. Industrials were down 2.2% as railroad shares declined and heavily weighted financials ended 1.6% lower. Sign in to access your portfolio
