Canada’s main stock index tumbled as investors evaluated the potential impact of the US President’s proposed tariffs and prepared for a wave of upcoming economic data. As the deadline for US President Donald Trump’s tariffs on Canada, Mexico, and China approached, US Commerce Secretary Howard Lutnick confirmed that the tariffs on Canada and Mexico were set to take effect on Tuesday. However, President Trump will decide whether to uphold the proposed 25 per cent tariff rate, causing investor anxiety.
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Monday marks the beginning of a new trading month after the three major indexes recorded losses in February. Stock indices extended losses from a weak February and an impending tariff deadline as investors returned to some of the more volatile investments from the past year.
Cryptocurrencies surged after the Administration announced the creation of a strategic crypto reserve for the US, which will include bitcoin and ether. Bitcoin jumped 10 per cent to nearly US$94,000 after falling to a three-month low below US$80,000 on Friday. Britain’s FTSE 100 hit a record high after European leaders agreed they needed to spend more on defence.
The Canadian dollar traded for 68.81 cents US compared to 69.12 cents US on Friday.
US crude futures traded US$1.57 lower at US$70.84 a barrel, and the Brent contract lost US$1.54 to US$71.27 a barrel.
The price of gold was up US$31.96 to US$ 2,891.42.
In world markets, the Nikkei was up +629.97 points to ¥37,785.47, the Hang Seng was up 64.95 points to HK$23,006.27, the FTSE was up 61.57 points to ₤8,871.31, and the DAX was up 595.59 points to €23,147.02.
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(Top image generated with AI.)