Following a four-month low in the previous session, Canada’s main stock index continued its downward trend as investors took an “it’s not me, it’s you” break in the face of a trade war with the United States. The mining segment led the gainers on the TSX while industrials led the losers. The Venture and CSE have seen some growth lately.
President Donald Trump’s constantly changing tariffs on major trade partners like Canada and Mexico have raised the risk of recession for all three North American nations. He announced that steel and aluminum tariffs would increase by an additional 25 per cent, bringing the total to 50 per cent. These new tariffs are set to take effect on Wednesday.
The FTSE 100 experienced a decline, as the pound’s gains and drops in travel and leisure stocks prevented a recovery from the previous session’s selloff. Meanwhile, the midcap index managed to regain some ground.
The Canadian dollar traded for 69.45 cents US compared to 69.57 cents US on Monday.
US crude futures traded $0.53 higher at US$66.56 a barrel, and the Brent contract rose $0.57 to US$69.85 a barrel.
The price of gold was up US$14.39 to US$2,951.50.
In world markets, the Nikkei was down 235.16 points to ¥36,793.11, the Hang Seng was down 1.35 point to HK$23,782.14, the FTSE was down 110.75 points to ₤8,489.47, and the DAX was down 292.18 points to €22,328.77.
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(Top image generated with AI.)