Just as many came back from spring break, Canada’s main stock index closed higher on Monday thanks to support from consumer staples stocks. The energy market also powered growth on the TSX as gold prices reached a new all-time high. Investors shied away from risky assets amid concerns that US President Donald Trump’s upcoming tariffs will hurt the global economy.
Trump said on Sunday that the reciprocal tariffs he is expected to announce on Wednesday will include all nations, and not just a select group of 10 to 15 countries with the biggest trade imbalances. He has repeatedly said he will announce details Wednesday for his plan to impose tariffs on countries around the world and stifle the flow of foreign goods into the US, a move to “liberate” American-made products.
The Canadian dollar traded for 69.50 cents US compared to 69.83 cents US on Friday.
US crude futures traded $2.18 higher at US$71.54 a barrel, and the Brent contract rose $1.14 to US$74.77 a barrel.
The price of gold was up US$16.20 to US$ 3,117.30.
In world markets, the Nikkei was down 1,502.77points to ¥35,617.56, the Hang Seng was down 307.02 points to HK$23,119.58, the FTSE down 76.04 points to ₤8,582.81, and the DAX was down 298.03 points to €22,163.49.
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(Top image generated with AI.)