Equities in Canada’s largest centre moved lower on Friday, weighed down by renewed trade tensions after US President Donald Trump accused China on social media of breaching a tariff agreement. This concern overshadowed otherwise positive news about the country’s economic growth. The telecom sector once again led gains for the TSX.
Trump’s claim that China violated the initial trade deal has reignited fears of a prolonged trade war between the two nations. Meanwhile, the US administration’s aggressive tariff strategy remains mired in legal uncertainty. Investors are now left questioning whether a lasting trade agreement between the US and China is achievable anytime soon. The S&P finished up its best month since June 2023.
The Canadian dollar traded for 72.86 cents US compared to 72.42 cents US on Thursday.
US crude futures traded $0.20 lower at US$60.74 a barrel, and the Brent contract lost $0.24 to US$63.93 a barrel.
The price of gold was down US$27.70 to US$3,293.72.
In world markets, the Nikkei was down 467.88 points to ¥37,965.10, the Hang Seng was down 283.61 points to HK$23,289.77 the FTSE was up 55.93 points to ₤8,772.38, and the DAX was up 64.25 points to €23,997.48.
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