Canada’s main stock index declined on Thursday, even as strong corporate earnings helped lift investor sentiment. Traders were also assessing the effects of newly implemented US tariffs. President Donald Trump’s increased tariff rates took effect, with Canada now subject to a 35 per cent tariff after failing to finalize a trade deal before the deadline.
Meanwhile, US markets also had a sour performance. The NASDAQ saw gains driven by strength in the tech sector, following Trump’s announcement of new tariffs on imported semiconductor chips. However, he clarified that the 100 per cent tariff would not apply to companies manufacturing chips within the United States, thanks to broad exemptions.
The Canadian dollar traded for 72.77 cents US compared to 72.76 cents US on Wednesday.
US crude futures traded $0.47 lower at US$63.88 a barrel, and the Brent contract lost $0.43 to US$66.46 a barrel.
The price of gold was up US$21.41 to US$3,392.90.
In world markets, the Nikkei was up 264.29 points to ¥41,059.15, the Hang Seng was up 171.00 points to HK$25,081.63, the FTSE was down 63.54 points to ₤9,100.77, and the DAX was up 268.14 points to €24,192.50.
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