The S&P/TSX Composite Index advanced 0.7% to close at 36,958 on Tuesday, as investors weighed robust earnings from major banks against fresh tensions in the US-Canada trade dispute. Financials outperformed during a heavy week of quarterly bank results. BMO (+0.6%) posted higher third-quarter profit, driven by strong capital markets performance, while Scotiabank (+7%) also delivered stronger earnings on the back of higher interest income. RBC gained 1.4%, TD Bank rose 2%, and CIBC added 2.8% ahead of their results due Thursday, while National Bank (+2.6%) is scheduled to report on Wednesday.
Miners also lent support to the benchmark, buoyed by higher gold prices. On the policy front, Canada announced it will double counter-tariffs on US steel and aluminum products to 50%. The new 50% duties will also extend to US-made milk, furniture, clothing, video-game consoles, smartphones, and other electronics, covering roughly C$20 billion in annual US exports to Canada.
