FX.co ★ TSX Poised to Set Record High

On Wednesday, the S&P/TSX Composite Index rose by approximately 0.3%, surpassing the 26,500 level, as it edged toward a new record high. This increase was fueled by higher oil prices and easing trade tensions between the US and China, which boosted Canadian equities. Shopify led the technology rally, advancing by over 3%, while prominent energy companies Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus each saw gains exceeding 0.5%. Meanwhile, in London, US and Chinese negotiators committed to reviving the Geneva framework from last month and agreed to lift China's rare-earth export restrictions. This development is likely to bolster demand in Canada's mining sector. However, these positive outcomes were tempered by a Statistics Canada report indicating a 6.6% drop in April building permits to C$11.7 billion, which put pressure on shares related to construction materials and machinery.