FX.co ★ TSX Dips From Record High

The S&P/TSX Composite Index experienced a minor decline of 0.3%, closing at 27,314 on Friday. This downturn slightly detracted from its recent record highs, primarily due to significant losses within the railway and airline sectors that overshadowed gains in the energy and utilities sectors. Specifically, Canadian Pacific Kansas City saw a substantial drop of 3.6%, while Canadian National decreased by 2.4%. These declines were driven by warnings from both companies about reduced US manufacturing output, stagnant intermodal volumes, and weaker export figures for phosphate and potash, corroborated by Transport Canada's data, which indicated year-over-year decreases in grain-handling traffic. On the trade front, Prime Minister Mark Carney has sent representatives to Washington for crucial negotiations with President Trump, ahead of the August 1st deadline concerning steel and aluminum tariffs. Additionally, International Trade Minister Maninder Sidhu has hinted at progress in discussions with Mercosur, strategic moves intended to shield Canada’s industrial sector from impending duties. Despite Friday's setback, the index achieved a 1.1% increase over the course of the week.