The S&P/TSX Composite Index edged lower on Thursday, slipping below 36,500 as rising oil prices stoked fresh inflation concerns. Crude gained after US President Donald Trump unveiled a sweeping package of economic measures targeting Iran.
Financials and the broader market came under pressure as bond yields climbed on renewed inflation worries, with RBC, TD Bank, and BMO each losing about 0.5%. Gold prices retreated as investors took profits following a rise to a more than two-month high, though most miners continued to advance. Agnico Eagle added more than 0.5%, while Barrick rose nearly 1%.
In economic data, Canadian producer prices jumped 12.4% year-on-year in July, underscoring the impact of higher energy costs on wholesale prices and reinforcing the elevated yield environment. On the trade front, reports indicated that the US and Canada were moving closer to an agreement.
