The TSX inched higher on Wednesday, trading above 35,500 as both oil prices and bond yields paused after their recent surge. Crude prices declined on signs of rising US inventories and reports that Saudi Arabia is offering additional cargoes via Oman. At the same time, bond yields pulled back after a sharp global rally in recent weeks had pressured equity markets, amid fears that central banks will keep monetary policy tighter for longer to counter inflationary pressures from elevated energy costs.
Major Canadian banks traded slightly above the flatline. Gold prices advanced ahead of the Federal Reserve’s decision later today, lifting mining stocks: Agnico Eagle gained nearly 2.5%, while Barrick and WPM each rose around 2%.
In policy developments, European Commission President Ursula von der Leyen said the EU is opening the door for Canada to become its first “associate member,” with expanded cooperation envisioned in sectors such as manufacturing, artificial intelligence, critical minerals, and energy. The overture comes against the backdrop of an escalating US-Canada trade dispute following the breakdown of trade talks last month.
