FX.co ★ TSX Rises on Financial Sector Strength

The S&P/TSX Composite Index rose by 1.2% to close at 23,867 on Monday, driven by widespread gains within the financial sector. Investor confidence received a boost following President Trump's announcement of exemptions for certain technology products—including smartphones, laptops, and other electronics—from the newly implemented 145% China-specific tariff and a 10% baseline tariff. This move helped alleviate concerns about a broader economic downturn amidst escalating trade tensions between the U.S. and China. Although Trump indicated that additional sector-specific tariffs, notably on imported semiconductors, could still be forthcoming, the immediate relief was welcomed by the markets. Canadian financial giants led the surge, with RBC, TD Bank, Brookfield, BMO, and Scotiabank all experiencing increases of between 1% and 2.6%, further supported by robust quarterly earnings from their U.S. counterparts.