FX.co ★ TSX Falls From Record Highs

The TSX index declined by 0.4%, closing at 26,904 on Tuesday, as a mix of international pressures and weakening domestic performance affected Canada's equity market leaders. The mining sector experienced significant losses, primarily due to a sharp drop in gold prices — Agnico Eagle, Wheaton Precious Metals, Barrick, and Franco-Nevada each faced declines ranging from 4.0% to 6.2%. Additionally, copper producers saw downturns in response to weaker base-metal benchmarks, amid trader concerns that the impending tariff measures by President Trump, scheduled for August 1st, could inhibit global industrial activity. Conversely, the energy sector offered slight stability, with oil benchmarks recovering from recent lows and providing some support. However, the industrials sector stumbled as the IVEY Purchasing Managers Index, a key indicator of private-sector activity, fell to 53.3, significantly lower than June 2024’s figure of 62.5, highlighting a general slowdown in economic growth.