FX.co ★ TSX Hovers Flat on Thursday

The S&P/TSX Composite Index experienced slight fluctuations, maintaining a position just above the 26,980 mark on Thursday. This comes as Canadian exporters and resource companies navigate the challenges posed by renewed trade tensions and varied commodity trends. On the previous day, President Trump announced a 50% tariff on copper imports set to begin on August 1st. Concurrently, he is considering additional tariffs on semiconductors and pharmaceuticals, although he has delayed the overarching reciprocal-tariff deadline and indicated potential negotiations with the EU on base rates. Notably, Teck Resources and First Quantum, major Canadian copper producers, saw an increase of over 1% following the tariff news. Meanwhile, gold miners provided additional support to the index as gold prices recovered from recent lows. Conversely, energy producers underperformed due to a significant drop in oil prices. On a domestic front, there is increased urgency for Ottawa to forge new free-trade agreements in Southeast Asia, a process fraught with complexities and uncertainties.