FX.co ★ TSX Starts the Week Flat

The S&P/TSX Composite experienced a modest increase, closing at 27,317 on Monday, primarily driven by strong performance in mining stocks, which outweighed declines in the energy sector. This positive movement comes amid renewed optimism regarding US trade negotiations. US Commerce Secretary Howard Lutnick indicated that an agreement between Washington and Brussels might be reached before the August 1 tariff deadline, bolstering expectations for Canadian exporters, especially those in the metals and agriculture sectors, to face fewer trade barriers in crucial international markets. Additionally, a rise in gold prices contributed to significant gains for major mining companies such as Agnico Eagle, Wheaton Precious Metals, and Barrick Gold, which saw increases ranging from 2.7% to 3.9%. On the macroeconomic side, Statistics Canada reported that the Industrial Product Price Index rose by 0.4% month-over-month, and the Raw Materials Price Index surged by 2.7% in June. These increases were driven by strength in energy inputs and non-ferrous metals, further supporting resource-sector equities.