FX.co ★ TSX Outperforms Peers

The S&P/TSX Composite Index climbed by 0.5%, closing at 27,540 on Tuesday, fueled by a tech-driven surge and renewed strength in the commodities sector. Leading the market, Celestica experienced a significant rise of 16.9% after revising its outlook upward. Oil prices hit a five-week high, influenced by a pledge between the US and EU to purchase energy and the growing threat of increased sanctions related to the Russia–Ukraine conflict, leading to gains of over 1% for companies like Canadian Natural, Imperial Oil, and Cenovus. Gold producers saw an upswing as well, with Agnico Eagle and Wheaton Precious each rising by 2.3% and 2.1%, respectively, following bullion's recovery from a three-week low. The continuation of the US–China tariff truce, alongside unexpectedly robust US consumer confidence data, reinforced expectations that the Federal Reserve would maintain its cautious yet vigilant approach at Wednesday’s meeting. Additionally, the framework agreement reached on Sunday between the US and EU, which establishes a 15% baseline tariff, alleviated fears of a tariff war and provided support to Canada’s export-oriented sectors ahead of the upcoming rate decision by the Bank of Canada.