FX.co ★ TSX Edges Lower at Week Start

The S&P/TSX Composite Index experienced a decline of approximately 0.2%, dropping below 30,230 on Monday, as losses in the mining sector weighed heavily on the market ahead of significant earnings reports from major commodity companies. Among base metal miners, First Quantum saw a reduction of over 3%, Ivanhoe Mines fell about 2%, and Teck Resources decreased by nearly 1%, all influenced by a continued downturn in copper prices from the previous week. Prominent gold firms remained stable or saw slight losses, with Franco-Nevada standing out by gaining around 0.5% as it prepared to release its earnings post-market close. On the macroeconomic front, Canada's manufacturing Purchasing Managers' Index (PMI) rose to 49.6 in October from 47.7 in September, indicating a lesser degree of contraction and the slowest decline rate since January. Market participants also monitored escalating US-Canada trade tensions after Prime Minister Carney issued an apology related to a political advertisement that led to tariff measures and briefly halted negotiations. Attention is now shifting to Canada's forthcoming October employment data, set for release later this week, along with a packed corporate schedule featuring earnings announcements from Shopify, Fortis, Industrial Alliance, and Intact on Tuesday.