FX.co ★ TSX Surges to a Fresh Record

On Tuesday, the S&P/TSX Composite Index experienced a robust 2% increase, closing at a new milestone of 27,570. This uptick was primarily driven by widespread advancements in resource and industrial sectors, underpinned by rising commodity prices and strengthening anticipations of a U.S. interest rate cut in September. Gold producers were at the forefront of this rally, with companies like Agnico Eagle, Wheaton Precious, Barrick Mining, and Franco-Nevada seeing significant gains ranging from 5.4% to 7.3%, as bullion prices surged due to heightened demand for safe-haven assets and decreased U.S. yields. Furthermore, the recent U.S. payrolls report, which revealed a notably low addition of just 73,000 jobs, has heightened expectations for Federal Reserve policy easing. This scenario provided a boost to interest rate-sensitive technology stocks, exemplified by Shopify's impressive 7.1% jump. On the domestic front, Canada witnessed a marginal widening of its trade deficit to C$5.9 billion in June, aligning closely with predictions. This was as solid performances in energy and food exports partially counterbalanced the continuing weakness in auto and metal shipments.