FX.co ★ Canadian Stocks Extend Pullback

The S&P/TSX Composite Index declined by 0.3%, settling just below the 25,800 mark on Friday. This fall continues the retreat from the record high achieved on Tuesday, influenced by potential shifts towards a less accommodative stance by the Bank of Canada (BoC) and the introduction of new tariffs by the United States. President Trump’s threats of imposing additional tariffs on the European Union and Apple products have reignited fears of protectionist policies and restrained global growth, consequently exerting downward pressure on global equities. On the domestic front, retail sales demonstrated a significant increase for the second consecutive month in April. This development heightens the likelihood of the BoC maintaining its interest rates in the upcoming meeting, following previous data that revealed unexpected rises in core inflation metrics. Key financial entities saw declines, with companies such as Manulife, Brookfield, RBC, and BMO experiencing losses ranging from 0.6% to 1.5%. However, more severe declines were mitigated by a 6% increase in Cameco shares, buoyed by speculation regarding potential executive orders by President Trump aimed at promoting nuclear energy in the United States.