FX.co ★ TSX Tests New Highs

The S&P/TSX Composite Index increased by approximately 0.4%, reaching over 27,150 on Thursday, as it approached record highs. This rise was primarily driven by strength in technology and industrial stocks, which counterbalanced the underperformance of commodity producers amid ongoing trade war developments. Ottawa reassured investors by committing to impose steel-tariff quotas on its free-trade partners while maintaining USMCA exemptions. This move is expected to protect Canada's steel sector from President Trump’s significant 50% tariffs. As the August 1st deadline looms, Japan is set to engage in discussions with US Commerce Secretary Howard Lutnick, while the EU's trade chief plans to visit Washington. On Bay Street, shares of Alimentation Couche-Tard jumped over 14% after they withdrew their US$47 billion offer for Seven & i, thus reducing the risk of overpayment and freeing up capital for more lucrative ventures. In contrast, the decline in gold prices adversely impacted mining companies such as Agnico Eagle, Wheaton Precious Metals, and Barrick Gold, whose shares fell between 1% to 1.8%.