FX.co ★ Canadian Stocks Pulls Back from Record

The S&P/TSX Composite Index displayed a marginal decline of 0.2% during a shortened trading session on Wednesday, following the previous day's record high and underperforming compared to U.S. equities mainly due to pressure from the gold mining sector. Notable bullion producers, such as Barrick, declined by 0.8%, and Agnico Eagle saw a 0.3% drop as gold prices paused after reaching their earlier peak. The metal's previous ascendancy was fueled by expectations of expansionary fiscal policies from major global economies and heightened geopolitical tensions, particularly between the U.S. and Venezuela. Additionally, First Quantum Minerals experienced a 1.5% decrease in value after the sale of its Las Cruces copper mine for $190 million. Meanwhile, Canadian bank stocks performed relatively well, buoyed by the release of the Bank of Canada's minutes, which suggested a lower likelihood of impending rate cuts next year compared to the Federal Reserve. This bolstered domestic fixed income markets. The Toronto Stock Exchange will remain closed on Thursday and Friday in observance of Christmas and Boxing Day.