TSX edges higher as tech stocks rally amid U.S.-Canada trade uncertainty
The benchmark S&P/TSX Composite Index rose 0.2% to 27,427.78 points, remaining on track for a modest weekly gain.
Trump said on Friday that the United States may not reach a trade agreement with Canada, hinting his administration could set a tariff rate unilaterally.
'It's just a negotiating tactic by the U.S.', said Michael Constantino, CEO of online investment platform Webull Canada, adding that 'a tariff agreement with Canada is imminent'.
Meanwhile, global equities fell as investors booked profits ahead of a critical week that includes the August 1 tariff deadline.
Sentiment this week was buoyed by U.S. trade agreements with Japan, Indonesia, and the Philippines, while negotiations continue with the European Union and South Korea, raising hopes for additional deals.
Investors also assessed the strength of Canadian corporate earnings in the second quarter.
According to Constantino, there has been a noticeable influx of capital into the market, with growing interest in Canadian AI-focused stocks, which he says are 'taking the market by storm.'
On the TSX, information and technology stocks climbed 1%, boosted by a 2.5% gain in Celestica after Cormark Securities raised its target price for the electronics firm.
However, blockchain farm operator Bitfarms dropped 4.1% as bitcoin prices fell nearly 3%.
Attention is shifting to key events next week, including policy decisions from the Bank of Canada and the U.S. Federal Reserve, as well as earnings reports from several 'Magnificent Seven' tech companies.
A Reuters poll of economists expects the Bank of Canada to hold its overnight interest rate steady at 2.75% on July 30 for the third consecutive meeting.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
7 hours ago
- Express Tribune
Australia, UK sign 50-year AUKUS deal on nuclear-powered submarines
Australia's government said on Saturday it signed a treaty with Britain to bolster cooperation over the next 50 years on the AUKUS nuclear submarine partnership. The AUKUS pact, agreed upon by Australia, Britain and the US in 2021, aims to provide Australia with nuclear-powered attack submarines from the next decade to counter China's ambitions in the Indo-Pacific. US President Donald Trump's administration announced a formal review of the pact this year. Defence Minister Richard Marles said in a statement that the bilateral treaty was signed with Britain's Defence Secretary John Healey on Saturday after a meeting in the city of Geelong, in Victoria state. "The Geelong Treaty will enable comprehensive cooperation on the design, build, operation, sustainment, and disposal of our SSN-AUKUS submarines," the statement said. The treaty was a "commitment for the next 50 years of UK-Australian bilateral defence cooperation under AUKUS Pillar I", it said, adding that it built on the "strong foundation" of trilateral AUKUS cooperation. Britain's ministry of defence said this week that the bilateral treaty would underpin the two allies' submarine programmes and was expected to be worth up to 20 billion pounds ($27.1 billion) for Britain in exports over the next 25 years. AUKUS is Australia's biggest-ever defence project, with Canberra committing to spend A$368 billion over three decades to the programme, which includes billions of dollars of investment in the US production base. Australia, which this month paid A$800 million to the US in the second instalment under AUKUS, has maintained it is confident the pact will proceed. The defence and foreign ministers of Australia and Britain held talks on Friday in Sydney on boosting cooperation, coinciding with Australia's largest war games. As many as 40,000 troops from 19 countries are taking part in the Talisman Sabre exercises held from July 13 to August 4, which Australia's military has said are a rehearsal for joint warfare to maintain Indo-Pacific stability. Britain has significantly increased its participation in the exercise co-hosted by Australia and the United States, with aircraft carrier HMS Prince of Wales taking part this year.
Business Recorder
11 hours ago
- Business Recorder
Pakistan says it's close to US trade deal, Washington gives no timeline
WASHINGTON: Pakistani Foreign Minister Ishaq Dar said on Friday the United States and Pakistan were 'very close' to a trade deal that could come within days, but comments from the U.S. after Dar met with Secretary of State Marco Rubio mentioned no timeline. 'I think we are very close to finalizing a deal with US. Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now,' Dar said in a discussion at the Atlantic Council think tank in Washington. 'It's not going to be months, not even weeks, I would say (just) days,' he said. Under US President Donald Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization. The US State Department and Pakistan's foreign ministry, in separate statements after Rubio's meeting with Dar, said the two stressed in their discussion the importance of expanding trade and ties in critical minerals and mining. A post by Rubio on X after the meeting and the State Department's statement mentioned no timeline for finalizing a trade deal. The Pakistan foreign ministry also said Dar 'appreciated the pivotal role' by Trump and Rubio 'in de-escalating tensions between Pakistan and India by facilitating a ceasefire.' The State Department statement did not mention India. Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement.
Business Recorder
14 hours ago
- Business Recorder
Pakistan reaffirms commitment to GSP+
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday underscored the European Union's status as one of Pakistan's foremost trading partners and reaffirmed the government's commitment to the Generalised Scheme of Preferences Plus (GSP+), describing it as a mutually beneficial arrangement. The prime minister, during a meeting with the outgoing Ambassador of the European Union to Pakistan, Dr Riina Kionka – who paid a farewell call as she concluded her diplomatic tenure – acknowledged her contributions to strengthening Pakistan-EU relations. Extending his felicitations to Ambassador Kionka on the successful completion of her assignment, Sharif appreciated her efforts in enhancing Pakistan-EU relations. GSP plus status: EU review puts Pakistan's duty-free export to the test amid reforms push He also acknowledged the European Union's timely assistance during the devastating floods of 2022, and lauded the ambassador's role in mobilising support. The prime minister conveyed his warm regards to the EU President, Ursula von der Leyen, and expressed his desire to meet her in the near future to further deepen bilateral engagement. The Interaction also included discussions on domestic political developments and the broader trajectory of Pakistan-EU relations. Ambassador Kionka expressed her gratitude to the prime minister and the government for the support extended to her during her tenure. She reaffirmed the EU's commitment to advancing its partnership with Pakistan, and stated that she would continue to advocate for strong bilateral ties in her upcoming role in Brussels. Copyright Business Recorder, 2025
