TSX Gains as Investors Focus on Trump-Xi Summit

The S&P/TSX Composite Index rose 0.7% to close at 34,267 on Thursday as investors assessed the highly anticipated summit between US President Donald Trump and Chinese President Xi Jinping. Trump described the talks as “extremely positive and constructive,” although neither leader provided details on discussions expected to cover trade, Taiwan, artificial intelligence, and the US-Iran conflict. Banks led gains, with Royal Bank of Canada rising 2.3% and BMO advancing 1.9%. On the earnings front, Canadian Tire fell 4.1% despite reporting first-quarter adjusted profit above expectations, while Keyera gained 3.9% despite posting a quarterly loss. Sherritt International plunged 24.1% after warning that its first-quarter financial filing could be delayed following management changes. On the data front, Canadian home sales rose modestly in April while wholesale trade increased 1.9% in March, above forecasts.

The S&P/TSX Composite Index traded little changed near the 34,000 mark on Thursday as investors monitored developments surrounding the Middle East conflict and a high-stakes US-China summit. US President Donald Trump is expected to discuss the Iran war during the meeting, while peace talks between Tehran and Washington remain deadlocked. The banking sector posted gains, with Royal Bank of Canada and BMO both rising near 1%. On the earnings front, Canadian Tire fell 3% despite reporting first-quarter adjusted profit above market expectations, while Keyera gained more than 1.5% despite posting a quarterly loss. Sherritt International plunged over 20% after warning that its first-quarter financial filing could be delayed following the resignation of its external auditor and departure of its finance chief. On the data front, Canadian home sales rose modestly in April while prices edged lower. Canada’s wholesale trade also increased 1.9% in March, above forecasts.

Futures tracking the S&P/TSX Composite Index edged up on Thursday as investors monitored developments surrounding the Middle East conflict and a high-stakes US-China summit. US President Donald Trump is expected to discuss the Iran war during the meeting, while peace talks between Tehran and Washington remain deadlocked. Canadian Tire reported first-quarter adjusted profit above market expectations, while Keyera posted a quarterly loss. Sherritt International said its first-quarter financial filing could be delayed after the resignation of its external auditor and departure of its finance chief. On the data front, Canadian home sales rose modestly in April while prices edged lower. Canada’s wholesale trade also rose 1.9% in March, beating forecasts.