TSX Falls as Miners and Banks Weigh

The S&P/TSX Composite Index fell 0.2% to close at 35,340, weighed down by mining and banking stocks. Gold prices dropped as escalating tensions in the Middle East pushed oil prices higher, fueling concerns that inflation could keep interest rates elevated for longer. Agnico Eagle fell 3.6%, WPM lost 4%, and Barrick shed 3%. Financials also weakened, with RBC down 0.8%, TD Bank losing 0.7%, BMO slipping 0.5%, and Scotiabank retreating 0.7%. Energy shares outperformed on higher crude prices, with Tourmaline Oil gaining 1.5%. Elsewhere, TFI International jumped 7.3% after a Scotiabank rating upgrade. Investors also monitored USMCA developments after US Trade Representative Jamieson Greer said trade talks with Mexico were progressing, while negotiations with Canada remained stalled.

The S&P/TSX Composite Index fell more than 0.5% to trade below 35,500 on Thursday as gold prices slipped, while investors assessed worsening tensions in the Middle East. Agnico Eagle shed 2.5%, while Barrick and WPM lost more than 3% each. Meanwhile, the conflict pushed oil prices higher on supply concerns, fueling inflation worries. Financials traded lower, with RBC, TD Bank, Scotiabank, and CIBC losing nearly 1% each. Elsewhere, Cogeco Communications gained 0.5% despite missing third-quarter revenue estimates after the market close on Wednesday. Meanwhile, US Trade Representative Jamieson Greer said formal trade talks with Mexico were making progress, while discussions with Canada had yet to deliver the concessions sought by President Trump as he pushes to reduce US trade deficits with both countries. Earlier this month, the US said it would not renew the USMCA, although the pact would remain in effect until the issues are resolved or the agreement is terminated.

Futures tracking the S&P/TSX Composite Index fell on Thursday as gold prices slipped, while investors assessed worsening tensions in the Middle East. Lower gold prices weighed on mining stocks. Meanwhile, the conflict pushed oil prices higher on supply risks, fueling inflation concerns. Bond yields moved higher, pressuring financials and the broader market. Elsewhere, Cogeco Communications missed third-quarter revenue estimates after the market close on Wednesday, hurt by a decline in its US subscriber base. On the trade front, US Trade Representative Jamieson Greer said formal trade talks with Mexico were making progress, while discussions with Canada had yet to deliver the concessions sought by President Trump as he pushes to reduce US trade deficits with both countries. Earlier this month, the Trump administration said it would not renew the USMCA trade agreement, although the pact would remain in effect until the issues are resolved or the agreement is terminated.