TSX Rises as Banks Gain

The S&P/TSX Composite Index rose 0.6% to close at 36,009 on Monday, supported by gains among major banks. Oil prices fell on hopes for diplomatic progress between the US and Iran. Iranian President Masoud Pezeshkian is expected to attend the UN General Assembly this week, and US President Donald Trump said he would be open to meeting him. Yields eased as the halt in the oil rally cooled inflation concerns, supporting credit-sensitive shares. Major banks rose, with RBC (+1.8%), TD Bank (+1.5%), BMO (+1.8%), Scotiabank (+1.7%), and CIBC (+1.4%). BoC Governor Macklem said monetary policy cannot reverse tariffs or change gasoline prices, while the BoC must assess their lasting effects on inflation and growth. Energy shares fell, with Canadian Natural (-2.2%) and Suncor (-2.7%). Miners also declined, with WPM losing 1.6%.

The S&P/TSX Composite Index edged higher to trade around the 36,000 mark on Monday amid gains among major banks. Oil prices fell on hopes for diplomatic progress between the US and Iran. Iranian President Masoud Pezeshkian is expected to attend the UN General Assembly this week, and US President Trump said he would be open to meeting him. Yields eased as the halt in the oil rally cooled concerns over spreading inflationary pressures from energy costs, lending support to credit-sensitive shares. Major banks rose, with RBC, TD Bank, BMO, Scotiabank, and CIBC advancing nearly 1.5%. BoC Governor Macklem’s emphasized in a speech that monetary policy cannot reverse tariffs or change gasoline prices, while noting that the BoC’s role is to assess whether these shocks will have lasting effects on inflation and economic growth. Energy shares fell on lower crude prices, Canadian Natural and Suncor shedmore than 2%. Miners were also mostly lower as gold prices eased, WPM lost about 2%.

The S&P/TSX Composite Index traded nearly flat around the 36,000 mark on Monday amid losses in the energy sector and gains among major banks. Oil prices declined on hopes for diplomatic progress between the US and Iran. Iranian President Masoud Pezeshkian is expected to attend the United Nations General Assembly in New York this week, and US President Trump has said he would be open to meeting him. Energy producers posted losses, with Canadian Natural and Suncor shedding nearly 2% each. Miners were also mostly lower as gold prices eased, with WPM and Franco-Nevada losing about 1%. Meanwhile, yields eased as the halt in the oil rally cooled concerns over spreading inflationary pressures from energy costs, lending some support to credit-sensitive shares. Major banks rose, with RBC, TD Bank, BMO, Scotiabank, and CIBC advancing nearly 1%, limiting losses in the index. Market participants await BoC Governor Macklem’s speech later in the day for clues on the bank’s future policy.