The S&P/TSX Composite Index experienced a slight decrease of 0.2%, dropping below the 26,692 mark on Friday. This movement pared back some of the week’s progress, leaving the weekly gain at 0.7%. The market was impacted by new tariff threats, challenges in the commodity sector, and signs of domestic economic stagnation. The situation was exacerbated by President Trump’s decision to terminate all trade discussions with Canada regarding its digital services tax. His warning of potential retaliatory tariffs has unsettled Canadian exporters and cast a cloud of uncertainty over the nation’s trade-reliant industries. Concurrently, data from Statistics Canada points to consecutive GDP contractions of 0.1% in April, with an anticipated similar outcome for May, highlighting the adverse impact of US tariffs and uncertainty on the manufacturing and wholesale trade sectors. The mining industry saw significant losses, with major companies such as Agnico Eagle, Wheaton Precious, and Barrick Gold experiencing declines ranging from 2.8% to 5.3%. This downturn occurred amid a notable drop in gold prices, which have hit a four-week low as demand for safe-haven assets diminishes due to easing geopolitical tensions and a clearer picture of the US–China trade agreement.
The material has been provided by InstaForex Company – www.instaforex.com
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