Equities in Canada’s largest centre staged a small comeback approaching noon EST Monday. This, as U.S. President Donald Trump's threat to impose tariffs on eight European countries sent ripples through global markets, though a surge in the price of precious metals provided a bright spot for mining shares.
The TSX index recovered 33.64 points midday Monday to 32,074.19.
The Canadian dollar nicked up 0.20 cents to 72.14 cents U.S.
Early Monday, Sherritt International announced it will release its fourth-quarter and full-year 2025 results after market close on February 10.
Sherritt shares were unchanged noon hour at 26 cents.
Elsewhere, Barrick Gold appointed Helen Cai as chief financial officer. Its shares rose $1.25, or 1.8%, to $69.04.
In the latest escalation of Trump's tariff campaign, the U.S. president said on Saturday that he would levy an additional 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain starting February 1. Those tariffs would climb to 25% by June 1 if no agreement on Greenland is reached.
The announcement reignited trade war concerns and cast doubt over trade agreements the EU and Britain negotiated with the U.S. last year.
On the economic slate, Statistics Canada reported its consumer price index rose 2.4% year over year in December, up from an increase of 2.2% in November. On a seasonally adjusted monthly basis, the CPI rose 0.3% in December.
In November, 150,832 new motor vehicles were sold in Canada, decreasing 6.6% from November 2024.
Internationally, markets in Japan sagged 0.7%, while the Hang Seng in Hong Kong fell 1.1%.
In an effort to strengthen ties with Canada's second-largest trading partner after the U.S., Prime Minister Mark Carney secured an initial agreement with China to slash tariffs on electric vehicles and canola.
The deal comes as Canada seeks to diversify its trade relationships amid mounting tensions with the U.S.
ON BAYSTREET
The TSX Venture Exchange inched back 1.22 points noon Monday to 1,089.91
Of the 12 TSX subgroups, eight remained in the red, weighed most by real-estate, backpedaling 0.8%, while financials and consumer discretionary stocks each retreated 0.5.
The four gainers were led by materials, springing 1.9%, while gold shone brighter 1.5%, and energy, strengthened 0.4%.
ON WALLSTREET
U.S. markets are closed Monday for Martin Luther King Day.
Stateside Markets Closed for MLK Day
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