Canada's commodity-heavy main stock index rose on Monday, helped by gains in energy and metal miners' shares.
The TSX Composite Index recovered 93.96 points to break for lunch Monday at 26,269.01.
The Canadian dollar gained 0.14 cents to 72.99 cents U.S.
The health-care sector fell with cannabis firm Tilray Brands leading the losses, down four cents, or 5.9% to 56 cents.
U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25% starting Wednesday.
The levies add to the existing tariffs on steel and aluminum that Trump imposed when he came to power in January, deepening the global trade war.
The spotlight this week will be on the Bank of Canada's interest rate decision due on Wednesday and the Canadian employment report, expected Friday.
On the economic calendar, the Markit Canada Manufacturing PMI rose to 46.1 in May from 45.3 in the previous month.
ON BAYSTREET
The TSX Venture Exchange regained 8.8 points, or 1.3%, to 703.20.
The 12 TSX subgroups were divided evenly, as gold shone 5.3% brighter, materials were 4% stronger, and energy rumbled 1.6%.
The half-dozen laggards were weighed most by health-care, down 1.3%, information technology, skidding 1%, and industrials off 0.8%.
ON WALLSTREET
The Dow Jones Industrial Average dipped Monday, the first trading day of June, as global trade tensions increased.
The 30-stock index swooned 182.23 points to hit noon EDT Monday at 42,087.84, off its lows of the morning.
The S&P 500 index eased back 5.31 points to 5,906.38
The NASDAQ Composite recaptured 32.67 points to 19,146.44.
Steel stocks rallied on the increased levies. Cleveland-Cliffs surged 24%, while Steel Dynamics climber 10% and Nucor popped nearly 9%.
On Friday, the S&P 500 closed out the month of May with a more than 6% gain, its best monthly performance since November 2023. The tech-heavy NASDAQ surged more than 9% for the month and the Dow rose about 4%.
China pushed back against U.S. accusations that it had violated a temporary trade agreement. Instead, the country blamed Washington for failing to uphold the deal — a sign that negotiations between the world’s two largest economies are deteriorating.
Tensions reignited following a brief pause after U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in Geneva and agreed to a 90-day suspension of most tariffs. National Economic Council director Kevin Hassett suggested on Sunday that President Donald Trump and China’s President Xi Jinping could have a conversation about trade as soon as this week.
Prices for the 10-year Treasury sagged, hiking yields to 4.45% from Friday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices regained $2.10 to $62.89 U.S. a barrel.
Gold prices jumped $83.40 to $3,372.30 U.S. an ounce.
