Canada’s main stock index slipped on Friday, hurt by mining and energy shares, while domestic jobs data slightly trimmed bets for a hefty 50-basis-point interest rate cut by the Bank of Canada next month.
The Toronto Stock Exchange’s S&P/TSX composite index was down 118.73 points, or 0.48%, at 24,727.2, but was set to log weekly gains, broadly benefiting from Donald Trump’s reelection and his proposals for tax cuts and looser regulations on corporations.
However, his planned 10% tariff on all imports could have serious implications for Canada, the world’s No. 4 crude oil producer.
Canada’s materials sector fell 1.8% as gold prices dropped and heading for their worst week in over five months, strained by the strong dollar amid market uncertainty about Trump’s victory’s impact on the U.S. rate cut trajectory.
Lower copper prices also weighed on the sector as China’s latest fiscal stimulus disappointed investors.
The energy…
