Gold, oil lose strength
There was a broadly positive session for equities Monday but for commodities there was a different story.
Market optimism meant a pull-back from the traditional safe havens and combined with the stronger greenback to see gold prices fall around 0.74 per cent. Other metals including silver and platinum also declined while copper was gaining.
Meanwhile, oil prices were pressured by concern over US supplies and increased drilling with US crude down 1.7 per cent.
For the main TSX index, industrials and healthcare led gains for five groups including financials, while the other five were lower including energy and materials. The index reached a new record high.
Wall Street saw stronger gains and there were largely positive ends to the session for European and Asian markets.
The S&P/TSX Composite Index closed up 27.46 (0.17 per cent)
The Dow Jones closed up 142.8 (0.70 per cent)
Oil is trending lower (Brent $55.59, WTI $52.90 at 4.50pm)
Gold is trending lower (1226.20 at 4.50pm)
The loonie is valued at U$0.7648
Trade deal with US will be “tweaked” says Trump
The first meeting between Justin Trudeau and Donald Trump provided some optimism that a new or renegotiated trade deal may not be as bad for Canada as some fear.
The President noted the strong trade relationship between the two nations but said “We'll be tweaking it,” although it will be “a much less severe situation” than the deal with Mexico.
However, the CD Howe Institute is warning that a border tax, if it were to be imposed, could shave 1 per cent off Canadian GDP, with companies forced to cut prices to offset the cost and remain competitive in the face of other new US policies.
Timmies owner focuses on global growth
The owner of Tim Hortons and Burger King is chasing international growth to offset easing sales in Canada.
Restaurant Brands International has signed new deals with overseas franchisees while existing Tim Hortons restaurants in Canada saw sales slip in the fourth quarter amid Western Canada’s economic slowdown and harsh winter weather.
Burger King’s existing sales in North America increased but at a slower pace than a year earlier.