Suspense Over Trade Deals Propels TSX Higher

(MENAFN- Baystreet)
Futures tied to Canada's main stock index rose on Wednesday, while investors assessed the prospects for trade deals ahead of U.S. President Donald Trump's July 9 tariff deadline.
The TSX Composite Index hiked 164.79 to conclude Monday at 26,857.11.
September futures gained 0.2% Wednesday.
The Canadian dollar inched higher 0.02 cents to 73.31 cents U.S.
White House economic adviser Kevin Hassett said on Monday that the U.S. will resume trade negotiations with Canada immediately. The move follows Ottawa scrapping its digital services tax targeting U.S. technology firms.
Canada sends about 75% of its exports to the U.S., including autos, steel and aluminum, which have been hit by hefty U.S. duties.
In the U.S., Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins. The legislation now heads to the House of Representatives for possible final approval.
Markets in Canada were closed Monday for Canada Day.
ON BAYSTREET
The TSX Venture Exchange acquired 9.11 points, or 1.3%, Monday to 733.37
ON WALLSTREET
Stock futures inched higher early Wednesday, after investors began the second half with a reduced appetite for technology stocks.
Futures for the Dow Jones Industrials edged 17 points to 44,824.
Futures for the S&P 500 index surrendered 6.25 points, or 0.1%, to 6,242.50
Futures for the NASDAQ dumped 63 points, or 0.3%, to 22,829.75.
The information technology sector of the S&P 500 – whose constituents include Nvidia, Palantir and Advanced Micro Devices – lost more than 1% on Tuesday, as did the communications services sector. Instead, investors gravitated toward health care and materials names. Gains in Amgen, Johnson & Johnson and UnitedHealth lifted the 30-stock Dow.
Elsewhere, President Donald Trump's tax-and-spending bill narrowly passed the Senate on Tuesday. The measure will return to the House, where there are still hold-outs among GOP lawmakers.
On the economic front Wednesday, investors learned private payrolls fell by 33,000 in June, payrolls processing firm ADP reported Wednesday.
The main event in this holiday-shortened week will be June's big jobs report, due Thursday morning.
In Japan, the Nikkei 225 index docked 0.6% Wednesday, while in Hong Kong, the Hang Seng gained 0.6%
Oil prices surged 76 cents to $66.21 U.S. a barrel.
Gold prices were ahead $9.10 to $3,258.90 U.S. an ounce.

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