Equity markets in Canada opened higher on Monday, lifted by metal mining shares, while the country’s second-biggest lender Toronto-Dominion Bank rose 1.7% on plans to divest its stake worth $15.4 billion in Charles Schwab.
The TSX catapulted 208.5 points to begin Monday at 25,651.41.
The Canadian dollar faded 0.04 cents at 69.73 cents U.S.
Among commodities, gold prices gained more than 1%, as the latest tariff plans fueled demand for the safe-haven metal.
Oil prices also ticked higher, rebounding after declines last week.
Trump on Sunday said he will introduce a 25% tariff on all steel and aluminum imports into the U.S, starting from Monday.
Canada, Brazil and Mexico are the largest sources of U.S. steel imports, according to U.S. government and American Iron and Steel Institute data.
Canada is also the top supplier of primary aluminum to the U.S., contributing 79% of total imports in the first 11 months of 2024.
Trump on Sunday also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.
In corporate news, global investment firm Brookfield confirmed it will invest 20 billion euros to develop artificial intelligence-related projects in France. Brookfield shares charged ahead 43 cents to $85.37.
ON BAYSTREET
The TSX Venture Exchange leaped 7.88 points, or 1.2%, to 647.16.
Eight of the 12 subgroups were in the green in the first hour, with gold brighter by 2.6%, materials mightier 1.8%, and information technology up 1.7%.
The four laggards were weighed most by health-care, down 1.5%, real-estate, sliding 0.5%, and consumer staples, off 0.3%.
ON WALLSTREET
Stocks rose Monday, as traders appeared to shake off the latest U.S. tariff threat from President Donald Trump while they awaited key economic reports later in the week.
The Dow Jones Industrials jumped 164.32 points, to 44,467.72.
The S&P 500 took on 38.49 points to 6,064.48
The tech-heavy NASDAQ popped 216.49 points, or 1.1%, to 19,739.87.
Trump told reporters on Sunday that he’s planning to announce a blanket 25% tariff on all steel and aluminum imports on Monday. Trump did not specify when the tariffs would be imposed and noted that he would also issue retaliatory tariffs on countries that tax U.S. imports.
The news comes as Trump’s previously announced duties on China are set to go into effect at midnight on Sunday.
Steel and aluminum stocks popped. U.S. Steel and Nucor were up more than 3% and 5%, respectively. Cleveland-Cliffs climbed 11%, and Alcoa traded 3.3% higher.
The threat of more tariffs comes ahead of a slew of economic data this week.
The January consumer price index report is due out Wednesday at 8:30 a.m. ET, followed by initial weekly jobless claims and the producer price index on Thursday. Federal Reserve Chair Jerome Powell will also speak before Congress on Tuesday morning.
Investors will also look toward more major corporate earnings out this week, including Coca-Cola. McDonald’s on Monday reported disappointing quarterly revenue, but still saw its shares gain more than 4.5%.
Prices for the 10-year Treasury eked ahead, lowering yields to 4.47% from Friday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 99 cents to $71.99 U.S. a barrel.
Prices for gold gained $45.00 an ounce to $2,932.60 U.S.
