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Markets Soar to Record Highs as Loonie Rebounds Amid Trade Optimism

North American stock markets kicked off July with a bang, as the TSX, S&P 500, and Nasdaq all closed at record highs  on Monday, buoyed by strong tech performance and renewed optimism around global trade negotiations. The S&P 500 rose 0.52% to 6,204.95 , while the Nasdaq climbed 0.48% to 20,369.73 , both notching fresh all-time highs. The Dow Jones Industrial Average added 275 points , closing at 44,094.77. Canada’s TSX Composite Index also surged , reflecting investor confidence in the domestic economy and easing geopolitical tensions. Driving the rally were heavyweight tech stocks like Nvidia, Meta, and Microsoft, which continued to benefit from investor enthusiasm around artificial intelligence and digital transformation. The momentum was further supported by Canada’s decision to scrap its digital services tax, a move seen as a goodwill gesture to advance trade talks with the U.S.. Meanwhile, the Canadian dollar (loonie) rebounded  from last week’s dip, recovering g...
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Mélanie Joly Backs Mark Carney for Liberal Leadership

 

In a significant political move, Foreign Affairs Minister Mélanie Joly has endorsed Mark Carney for the leadership of the Liberal Party of Canada. Joly praised Carney's extensive economic experience, highlighting his tenure as governor of both the Bank of Canada and the Bank of England. She emphasized his ability to navigate crises, such as the 2008 global financial meltdown and Brexit, as key reasons for her support.

Joly's endorsement comes at a crucial time, as the Liberal Party prepares for a leadership race following Prime Minister Justin Trudeau's resignation. Carney, who recently launched his campaign, has promised to tighten public finances and invest in a greener future. Joly's backing is expected to bolster his campaign, particularly in Quebec, where she has a strong network.

This endorsement also sets the stage for a competitive race, with former finance minister Chrystia Freeland also vying for the leadership. Freeland, who has been critical of Trudeau's economic policies, launched her campaign with a focus on unifying the country against external threats, including potential trade disputes with the United States.

Joly's support for Carney underscores the importance of economic expertise and crisis management in the upcoming leadership contest. As the race heats up, all eyes will be on how these endorsements shape the future of the Liberal Party and Canada's political landscape.



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