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TSX Slumps as Central Banks Hold Steady

  Canada’s Main Index Suffers Sharpest Drop Since May The Toronto Stock Exchange’s S&P/TSX composite index fell 169.92 points, or 0.6%, to close at 27,369.96 on Wednesday, marking its steepest single-day decline in ten weeks. The drop followed a record high the previous day, underscoring investor unease as both the U.S. Federal Reserve and the Bank of Canada opted to keep interest rates unchanged. The materials sector led the retreat, sliding 2.1% amid tumbling copper and gold prices. Financials and technology also posted losses, down 0.6% and 0.5% respectively, as eight of the index’s ten major sectors ended in the red. Market sentiment soured after the Fed’s decision to hold rates steady offered no clear timeline for future cuts, disappointing investors hoping for dovish signals. Meanwhile, the Bank of Canada maintained its benchmark rate at 2.75% for the third consecutive meeting, citing reduced risks of a global trade war. Among individual stocks, Capital Power Corp sa...
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U.S. to Notify Countries of New Tariff Rates Amid Shift in Trade Strategy

The United States is set to begin sending formal letters to trading partners on Friday, outlining new tariff rates that could range from 10% to as high as 70%, according to President Donald Trump. This move marks a significant shift from the administration’s earlier approach of negotiating individual trade deals with dozens of countries.

Speaking to reporters, Trump emphasized the simplicity of this new strategy: “We have more than 170 countries, and how many deals can you make? I’d rather send out a letter saying this is what you’re going to pay”. The letters, expected to be sent in batches of 10 to 12 per day, will inform countries of the tariffs they will face starting August 1.

The decision comes ahead of a self-imposed July 9 deadline for finalizing trade agreements. While deals have been reached with the United Kingdom and Vietnam, negotiations with other major partners like Japan, India, and the European Union remain ongoing.

Treasury Secretary Scott Bessent noted that around 100 countries are likely to receive a 10% reciprocal tariff rate, while others could face significantly higher duties if no agreements are reached.

This bold move is expected to have ripple effects across global markets and could reshape the landscape of international trade in the months ahead.

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