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Investing.com - Canada’s main stock exchange settled higher on Thursday, as investors eyed fresh developments in U.S. President Donald Trump’s ongoing trade agenda.
The S&P/TSX Composite composite index gained 109 points, or 0.41%, to end at 27,082.30.
An uptick in gold prices underpinned a rise in metal mining shares, although gains were mitigated by copper producers. Trump said during a cabinet meeting on Wednesday that he would slap a 50% tariff on imports of the red metal into the United States.
Energy was also slightly lower, even as the price of oil settled up marginally by 0.1%.
U.S. gain despite uncertainty over Trump tariffs
U.S. stocks ended higher, as investors digested President Donald Trump’s latest tariff announcements as well as the latest labor market data.
The Dow Jones Industrial Average rose 192 points, or 0.43%, the S&P 500 gained 16.84 points, or 0.27%, while the NASDAQ Composite gaining 19.3 points, or 0.09%,
The main averages on Wall Street rose in the prior session, with the tech-heavy Nasdaq Composite recording an all-time closing high after artificial intelligence-darling Nvidia (NASDAQ:NVDA) became the first company to notch a market value of $4 trillion, albeit briefly.
Trump tariff jitters persist amid Brazil tiff
Trump on Wednesday released more letters outlining tariffs against imports from a number of countries, with Brazil among the worst hit.
The U.S. president said he planned to slap a 50% tariff on all imports from the South American nation. The levies, which would come into effect from August 1, were partially a response to Trump’s anger at the perceived mistreatment of former Brazilian President Jair Bolsonaro, his political ally in the region.
Brazilian President Luiz Inacio Lula da Silva decried the tariff and vowed a proportionate response, sparking some concerns over a trade war between Washington and Brasilia.
Separately, Trump also announced a 50% tariff on copper, also effective Aug. 1, making good on his threat from earlier in the week.
Oil prices tick lower
Crude prices was trading lower Thursday as investors assessed the uncertain trade environment as well as signs of strong U.S. gasoline demand.
At 12.05 ET, Brent futures traded 1.75% lower to $68.96 a barrel and U.S. West Texas Intermediate crude futures fell 2.03% to $66.99 a barrel.
Uncertainty surrounding the potential impact of tariffs on global demand has led to a more cautious buying environment, particularly with geopolitical risk premiums fading as the Israel-Iran truce holds.
Elsewhere, U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Gasoline demand rose 6% to 9.2 million barrels per day last week, the EIA said.
Gold inches higher
Gold prices rose marginally and remained largely within a recently established trading range.
Broader metal prices gained ground as the dollar fell, but the greenback still maintained a bulk of its recent rebound from three-year lows.
Spot gold rose 0.16% to $3,318.91 an ounce, while gold futures for September rose 0.2% to $3,327.70 /oz by 12:05 ET.