Jul 11, 2025 (Baystreet.ca via COMTEX) --
Toronto's benchmark index fell on Friday as U.S. President Donald Trump ramped up his tariff assault on Canada, while investors assessed better-than-expected domestic employment data for June.
The TSX Composite Index lost 76.98 points to stop for noon hour EDT at 27,005.32
The Canadian dollar erased 0.15 cents at 73.08 cents U.S.
Gold miners Aya Gold & Silver rose 72 cents, or 5.8%, to $13.04 and Equinox Gold Corp advanced 17 cents, or 2%, to $8.53.
Copper prices slipped, and with it, dragged miners Hudbay Minerals docked 58 cents, or 3.9%, to $14.15, and Capstone Copper was down 18 cents, or 2.3%, to $7.82.
On Thursday, Hudbay said it had temporarily suspended its Snow Lake operations due to a wildfire in Northern Manitoba.
Meanwhile, Aritzia added $2.12, or 2.9%, to $76.17, after the fashion retailer's first-quarter results beat expectations.
MTY Food Group shares dropped $5.74, or 12.6% to $39.96, after the company's second-quarter adjusted earnings per share missed analyst estimates.
Trump late on Thursday issued a letter implementing a 35% tariff rate on all imports from Canada, set to go into effect from August 1, adding that the rate would go up if Canada retaliated.
He also said the European Union could receive a letter on tariff rates by Friday and floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline rate.
The 35% tariff is an increase from the current 25% rate that Trump had assigned to Canada and is a blow to Prime Minister Mark Carney, who was seeking to come to a trade agreement with Washington.
Carney said his government will defend Canadian workers and businesses in their negotiations with the U.S.
An exclusion for goods covered by the U.S.-Mexico-Canada Agreement was expected to stay in place, while 10% tariffs on energy and fertilizer were not set to change, though Trump had not made a final decision.
On the macroeconomic scene, Statistics Canada says the economy created 83,000 jobs in June, lowering the unemployment rate 0.1 percentage points to 6.9%.
Moreover, the agency says building permits rose in May by $1.4 billion (+12.0%) to reach $13.1 billion.
ON BAYSTREET
The TSX Venture Exchange gained 8.32 points, or 1.1%, to 781.76.
Eight of the 12 TSX subgroups were lower, with health-care ailing 1.2%, information technology clicking lower 1%, and financials poorer 0.8%.
The four gainers were led by energy and gold, each better 0.9% brighter, while telecoms prospered 0.6%.
ON WALLSTREET
Stocks dropped Friday, a day after the S&P 500 posted a new record high, after President Donald Trump announced a 35% tariff on Canada and threatened higher tariffs across the board.
The Dow Jones Industrials sank 339.77 points to begin Friday at 44,310.87.
The S&P 500 lost 21.41 points to 6,259.05.
The NASDAQ Composite dipped 8.39 points to 20,622.28.
Friday's losses pushed the major averages into the red for the week. Next week, investors will need to navigate the start of second-quarter earnings reporting season, along with the release of some key inflation data.
Trump cited fentanyl as a reason for higher Canada duties, adding that they would go higher if the country retaliates. "If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter," Trump said in a letter posted on Truth Social.
Trump then told NBC News he was planning blanket tariffs of 15% to 20% on remaining countries, higher than the current 10% standard that investors had grown comfortable with.
JPMorgan led banks lower Friday, down about 1%. Citigroup lost about 1% as well, and Wells Fargo dipped 0.6%.
Prices for the 10-year treasury fell, raising yields to 4.42% from Thursday's 4.35%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.81 to $68.38 U.S. a barrel.
Gold prices jumped $45.40 at $3,371.60 U.S. an ounce.
COMTEX_467228734/2559/2025-07-11T12:42:12
