Apr 09, 2025 (Baystreet.ca via COMTEX) --
Equities in Canada's largest market moved upward to start Wednesday, led by gains in gold and materials, as China more than doubled its tariffs on U.S. goods in retaliation after President Donald Trump's reciprocal tariffs took effect.
The TSX Composite Index gained 73.86 points, to commence Wednesday's session at 22,580.76.
The Canadian dollar regained 0.05 cents to 70.65 cents U.S.
Meanwhile, shares of Canadian gold miners found support from higher bullion prices, as traders sought the safe-haven asset with a weaker dollar and the rising prospect of U.S. rate cuts.
Barrick Gold and Aya Gold were in sharp focus before the bell, Barrick shares began Wednesday up 15 cents, or 4.6%, to $26.13, while those for Aya gained 33 cents, or 3.6%, to $9.52.
ON BAYSTREET
The TSX Venture Exchange recovered 6.95 points, or 1.2%, to 568.71
Seven of the 12 TSX subgroups moved into the green, led by gold, triumphing 4.6%, materials, climbing 3.2%, and information technology, better by 0.9%.
The five laggards were weighed most by energy, sagging 2.1%, real-estate, off 1.7%, and health-care, sliding 0.6%.
ON WALLSTREET
The S&P 500 inched higher Wednesday, as traders looked for a market bottom after days of volatility, even as China and the European Union announced retaliatory tariffs on U.S. goods in the latest escalation of global trade tensions.
The Dow Jones Industrials poked higher 67.42 points to begin the mid-week session at 37,713.01
The broader index notched 24.47 points higher to 5,007.24.
The NASDAQ barreled ahead 220.01 points, or 1.4%, to 15,487.92.
China announced it will impose an 84% levy on U.S. goods starting Thursday. This comes after U.S. tariffs of 104% on Chinese imports took effect shortly after midnight. The EU also approved its first set of tariffs on the U.S. set to start on April 15.
U.S. tariffs on imports from other countries also took effect. Canada reconfirmed Tuesday plans to put into effect 25% retaliatory tariffs on U.S.-made vehicles. This includes vehicles that aren't compliant with the United States-Mexico-Canada Agreement, in addition to non-Canadian and non-Mexican content of USMCA-compliant fully assembled vehicles brought into Canada from the U.S.
Some traders may have been encouraged that Treasury Secretary Scott Bessent said he would be taking a lead negotiating role in tariff talks. Wall Street would favor a bigger role for Bessent over Commerce Secretary Howard Lutnick or trade advisor Peter Navarro.
Prices for the 10-year Treasury stumbled, hiking yields to 4.38% from Tuesday's 4.28%. Treasury prices and yields move in opposite directions.
Oil prices slid $2.24 to $57.34 U.S. a barrel.
Prices for gold spiked $101.20 to $3,091.40 U.S.
COMTEX_464380551/2559/2025-04-09T10:42:48
