Markets in Canada’s largest centre opened higher on Tuesday, signaling a recovery after Friday's sharp decline due to renewed U.S.-China tensions that triggered profit-taking across the market.
The TSX regrouped 221.38 points, to begin a shortened week at 30,072.27.
The Canadian dollar skidded 0.07 cents at 71.15 cents.
Markets in Canada were closed Monday for Thanksgiving.
In corporate developments, investment firm Brookfield said on Monday it would buy the remaining 26% stake in U.S.-based asset manager Oaktree Capital Management for about $3 billion.
Brookfield shares $2.15, or 2.8%, to $79.26.
Bombardier added a new order from Comlux Aviation for its Global 8000 business jet to its backlog, the Canadian plane maker announced on Monday.
Bombardier acquired $1.67 to $191.68.
On matters economic, Statistics Canada reported in August, the total value of building permits issued in Canada was down $139.2 million (-1.2%) to $11.6 billion.
ON BAYSTREET
The TSX Venture Exchange surged 15.56 points, or 1.6%, to 996.33.
All but one of the 12 TSX subgroups were higher in the first hour Tuesday, led by gold, shinier 4.4%, materials, stronger 3.1%, and utilities, improving 1.1%.
Only energy missed the party, down 0.3%.
ON WALLSTREET
Stocks fell Tuesday, resuming the selling seen late last week, as trade worries were reignited overnight by China.
The Dow Jones Industrial Index stumbled 302.39 points, or 1.9%, to close the week at 45,765.19
The S&P 500 index sank 51.54 points to 6,603.18
The tech-heavy NASDAQ withered 295.74 points, or 1.3%, to 22,398.87
The selling was led by the AI shares that have driven the bull market, but also were the biggest losers during Friday’s rout. Nvidia lost nearly 4%. Tesla shed 3.8% and Oracle lost 4.3%.
Tuesday’s moves came despite the release of mostly solid quarterly results. J&J, JPMorgan Chase and Wells Fargo all reported earnings that beat analyst expectations. Goldman Sachs also topped estimates.
After curbing rare earth exports to the U.S., China moved to tighten its grip on global shipping.
China imposed sanctions on five of South Korea’s Hanwha Ocean’s U.S. subsidiaries. This will forbid organizations and individuals in China from doing business with the affected companies.
The move, the Chinese government said, aims at strengthening China’s security.
U.S. Treasury secretary Scott Bessent said Monday to the Financial Times that China’s recent action signals its economic weakness, add
Prices for the 10-year Treasury took off Tuesday, lowering yields to 4.04% from Monday’s 4.03%. Treasury prices and yields move in opposite directions.
Oil prices deleted $1.23 to $58.26 U.S. a barrel.
Gold prices took on $12.00 to $4,145.60 U.S. an ounce.
