12:07 PM EST, 02/13/2025 (MT Newswires) -- The Toronto Stock Exchange is up 60 points at midday, with most sectors higher.

The biggest gainers are telecoms and technology, both up 1.7%, followed by energy, up 0.6%.

Oil prices fell to a seven-week low early on Thursday despite a boost to the International Energy Agency's 2025 demand-growth forecast as the prospect for an end to Russia's war on Ukraine eased a geopolitical risk premium in place for the past three years.

According to Thierry Wizman, Global FX & Rates Strategist at Macquarie, the 'silver lining' with the high U.S. CPI inflation print yesterday is that it "boxes in" U.S. President Donald Trump. He said inflation would make Trump less likely to tariff, insofar as tariffs (on top of already-high inflation) could take inflation to "politically unpalatable" levels. And, Wizman added, the Fed is also 'boxing in' Trump, by threatening to raise rates if tariffs raise inflation. "The message that traders are getting is that 'concessions and compromise' -- instead of tariffs -- may be the norm."

Meanwhile, Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics, said today's U.S. jobless claim data Initial were "a touch" lower than expected in the week ended Feb. 8, and while continued claims declined in the week ended Feb. 1, they remain elevated on a trend basis. She said the latest jobless claims data are consistent with a labor market characterized by low layoffs and a subdued pace of hiring. "Despite the low hiring rate, the Fed thinks the labor market is healthy enough to withstand a slower pace of rate cuts as inflation remains sticky. We now think the Fed will keep rates on hold for most of 2025 and look for only one rate cut this year, to come in December," she added.

Elsewhere, S&P Global Ratings published a report that discusses the potential impact of announced steel and aluminum tariffs for the U.S. economy and downstream users.

Currently, S&P's baseline U.S. economic forecast does not include President Trump's announced plans for a flat tariff of 25% on all U.S. imports of steel and aluminum. But S&P's early estimate finds that the direct impact on consumer prices and GDP would likely be modest -- less than a tenth of a percentage point, according to its article, "Announced Steel And Aluminum Tariffs Would Mean Little Change For U.S. GDP And Prices, Bigger Risks For Downstream Users," published today.

On the home front, nearly one in five (18%) Canadian small- and medium-sized businesses (SMEs) are experiencing cancelled or paused orders due to the ongoing uncertainty around the U.S.-Canada tariff situation, according to new data from the Canadian Federation of Independent Business.