12:14 PM EDT, 05/14/2025 (MT Newswires) -- The Toronto Stock Exchange, which was down 30 points in early trade, is up 23 points at midday.

Telecoms and energy are the biggest decliners, down 1.4% and 0.7%, respectively, followed by utilities, down 0.5%.

Industrials and info tech are both higher, up 1.3% and 0.5%, respectively.

Oil prices weakened following a report showing U.S. inventories unexpectedly rose last week, even as OPEC issued another optimistic outlook for demand growth this year. Gold traded at the lowest in a month despite a weaker dollar as the price of the precious metal consolidates under its April record high as investors move to risk assets and safe haven demand retreats.

BMO Economics in its morning note noted global equity markets were mixed on Wednesday "as the dust continues to settle on the temporary U.S.-China trade war truce in what was otherwise a relatively quiet overnight session".

Meanwhile, Robert Embree over at Rosenberg Research published a note entitled 'Geopolitics in Focus: Trade Progress With China Could Be a Mirage'.

In an Executive Summary, Embree said a close look at the U.S.-China trade war pause and the U.S.-U.K. trade framework suggests that neither one is as positive as the market reaction seems to be suggesting. "There looks to be little chance of a return to the low-tariff status quo, with 10%+ tariffs becoming the "new normal" for U.S. trading partners. Trump's latest moves on drug pricing have massive implications for that sector, and only increases the gap between Trump and the House Republicans."

Embree also noted the Premier of the Canadian province of Alberta, Danielle Smith, announced that there will be a referendum in 2026, which could include a vote on Albertan separation. "While we assess that such a vote is highly unlikely to go anywhere, it does increase regional tension and potentially create an opportunity for Donald Trump to insert himself into Canadian politics," Embree said, noting Alberta is the main source of Canadian oil and a major exporter to the United States.

Embree added: "More realistically, the pressure from Albertans could turn up the heat on Prime Minister Mark Carney to make real progress on the pipeline file, to show Alberta that the feds are committed to finding East-West ways of selling their oil. This would be a bullish outcome, but remember -- pipelines take years to build, so a 2026 policy change translates into a 2028 growth impact."