12:11 PM EDT, 03/14/2025 (MT Newswires) -- The Toronto Stock Exchange is up 308 points at midday, with most sectors higher.

The biggest gainers are miners and technology, both up 2.4%. Telecoms, down 1%, is the sole negative.

Oil prices rose early on Friday as Russia appeared to reject a U.S.-backed ceasefire in Ukraine, reducing the chance for the lifting of sanctions on Moscow and the full return of the country's oil to international markets. Also, gold traded at a record high early on Friday, rising above US$3,000 for the first time, as falling stock markets and global economic turmoil spurred by U.S. President Donald Trump's trade wars spur safe-haven buying.

But natural gas futures fell early on Friday as mild weather continues to slow demand despite a day-prior report showing a larger than expected drop in U.S. inventories of the fuel.

Here at home, Former Bank of Canada and Bank of England Governor Mark Carney has been sworn in as Canada's 24th prime minister today, taking over from Justin Trudeau and possibly creating an opening for the federal government to patch up its relationship with the United States and Donald Trump.

This comes after yesterday's meeting in Washington between Canadian and U.S. officials, including Commerce Secretary Howard Lutnick. Canadian officials have called the meeting positive, and the two sides will meet again next week. But U.S. President Trump is still saying he won't change his tariff plan.

Carney is reportedly planning his first official trip as PM, to the UK and France as Canada looks to finally strengthen its trade relations with Europe. Carney is also reportedly going to head a smaller cabinet of ministers than Trudeau did, as a sign of his laser focus on the U.S. tariffs threat to the Canadian economy.

Of note, global trade started 2025 on "stable ground", but "challenges are mounting", according to the latest Global Trade Update by UN Trade and Development (UNCTAD), covering data through early March. The report signals a shifting landscape. In 2024, world trade saw record expansion to US$33 trillion, up 3.7% from 2023, driven by developing economies and strong services trade. "But looking ahead, new risks loom, including trade imbalances, evolving policies, and geopolitical tensions," the report says.