financetom
World
financetom
/
World
/
CANADA STOCKS-TSX falls as metal mining shares, Shopify earnings weigh
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CANADA STOCKS-TSX falls as metal mining shares, Shopify earnings weigh
Feb 11, 2025 8:29 AM

(Updates with market opening prices)

By Ragini Mathur

Feb 11 (Reuters) - Canada's main stock index fell on

Tuesday, dragged by mining shares following new U.S. tariffs on

steel and aluminum, while Shopify's ( SHOP ) dour profit outlook weighed

on technology shares.

The S&P/TSX composite index was down 0.55% at

25,512.38.

U.S. President Donald Trump raised tariffs on steel and

aluminum imports on Monday to a flat 25% without exceptions,

risking escalation in global trade war, while also promising to

announce global reciprocal tariffs this week.

Canadian Prime Minister Justin Trudeau called the latest

tariffs "unacceptable" and stated that Canada would firmly

respond if necessary.

"Canada exports a lot of steel, aluminum to the United

States, so this is sort of another reescalation of the trade and

tariff wars that flared up a week or 10 days ago," said Brian

Madden, chief investment officer at First Avenue Investment

Counsel.

A majority of sub-sectors on the index fell, with materials

losing 1.3% on worries about a lower metal demand

outlook triggered by latest tariffs.

Shopify ( SHOP ) fell 4% after a downbeat first-quarter

profit outlook spooked investors, despite strong holiday-quarter

sales. The stock dragged the information technology

sector 1.7% lower.

Energy was a standout, adding 0.7%, continuing its

gains from the previous session as oil prices rose amid worries

over Russian and Iranian oil supply due to sanction threats.

Investors digested U.S. Federal Reserve Chair Jerome

Powell's testimony where he said the central bank is in no rush

to cut its short-term interest rate again given an economy that

is "strong overall", in remarks prepared for a Senate Banking

Committee hearing.

Market focus was also on U.S. inflation data, which is due

on Wednesday.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2025 - www.financetom.com All Rights Reserved