(Updates with morning prices)
By Sanchayaita Roy and Sukriti Gupta
April 29 (Reuters) - Canada's main stock index was
subdued in choppy trading on Tuesday, as cautious investors
moved on from the country's elections to focus on the potential
economic impact of a global trade war triggered by U.S.
President Donald Trump's tariffs.
Toronto Stock Exchange's S&P/TSX composite index
was down 0.02% at 24,796.55 points.
The market reaction was muted to Prime Minister Mark
Carney-led Liberals securing a victory without an outright
majority in Canada's parliamentary elections, which had centered
on Trump's tariffs on its northern neighbor.
"The elections aren't having much of an effect on stock
markets", said Allan Small, senior investment advisor at Allan
Small Financial Group with iA Private Wealth.
The election was closely watched for how it could shape
Canada's policy in the trade war with U.S., but now focus has
moved back to Trump's policies.
"Investors welcome clarity yet fear Trump's trade war
impacting Canada's economy," said Graham Priest, investment
advisor at BlueShore Financial.
On Tuesday, U.S. Treasury Secretary Scott Bessent predicted
that China could lose 10 million jobs quickly due to tariffs,
and added that the "onus" would be on Beijing, hitting hopes
that the world's two largest economies could make progress on
easing their escalating trade war.
Canada's auto parts suppliers may get a boost from U.S.
official's comments that Trump will sign an executive order on
Tuesday to soften the impact of his automotive tariffs.
On TSX, capped communication stocks led the
gains, up 1%, with BCE Inc ( BCEXF ) topping the index, with a
1.5% rise.
On the flip side, heavyweight energy shares fell
0.8%, as oil prices fell to near a two-week low.
Metal mining shares fell 0.3%, as gold prices
slipped on signs of easing tensions in the U.S.-China trade
dispute.
More economic data are on the radar this week, with
investors' focus on corporate earnings from many of the
magnificent seven companies of the world.