12:14 PM EDT, 10/14/2025 (MT Newswires) -- The Toronto Stock Exchange has surged 500 points higher, driven by strong gains in all sectors bar telecoms, which is down 1.2%, the sole decliner.

Miners, up 6.1%, is the biggest gainer.

The index lost a combined 650 points last Thursday and Friday.

BMO Economics in its morning note said equities were riding high for most of last week, until a late-week tightening of Chinese export controls on rare earth minerals. That prompted backlash from U.S. President Trump, who said "there now seems to be no reason to" meet President Xi as planned later this month and threatened a "massive increase" to China tariffs, prompting memories of triple-digit levies just a few months ago. Those memories quickly became a possibility when President Trump announced 100% tariffs on China starting November 1. But on Monday, the temperature seemed to get dialled back as U.S. Treasury Secretary Bessent said weekend discussions had "substantially de-escalated" tensions on both sides, and he believed the Trump-Xi meeting would end up taking place in South Korea after all. Even so, China announced sanctions against the U.S. subsidiaries of a South Korean shipbuilder, all while both sides impose fees on ships from each other at their ports. "So," BMO said, "here we are. On net, U.S-China relations are looking less stable than a week ago, port fees are up on both sides, and there's roughly a month to go until the lower tariffs expire."

Today in Canada, BMO noted, Bank of Canada Senior Deputy Governor Rogers will speak about productivity in Vancouver. Also today, the province of Newfoundland & Labrador goes to the polls.

In terms of data, the total value of building permits issued in Canada was down $139.2 million (-1.2%) to $11.6 billion in August, said the country's statistical agency Tuesday. August's decline was roughly in line with a 1.2% month-over-month consensus drop provided by MUFG.

In stocks, Almonty Industries (AII.TO) is up near 27% to an all-time high of $13.70, after announcing earlier today that t has filed a Notice of Application in the Ontario Superior Court against Pure Tungsten. The filing seeks injunctive relief to address false and misleading statements circulated by Pure Tungsten regarding Almonty, its Sangdong Mine, and the past involvement of Tiger Kim in Almonty.