Canada Stocks-TSX rises boosted by miners as choppy week ends
EWC•TSX closes higher as miners lift materials
Canada's main stock index rose on Friday, led by mining stocks as gold rallied, while investors weighed lingering strains in global bond markets and a looming U.S.-Canada tariff deadline.
The S&P/TSX Composite Index .GSPTSE gained 0.7% to 36,620.23 points. The index recorded a 0.3% weekly loss.
The materials sector .GSPTTMT led the gains with a 2.9% rise, as gold prices rallied against a dollar weakened by the U.S. Treasury's bond buyback move.
Trade talks and rates outlook remain in focus
On the trade front, top trade negotiators from Canada and the U.S. met for the third day running in Washington to try to finalize a trade deal before threatened new American tariffs come into effect on Saturday.
"Canadian investors are optimistic that if we get a trade deal, combined with strong economic data, the Canadian economy will do well. But the trade (uncertainty) is a bit of an overhang," said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James.
U.S. Treasury yields resumed their climb after Wednesday's surprise Treasury intervention delivered barely a day's relief from selling tied to inflation and fiscal concerns.
Money markets expect the Bank of Canada to keep interest rates unchanged at its next meeting, while pricing in a nearly 47% chance of a rate hike in December, LSEG data showed.
Financials, energy and retail sales support sentiment
Heavyweight financial stocks .SPTTFS also climbed 0.3%, ahead of bank earnings next week. Energy stocks gained 0.5%.
