By Mike Keerma
Markets shrugged off trade tensions swirling around this week’s G7 meeting
in Quebec, as the main North American market indices advanced on the week.
Except for a net 7,500 job loss for the Canadian economy in May, the week
was light on significant economic data. Despite the decline, Toronto’s
benchmark equity index, the
S&P/TSX Composite, managed a gain of 1% on the week overall. Similarly, U.S. investors gave
little weight to trade hostilities between the U.S. and its main allies
Canada and Mexico, arising from President Trump’s imposition of tariffs on
steel and aluminum, as well as fractious NAFTA negotiations. Instead,
investors marked time ahead of next week’s rate announcement as the U.S.
Federal Reserve is widely expected to raise its federal funds rate a notch.
S&P 500 Composite Index advanced 1.6% on the week, while the tech-weighted
Nasdaq Composite Index gained 1.2%.
Crude oil edged back 0.2% on the week, while
gold ticked up 0.4%.
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