16.07.202620:59:33UTC+00TSX Falls as Miners and Banks Weigh

The S&P/TSX Composite Index slipped 0.2% to close at 35,340, dragged down by weakness in mining and banking stocks. Gold prices retreated even as mounting tensions in the Middle East drove oil prices higher, stoking concerns that persistent inflation could keep interest rates elevated for longer. Among miners, Agnico Eagle fell 3.6%, WPM declined 4%, and Barrick lost 3%. Financials also softened, with RBC down 0.8%, TD Bank off 0.7%, BMO lower by 0.5%, and Scotiabank down 0.7%. In contrast, energy shares outperformed on the back of stronger crude prices, led by a 1.5% gain in Tourmaline Oil. Elsewhere, TFI International surged 7.3% after a rating upgrade from Scotiabank. Investors also kept a close eye on USMCA developments after US Trade Representative Jamieson Greer said trade talks with Mexico were making progress, while negotiations with Canada remained stalled.