Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Investing

Canadian Markets Steady Amid Trump Tariff Speculation and Renewed Greenland Interest

by admin January 10, 2025
January 10, 2025
Canadian Markets Steady Amid Trump Tariff Speculation and Renewed Greenland Interest

Canada’s main stock index gained on Wednesday (January 8), driven by strength in tech and mining stocks.

Investors continue to weigh the impact of potential US trade policy changes under President-elect Donald Trump, as well as his renewed interest in taking ownership of Greenland, an idea he first raised in 2019.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed at 25,049.66, recovering from two consecutive sessions of losses following Justin Trudeau’s resignation as Canadian prime minister on Monday (January 6).

According to CNN, Trump is reportedly considering declaring a national economic emergency so that he can impose widespread tariffs under the International Emergency Economic Powers Act (IEEPA).

The tech sector led gains in Canada, rising 1.8 percent after sharp losses earlier in the week. Mining stocks also supported the index, with the materials group adding 1.7 percent as gold and copper prices strengthened. The sector’s performance was bolstered by expectations that a weaker US dollar could make commodities more attractive globally.

On the other hand, some Canadian exporters and manufacturers remain cautious about the possible tariffs. Concerns have been raised about how universal tariffs might affect industries reliant on cross-border trade with the US.

Market watchers anticipate Trump turmoil

In the US, major indexes continued to rally, led by gains in large-cap tech stocks.

The S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC) both advanced on Wednesday, reflecting investor optimism despite speculation around Trump’s tariff plans.

The US dollar’s weakness, reversing its recent surge, was another key factor driving gains in equities.

Trump’s actions are drawing comparisons to his first term, when abrupt policy announcements frequently impacted global markets. In 2019, the president-elect invoked IEEPA to threaten tariffs on Mexican imports; however, the move was later withdrawn following a bilateral agreement on immigration measures.

Commodities prices broadly saw gains as the US dollar weakened. For its part, the Canadian dollar remained relatively steady, benefiting from higher commodities prices, but tempered by broader market caution.

Oil prices, however, remained under pressure, with concerns about global demand overshadowing temporary gains in other asset classes. Energy stocks in Canada showed mixed performances.

Trump’s renewed interest in Greenland

As mentioned, markets are also fluctuating in part due to Trump’s renewed interest in Greenland.

In addition to his comments, Donald Trump Jr.’s visit to Greenland this week, described as a personal trip, has drawn attention to the island’s strategic location and resources, including rare earths.

While both Greenland and Denmark have dismissed the possibility of a sale, US interest in Greenland continues to make headlines, particularly regarding its importance for defense and natural resource availability.

Greenland is an autonomous territory of Denmark, and the country’s foreign minister has said Greenland has the right to pursue independence if its residents choose; even so, he rejected the idea that it could become a US state.

The implications of these events were felt as far away as Australia, where shares of ASX-listed Energy Transition Minerals (ASX:ETM,OTC Pink:GDLNF) soared by 36 percent. The company, which owns the Kvanefjeld rare earths project in Southern Greenland, has positioned itself as a player in the global green energy transition.

Trump’s comments have added new momentum to discussions about Greenland’s resource potential, even as the territory remains firm on its stance that it is ‘not for sale.’

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Dockworkers union, port companies reach tentative 6-year deal
next post
Nova Minerals Converts Debt Facility, Plans Work at Alaska Gold-Antimony Project

Related Posts

Hertz Lithium Inc. Announces Agreement to Acquire Canuck...

October 4, 2023

Toro Energy Limited (ASX: TOE) – Trading Halt

January 22, 2024

Brien Lundin: Gold Stocks Due for Takeoff, Get...

March 8, 2024

Gerardo Del Real: I Still Love Lithium and...

November 17, 2023

Europe’s Push For EV Rides The Way For...

March 13, 2024

‘Lighthorse’ Gold Discovery at Pinjin: Thick, High-grade Gold...

February 10, 2025

Critical Metals Corp. Completes Business Combination

March 1, 2024

Appia Announces Appointment of Mr. Andre Costa as...

April 24, 2024

Kameelburg Niobium Assays Reveal up to 9.03% Nb2O5

December 27, 2023

Ben Finegold: Uranium’s New Paradigm — Market Dynamics...

June 3, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Top 10 Uranium-producing Countries (Updated 2024)

      April 18, 2024
    • 4

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 5

      Top 9 Nickel-producing Countries (Updated 2024)

      April 23, 2024
    • 6

      Australian abolitionist, Grace Forrest, receives coveted ‘Freedom from Fear’ award

      April 13, 2024
    • 7

      LME Sanctions on Russian Metal Push Copper, Nickel and Aluminum Prices Higher

      April 17, 2024

    Categories

    • Business (1,028)
    • Investing (2,046)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,347)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved