FX.co ★ TSX Aims at Fresh Record High

The S&P/TSX Composite Index advanced by 0.5%, surpassing the 26,450 mark on Friday and approaching new record highs. This movement came as investors evaluated recent developments in the trade tensions alongside updated labor market data. A promising phone conversation between Xi Jinping and Donald Trump on Thursday lifted hopes for reduced tensions between Washington and Beijing. This optimism came as concerns lessened that U.S. tariffs on steel and aluminum might adversely impact Canadian exports. This followed Ottawa's announcement of "intensive and live" discussions with Washington aimed at securing exemptions for its metals sector. Domestically, Statistics Canada's report for May revealed a modest increase of 8,800 new jobs and an unemployment rate rising to 7%, underscoring ongoing challenges in the manufacturing labor market. Leading the gains, e-commerce giant Shopify saw its shares increase by approximately 3%, while energy sector leaders such as Canadian Natural, Suncor, Imperial Oil, and Cenovus recorded gains ranging from 0.9% to 1.6%. For the week, the TSX was on track to achieve an increase of over 1%.