FX.co ★ TSX Gives Up Record High

The S&P/TSX Composite Index experienced a slight decline of approximately 0.1% on Thursday, dipping below 27,390 points. This decrease marked a retreat from its recent record highs, largely due to downward pressures on Canada's commodities sector, despite an easing of trade tensions. Gold's traditional role as a safe haven diminished somewhat following the announcement of a tariff-cutting agreement by Japan and indications from EU envoys of progress towards a similar agreement. This development adversely affected major mining companies, including Agnico Eagle, Wheaton Precious Metals, Barrick, and Franco-Nevada, each seeing declines ranging from 0.9% to 1.7%. Meanwhile, Teck Resources, a leader in the base metals sector, saw its shares plummet by about 3.5% in response to disappointing second-quarter profit figures. Concurrently, energy firms like Cenovus experienced a roughly 4% drop, even as crude oil prices showed some resilience. On an economic note, preliminary figures from Statistics Canada suggested a potential recovery in retail sales, with an estimated increase of around 1.6% in June.