TSX inches higher as Carney-Trump communications feed investor optimism
TSX ends up 0.1% at 26,342.29
Trade deficit hits an all-time high in April
Energy rises 0.5% as oil settles 0.8% higher
Descartes Systems Group tumbles 12.1%
June 5 - Canada's main stock index edged higher on Thursday as higher oil prices boosted energy shares and investors assessed prospects of Canada reaching a trade deal with the United States.
The Toronto Stock Exchange's S&P/TSX composite index ended up 13.29 points, or 0.1%, at 26,342.29, staying within reach of the record closing high it posted on Tuesday.
Canadian Prime Minister Mark Carney and U.S. President Donald Trump are in direct communication as part of Ottawa's bid to persuade Washington to lift tariffs, Industry Minister Melanie Joly said.
"We're still cautiously optimistic that the TSX finishes at 27,000 for the year," said Jay Bala, co-founder and senior portfolio manager at AIP Asset Management.
"I do think that Mark Carney is going to have a better relationship with the Donald Trumps of the world and I think he'll get a deal done ... it makes sense for both countries to get a deal done."
Canada is a major destination for U.S. goods, while it sends 75% of its exports south of the border. U.S. tariffs hurt demand for Canadian goods in April, which contributed to the Canadian trade deficit widening to an all-time high of C$7.1 billion .
The energy sector rose 0.5% as the price of oil settled 0.8% higher at $63.37 a barrel on optimism about U.S.-China trade talks.
The materials group, which includes metal mining shares, was up 0.4% as copper prices climbed.
Technology was a drag, falling 1.1%, with shares of Descartes Systems Group Inc down 12.1% after the application software company's first-quarter results missed estimates.
This article was generated from an automated news agency feed without modifications to text.
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The Wire
27 minutes ago
- The Wire
India Did Go to the G7, But It is Still Alarmingly Isolated in the World
Now that the G7 summit is done and dusted, we may try to assess whether it has helped India break its disastrous isolation that Operation Sindoor revealed. , prime minister Narendra Modi did get a last-minute invitation to join the G7, but not as a participant – only as an observer. There was jubilation among his lesser-informed fans, fanned also by his multi-million rupee IT cells and the enthralled majority in Indian media. The narrative was that he is too important not to be invited and that India is not isolated, or never was. It is, was and continues to remain the Vishwaguru. Facts, unfortunately, speak otherwise and the drift is just too stark, even for jaundiced eyes to miss. History will surely contrast India's current isolation with the post-colonial decades (1940s to 1960s), when Jawaharlal Nehru and India strode like a colossus among the newly liberated nations. Her draconian Emergency notwithstanding, Indira Gandhi will never be forgotten for giving India its finest hour in 1971 by dismembering Pakistan and forcing 93,000 troops to surrender in Dhaka. These are the stuff of legends – however much we dispute, denigrate or deny. The present 'hyphenation' of India with Pakistan, an almost failed state, is a deliberate insult inflicted on Modi's India to cut to a realistic size and to taunt a drum-beaten narrative that we are almost a superpower. True, India's self respect was salvaged when PM Modi was invited by the new Canadian prime minister, Mark Carney – of Harvard and Oxford, former Governor of the Bank of Canada and then of England, overrode objections from cantankerous Sikh separatists. But to what effect? America, the very fulcrum of G7, disappeared from the scene after Trump gave just a sneering glance and left – to avoid the overtures of the European heads, keen to catch his ear, to drill some sense. Not only could Modi not hug his dear Donald for photo ops, but he had to gulp the ignominy of watching the big man wine and dine his bête noire, the dreadful de facto ruler of Pakistan, Field Marshal Asim Munir. This lunch may have been offered to distance him from Iran, but now that the wily soldier has declared publicly that Trump must get the Nobel Prize for peace, the blonde man is just swooning. All of Modi's efforts to woo him with delirious Indian crowds screaming ' Abki baar, ' at Houston's 'Howdy, Modi' bash has gone down the drain. The bells have been clanging quite cacophonously for India – when, after hyphenating and equating Pak with India, the west-dominated the UN Security Council went a step forward to torpedo India's righteous indignation at Pakistan sponsored terrorism that killed 26 innocents at Pahalgam. India's screams notwithstanding, the UN Security Council declared Munir's Pakistan to be the vice chair of the committee to combat terrorism. "Friend" Russia looked on, with a smirk, as India's recent track record of running with the hare and hunting with the hounds backfired. It hurts all of us and more tragic is the fact that even after two full months, India could neither produce evidence before the international community. Nor could it enforce 'accountability at the highest levels' for the "intelligence failure" at Pahalgam that India's former Army chief, General Shankar Roychowdhury, had openly declared and . The UN Security Council also appointed Pakistan as chair of the Taliban sanctions committee. This is not only ironic, but a repayment with compound interest. In fact, Human Rights Watch, an international organisation that 'new' India reviles for its constant criticism of India's track record over the last 11 years, had boldly recorded Pakistani involvement with the Taliban, long ago. It said: 'Pakistan's army and intelligence services, principally the Inter-Services Intelligence Directorate (ISI), contribute to making the Taliban a highly effective military force'. But, since then, much water has flowed down the Indus, on which India has no tap, despite our current bluster to stop water. We chose not to hear these bells and blame it all on the Trump family's commercial interest in World Liberty Financial's new deal with Pakistan – to make it 'the crypto capital of South Asia" and a "global leader in the digital finance revolution." Back to our theme that India is completely isolated, especially after Operation Sindoor, we sifted through every phrase uttered at the pined-for G7 summit but could find not a word of support for India's justified war on terror. Even the Pahalgam attack was taken up by G7 only after India launched its operation against Pakistan. On the third day of the furious battle of aircrafts, missiles and drones (with no boots on the ground), the G7 did wake to 'strongly condemn the egregious terrorist attack in Pahalgam on April 22' without pointing fingers. But G7's chief focus was to 'urge maximum restraint from both India and Pakistan' (note how both are equated) and to 'call for immediate de-escalation and …engage in direct dialogue towards a peaceful outcome.' This is when the calculated blunderbuss Trump walked in to claim he pulled apart the two fighting children. To drive home USA's infatuation with Pakistan, the US Central Command chief General Michael Kurilla said that America appreciates Munir's cooperation against the Islamic State Khorasan Province (IS‑KP). At the G7 Summit, nations waited for Trump to ramp up pressure on Russia and the Group was ready to lower the price cap on Russian oil from $ 60 to $ 45 dollars per barrel. This would drastically decrease Russia's oil revenues that financed its war in Ukraine. Not only did Trump veto the proposal (rewarding Putin) but he expressed his undisguised annoyance at G7 for dropping Russia from the original G8. Those Indian GDP enthusiasts who swear that high GDP means world power may note that Russia figures nowhere in the list of top 10 GDP countries. These consist of the G7 ones and China, India and Brazil. So, India's fourth GDP rank counts for so little in the Game of Thrones. Salt on wounds do not seem to stop as Trump is even reported to have suggested inclusion of China into a new G9. Wasn't he at Xi Jinping's throat – until the latter kicked his anatomy where it hurts the most? India's foreign office must surely have noted Trump's penchant for kissing those who behave the worst. Remember how passionately he had wooed the terribly unreliable Kim Jongun of North Korea? But not even mentioning India to expand it to G 10 is a diabolical outrage, meant to wake us up to play rugger the way he does. Incidentally, this G7 summit was among the rarest – from which no joint communique could be issued – so fragmented are the big boys. It is time for India to assiduously befriend just two of the European four and try to strengthen positive relations with Japan to the next level. If China and Türkiye can stand rock-like behind Pakistan, India can not be so hopelessly isolated that not one major country comes out boldly, as an all-weather friend. Well, PM Modi did get a day's rest in Canada when the leaders of G7 huddled together, without the other 'invitees'. He figured not in the actual G7 photo, but in that of the extended group – standing somewhere on the second row, looking lost as others were busy networking. It goes, however, to a dignified, erudite Canadian PM's credit that he kept the few handful of Sikh agitators at bay and took positive steps to normalise relations with India. And, surely, PM Modi must have held bilateral talks with most – and one sincerely hopes that they begin to matter. After all, his visit to a record total of 74 countries so far could not persuade even one country– even Guyana or Fiji or Papua New Guinea would do, to begin with – to come out and say that they condemn Pakistan's terrorists and support India's retaliation. Also read: Rousing Rhetoric for Diaspora, Tourist Spot Visits, Courting Domestic Voter Base: What MPs Did Abroad The hyper-publicised seven 'all party' delegations are back home after visiting 32 countries. My former colleagues in parliament must all be tired. But the 31 political leaders from the ruling National Democratic Alliance (NDA) must now be happy that Modi has finally cast his benevolent gaze at them – after excluding most, for years together, from either importance or power. The 20 politicians from 'other parties' are also grateful for this unique world tour and one of them weaponised it against the detractors in his party. Fine, but it is doubtful if even one of the 32 countries visited would stand up for India. But politics is politics and neither performance nor results matter – something else does. That's why I left it. We have taken the PM and his prickly, ultra-pontificating foreign minister to task in the earlier piece for landing us in such a friendless world. But we also have to admit that there is surely a strong malicious tinge in this west's disaffirmation of India's indisputable economic elevation. India's manufactured superpower narrative is also hot air, because economic growth is only one factor. History shows that no nation has ever been conferred a place on the high table without facing initial scorn, condescension and trial by fire. England, for instance, was just pooh-poohed as a nation of shopkeepers until Poseidon (or Varun) intervened with unruly storms in 1588, for Francis Drake to defeat the invincible Spanish Armada. But, England continued to face ridicule from the continental powers that dominated land warfare and its conquests in India and elsewhere attributed to a cocktail of fluke and bribery. It was only after Wellington managed to defeat Napoleon at Waterloo in 1815, with dollops of timely assistance from Field Marshal Blucher and his merciless Prussian cavalry that England mattered. If we look intently at each one of the other nations of G7, we will understand how much blood and gore they have gone through in the past centuries. In fact, the dropped-out eighth nation, Russia, alone has witnessed more death and devastation than any other country. What is more relevant is that the entire population of these nations was involved and every village lost her sons. There was, therefore, no time for pampered citizens to indulge in warmongering from air-conditioned homes. Those mercenary TV anchors who won imaginary victories in Pakistan (and their counterparts there) have brought shame to the profession and are now a laughing stock among informed global citizens. India's isolation is a current reality and while we break out of it with all we have in us, we must also realise that 'demeaning an upstart' is left-handed recognition. The rest of the nation's journey up is long, perilous and, hopefully, less violent. Jawhar Sircar is a former Rajya Sabha MP of the Trinamool Congress. He was earlier Secretary, Government of India, and CEO of Prasar Bharati.
Time of India
31 minutes ago
- Time of India
Banks are financing their own multitrillion-dollar nightmare
If you come home early from vacation and find robbers ransacking your house, you could call the police and try to stop the crime. But the true alpha move would be to help the robbers load your valuables onto the truck and then tell them which of your neighbors are also on vacation in exchange for a cut of the profits. Banks are choosing the alpha option, basically abetting theft from themselves by backing new projects to extract and burn fossil fuels, thus stoking the planetary heating that stunts economic growth and their own insurance and mortgage businesses. Of course, these financial companies do get a cut of the short-term profits from this environmental sabotage. And by abandoning the pretense of siding with the climate, they avoid political blowback from a US government that has declared war on it. But the long-term result will be a global economy trillions of dollars poorer and far less stable, impoverishing just about everyone, including the banks. The world's 65 biggest banks delivered $869.4 billion in financing to fossil-fuel companies last year, up $162.5 billion from 2023, according to a new report by the Rainforest Action Network, the Sierra Club, and several other nonprofit groups. Banks have funneled $7.9 trillion in loans and underwriting to these polluting industries since the Paris climate accords took effect in 2016, by the report's measure. This doesn't include any investments by banks' asset-management units, which amount to hundreds of billions of dollars more. Bloomberg Last year's financing surge reversed two years of declines and coincided with a turn of political sentiment against 'woke' environmental, social and governance considerations in business. Climate actions drew some of the harshest attacks, with President Donald Trump and other conservatives blaming them for rising energy prices. Such claims helped Trump win a second term. On his first day in office, he declared that his predecessor's foolish concern for the climate had created a 'national energy emergency' that hurt Americans' finances. His prescription has been to attack any public or private activity meant to slow the burning of fossil fuels. Live Events Banks saw the direction that the wind was blowing and quickly changed tack. The biggest immediately quit the Net Zero Banking Alliance, a group that vows to help eliminate greenhouse-gas emissions by 2050. They claim to still have their own goals for curbing emissions, but they've apparently given up trying to make their actions match their words. To meet the Paris Agreement 's rapidly fading stretch goal of holding global heating to 1.5 degrees Celsius above preindustrial averages, energy financing should favor green projects over fossil fuels by a 4-to-1 ratio, according to BloombergNEF. In 2023, the latest data available, the ratio was just 0.89-to-1. Boosting fossil-fuel financing last year probably didn't move that ratio in the right direction. Bloomberg Meanwhile, the economic damage caused by a heating planet keeps mounting. Global climate-related costs — including insured and uninsured losses, government relief spending and higher insurance premiums — have topped $18.5 trillion since January 2000, Bloomberg Intelligence estimated recently. The US alone accounted for $7.7 trillion of the damage, or 36% of its growth in gross domestic product over that stretch. In just the 12 months through April, US climate-related costs totaled nearly $1 trillion, BI said, roughly matching bank financing for fossil fuels during that time. You might argue economic activity is economic activity, that building a house is basically the same as rebuilding a house, that government disaster relief is no different from any other flavor of government spending. But simply responding to disasters again and again is no way to grow an economy. Money spent to rebuild houses, bridges and roads is money not spent on college educations, better infrastructure or other productivity-boosting measures. It steals growth from the future. A National Bureau of Economic Research paper last fall estimated that a planet hotter by 3C — its current trajectory — would have a GDP that was smaller by more than a third. A study last week from the University of Maryland's School of Public Policy found that a complete rollback of the Inflation Reduction Act's climate measures, something Trump and congressional Republicans have been working hard to do, would shave $1.1 trillion from US GDP alone over the next decade. It would also kill 22,800 Americans, take $160 billion from American incomes and cause the average home's energy bill to be $206 higher. Talk about an emergency. But if you need a more immediate climate threat to finance profits to be convinced, you can already see one in the growing crisis in home insurance. Every new wildfire, flood, tornado and hurricane exposes just how underinsured and underprepared Americans are for such disasters, putting possibly $2 trillion in home valuations at risk. Given the political reality, it's understandable for banks to speak softly about protecting the planet and their own future profits. Helping fossil fuels build an even bigger stick with which to beat them makes much less sense.
Economic Times
32 minutes ago
- Economic Times
Banks are financing their own multitrillion-dollar nightmare
Bloomberg Live Events Bloomberg (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel If you come home early from vacation and find robbers ransacking your house, you could call the police and try to stop the crime. But the true alpha move would be to help the robbers load your valuables onto the truck and then tell them which of your neighbors are also on vacation in exchange for a cut of the are choosing the alpha option, basically abetting theft from themselves by backing new projects to extract and burn fossil fuels, thus stoking the planetary heating that stunts economic growth and their own insurance and mortgage businesses. Of course, these financial companies do get a cut of the short-term profits from this environmental sabotage. And by abandoning the pretense of siding with the climate, they avoid political blowback from a US government that has declared war on it. But the long-term result will be a global economy trillions of dollars poorer and far less stable, impoverishing just about everyone, including the world's 65 biggest banks delivered $869.4 billion in financing to fossil-fuel companies last year, up $162.5 billion from 2023, according to a new report by the Rainforest Action Network, the Sierra Club, and several other nonprofit groups. Banks have funneled $7.9 trillion in loans and underwriting to these polluting industries since the Paris climate accords took effect in 2016, by the report's measure. This doesn't include any investments by banks' asset-management units, which amount to hundreds of billions of dollars year's financing surge reversed two years of declines and coincided with a turn of political sentiment against 'woke' environmental, social and governance considerations in business. Climate actions drew some of the harshest attacks, with President Donald Trump and other conservatives blaming them for rising energy prices. Such claims helped Trump win a second term. On his first day in office, he declared that his predecessor's foolish concern for the climate had created a 'national energy emergency' that hurt Americans' finances. His prescription has been to attack any public or private activity meant to slow the burning of fossil saw the direction that the wind was blowing and quickly changed tack. The biggest immediately quit the Net Zero Banking Alliance, a group that vows to help eliminate greenhouse-gas emissions by 2050. They claim to still have their own goals for curbing emissions, but they've apparently given up trying to make their actions match their meet the Paris Agreement 's rapidly fading stretch goal of holding global heating to 1.5 degrees Celsius above preindustrial averages, energy financing should favor green projects over fossil fuels by a 4-to-1 ratio, according to BloombergNEF. In 2023, the latest data available, the ratio was just 0.89-to-1. Boosting fossil-fuel financing last year probably didn't move that ratio in the right the economic damage caused by a heating planet keeps mounting. Global climate-related costs — including insured and uninsured losses, government relief spending and higher insurance premiums — have topped $18.5 trillion since January 2000, Bloomberg Intelligence estimated recently. The US alone accounted for $7.7 trillion of the damage, or 36% of its growth in gross domestic product over that stretch. In just the 12 months through April, US climate-related costs totaled nearly $1 trillion, BI said, roughly matching bank financing for fossil fuels during that might argue economic activity is economic activity, that building a house is basically the same as rebuilding a house, that government disaster relief is no different from any other flavor of government spending. But simply responding to disasters again and again is no way to grow an economy. Money spent to rebuild houses, bridges and roads is money not spent on college educations, better infrastructure or other productivity-boosting measures. It steals growth from the future.A National Bureau of Economic Research paper last fall estimated that a planet hotter by 3C — its current trajectory — would have a GDP that was smaller by more than a third. A study last week from the University of Maryland's School of Public Policy found that a complete rollback of the Inflation Reduction Act's climate measures, something Trump and congressional Republicans have been working hard to do, would shave $1.1 trillion from US GDP alone over the next decade. It would also kill 22,800 Americans, take $160 billion from American incomes and cause the average home's energy bill to be $206 higher. Talk about an if you need a more immediate climate threat to finance profits to be convinced, you can already see one in the growing crisis in home insurance. Every new wildfire, flood, tornado and hurricane exposes just how underinsured and underprepared Americans are for such disasters, putting possibly $2 trillion in home valuations at the political reality, it's understandable for banks to speak softly about protecting the planet and their own future profits. Helping fossil fuels build an even bigger stick with which to beat them makes much less sense.
