FX.co ★ TSX Approaches Record High

Canada's S&P/TSX Composite Index climbed nearly 1% to above 35,000, nearing Monday’s record high and outperforming U.S. benchmarks, supported by gains in miners and major banks. Energy stocks retreated as markets weighed the credibility of a ceasefire between Lebanon and Israel, which could pave the way for an agreement between Iran and the United States. This development pushed bond yields lower and lifted gold prices, bolstering Toronto-listed mining shares. Agnico Eagle and Barrick each advanced more than 3%. Lower yields also provided some relief for banks, which have been grappling with elevated credit costs and higher loan-loss provisions. RBC, TD, and BMO rose by nearly 1%. Domestic labor market data due tomorrow are expected to be subdued, reinforcing expectations that the Bank of Canada will leave interest rates unchanged for the rest of the year.