Canada's TSX index surpasses the 35,000-point mark, with gold and energy sectors leading the gains; tariff impact is eased due to limited scope of exemptions

⑴ The S&P/TSX Composite Index edged slightly higher on Tuesday and closed above 35,000 points, as market sentiment was boosted by expectations that tensions in the Middle East could ease through diplomatic means. According to reports, Iran is considering a 10-day ceasefire proposal put forward by mediators, paving the way to end the conflict. ⑵ Gold prices rose on this news, with the mining sector performing strongly; multiple gold miners saw gains of 2% to more than 3%. Crude oil prices remained high, continuing to support energy stocks, with several major oil companies posting gains of over 1%. ⑶ The financial sector was mostly flat against the backdrop of geopolitical and inflationary pressures. Although the US President announced a 50% tariff on large numbers of Canadian imports, major export categories such as energy, potash, and critical minerals were exempted, while cars and steel were excluded due to already being subject to separate tariffs. Market concerns over the actual impact on trade have thus eased.