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Headlines, not earnings, drove markets on Tuesday. The day began with the Democrats announcing two articles of impeachment against Trump, charging him with abuse of power and obstruction of Congress. The charges now go to the Senate which may or may not let Trump off the hook. Hours later in Mexico City, Canada, Mexico and the U.S. finally signed the USMCA trade deal, which now replaces NAFTA, following months of intense and often rancorous negotiation.
Despite this milestone, markets in Canada and America barely moved, though Mexico’s ticked up 1.7%. Instead, American investors were nervous over the December 15 deadline when Washington threatens to impose new tariffs on Chinese goods. The decision lies with Trump, and between now and then, he and his inner circle will deliberate on whether to go ahead with those tariffs, measures that would be unwelcome in the U.S. as well as China. New York markets wobbled and finished slightly negative. Speaking of political messes, the latest polls show that the Tory lead over Labour has shrunk before the U.K. votes at Thursday’s election that would impact Brexit.
The TSX closed flat, with tech and telcos losing ground, but energy and materials up. Big gainers included Crescent Point Energy, Teranga Gold and Hudbay Minerals.
🛢 Crescent Point Energy Corp +4.62%
🥇 Teranga Gold +9.95%
⛏ Hudbay Minerals Inc. +3.65%
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