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The S&P/TSX Composite Index was little changed around 36,500 on Tuesday amid a fresh round of earnings from the major banks. BMO (-0.4%) reported higher third-quarter profit, supported by strong results in its capital markets division. Scotiabank (+3%) also posted an increase in third-quarter earnings, aided by higher net interest income. National Bank (+0.3%) is scheduled to release results tomorrow, while RBC, TD Bank (+0.3%) and CIBC (+0.5%) are set to report on Thursday.
Investors also remained focused on US-Canada trade frictions after President Donald Trump on Monday threatened to raise US tariffs on all Canadian cars, trucks, and auto parts to 50% starting January 1, 2027. Even so, manufacturers recovered some ground after Monday’s sharp declines, with Magna International, BRP, and Linamar each advancing more than 0.5%.
Meanwhile, oil prices moved lower despite the latest US sanctions threat against Iran, pressuring energy shares. Canadian Natural and Suncor fell more than 1%, while Imperial Oil and Cenovus declined about 2%.
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