CANADA STOCKS-TSX hits record high on boost from Thomson Reuters and tech shares
By Fergal Smith
July 14 (Reuters) - Canada's main stock index rose on Monday to a record high, with shares of Thomson Reuters and technology companies leading broad-based gains as investors focused on upcoming corporate earnings rather than the latest U.S. tariff threats.
The S&P/TSX composite index .GSPTSE ended up 175.60 points, or 0.7%, at 27,198.85, eclipsing Thursday's record closing high.
The European Union accused the U.S. of resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached to avoid the punishing tariffs President Donald Trump has threatened to impose starting August 1.
Investors have accepted that there will be some level of U.S. tariffs but expect the duties will not be as severe as proposed, said Sadiq Adatia, chief investment officer, BMO Asset Management.
"The market is just going to back to pure fundamentals of what's going on globally and particularly what's going on in the U.S., where the economy is still moving in the right direction," Adatia said. "Employment seems to be okay, we're getting into earnings season with a lot of optimism potentially popping through and there's still probability-wise rate cuts that are expected to happen soon."
Wall Street's banking heavyweights are set to report on Tuesday, kicking off second-quarter earnings season.
Canadian consumer price index data for June is also due on Tuesday, which could guide expectations for the Bank of Canada interest rate decision at the end of the month.
Shares of Thomson Reuters Corp TRI.TO jumped 7.7% to hit a record high, with analysts pointing to potential inclusion of the company in the Nasdaq 100 <.NDX> index.
The industrials sector .GSPTTIN was up 0.9% and technology .SPTTTK added 1.9%, helped by a gain of 4.3% for e-commerce company Shopify Inc SHOP.TO.
Consumer staples .GSPTTCS rose 0.7% and real estate .GSPTTRE ended 0.8% higher.
Of 10 major sectors only energy ended lower. It lost 0.2% as the price of oil CLc1 fell 2.3% to $66.91 a barrel.
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