Here are six things you need to know this morning
Trading on the TSX resumes: Stock market trading will resume in Canada today, after pausing for the Canada Day holiday yesterday, and the S&P/TSX Composite Index will begin today’s session at 26,857 points. It is now up more than 8.5 per cent so far this year. U.S. stocks, meanwhile, did trade yesterday, and futures contracts on the three main U.S. stock indices were mainly higher this morning.
First shipment of Canadian LNG on its way to Asia: The first shipment of Canadian liquified natural gas (LNG) is now on an ocean-going vessel, on its way from Kitimat, British Columbia to buyers in Asia. The LNG Canada plant near Kitimat was under development for about seven years and includes the Haisla First Nation as one of its joint-venture partners. Shell, the global oil and gas giant, owns 40 per cent of the facility. Prime Minister Mark Carney said: “Canada has what the world needs. With LNG Canada’s first shipment to Asia, Canada is exporting its energy to reliable partners, diversifying trade, and reducing global emissions, all in partnership with Indigenous peoples.”
Bombardier announces US$1.7B aircraft sale: Bombardier said late Monday that it has agreed to sell 50 of its aircraft to a new, unnamed, buyer. The sales will be worth US$1.7 billion. Bombardier makes business jets under the Challenger and Global banners, and the sales in this deal are expected to begin in 2027. Shares of Bombardier have surged higher by 45 per cent since early May and closed on Monday at $118.64 per share. That’s the highest share price since early October of 2018.
Monitoring the loonie: The Canadian dollar traded at 73.3 cents U.S. this morning. The loonie is now up 6.6 per cent versus the U.S. dollar since Jan. 31, when it traded at just 68.8 cents U.S. Currency experts say weakness in the U.S. dollar is the main driver of Canadian dollar strength versus the Greenback. The U.S. dollar, they say, has weakened because of concern over the economic consequences of U.S. trade policies, a deteriorating fiscal outlook and expectations that the U.S. Federal Reserve Board will soon cut interest rates.
Crude oil prices rise: The price of West Texas Intermediate crude oil was up 1.25 per cent this morning to US$66.26 per barrel. There is lots of key oil market news coming in the days ahead: new U.S. supply data today, a U.S. jobs report tomorrow and an OPEC+ meeting on the weekend.
Price of gold rises: The price of gold traded in the New York futures market rose this morning to US$3,353 and change. Gold markets have their eyes on U.S. President Donald Trump’s multi-trillion-dollar tax bill, which has now been passed by the U.S. Senate and is on its way to the U.S. House of Representatives. If passed, the legislation would widen the U.S. fiscal deficit to $3.3 trillion over the next decade and traders say that could boost gold’s appeal as a safe haven asset.
