Canadian Stocks Rise Despite Political Uncertainty

Canada's main stock index rose on Tuesday, boosted by mining and energy shares, as investors weighed domestic data and anticipated political shifts following Prime Minister Justin Trudeau's resignation announcement. A report showed Canadian economic activity expanded at its fastest pace in five months in December, driven by employment and inventory growth. Meanwhile, trade figures revealed a ninth consecutive monthly trade deficit in November, albeit smaller than anticipated.

This market movement follows Trudeau's declaration of his departure within the coming months after nine years in office. Analysts suggest markets will be highly sensitive to news as valuations remain elevated. Additionally, U.S. President-elect Donald Trump's inauguration on January 20 looms, with his threats of substantial tariffs on Canada adding to investor uncertainty. The materials sector gained nearly 2% as a weaker U.S. dollar propelled gold prices 1% higher. The energy sector also rose 1.6% on the day, reversing early declines in oil prices. However, the information technology sector declined 1.2%, weighed down by a 6.5% drop in blockchain farm operator Bitfarms. In the U.S., Wall Street's main indexes fell on Tuesday after positive economic data fueled investor uncertainty regarding the trajectory of the U.S. monetary policy easing cycle

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