28.08.202613:56:00UTC+00TSX Nears Record High After GDP Release

The S&P/TSX Composite Index edged higher on Friday, trading just below the 37,000 mark after the release of fresh GDP figures. Canada’s economy grew at an annualized pace of 3.3% in the second quarter, its fastest rate in nearly two years, offering some cushion against economic risks stemming from ongoing trade tensions with the United States.

On the trade front, Canada’s ambassador to Washington, Mark Wiseman, said on Thursday that Ottawa would not agree to a new trade deal unless it safeguards a strong domestic auto assembly and parts sector. Earlier in the week, US President Donald Trump warned that tariffs on all Canadian cars, trucks, and auto parts could be lifted to 50% starting January 1, 2027, following earlier duties imposed on a range of Canadian products.

In equity markets, major banks advanced after largely upbeat earnings reports. Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, and Canadian Imperial Bank of Commerce — all of which exceeded analysts’ expectations — each gained around 1%. Technology shares also extended their rally after Nvidia’s strong results, with Shopify climbing more than 0.5%.