\n<\/p>\n
Canadian shares may open on a positive note Monday morning following the U.S. and European Union agreeing on a trade deal.<\/p>\n
U.S. President Donald Trump announced on Sunday that and EU have ‘reached a deal’ as per which America will impose a 15% tariff on products – including automobiles and semiconductors – coming into the country from EU. However, steel and aluminum will remain subject to a 50% tariff, but only on volumes exceeding agreed-upon quotas. <\/p>\n
“We have reached a deal. It’s a good deal for everybody,” Trump said. EU chief Ursula von der Leyel also reportedly hailed a ‘good deal’ with America.<\/p>\n
In an interaction with media in Scotland, Trump announced that the EU had pledged additional investments of $600 billion in the US, alongside energy purchases amounting to $750 billion.<\/p>\n
However, several top officials, including a senior European lawmaker, have criticised the draft trade agreement between the US and EU, warning that the deal could undermine the bloc’s economic stability and job security.<\/p>\n
The lawmaker described the proposed framework as “unsatisfactory” and “significantly imbalanced.”<\/p>\n
The Bank of Canada’s interest rate decision is due on Wednesday (July 30). The central bank is widely expected to hold its policy rate steady at 2.75% for a third consecutive decision. <\/p>\n
Prime Mining Corp. (PRYM.TO) announced that it has entered into a definitive agreement under which Torex Gold Resources Inc. (TXG.TO) will acquire all issued and outstanding common shares of Prime Mining’s Los Reyes gold-silver project in Mexico through a plan of arrangement. The transaction is anticipated to close in the second half of 2025, with Prime Mining shares to be delisted from the TSX shortly thereafter.<\/p>\n
The Canadian market scaled a new high on Friday as traders expressed optimism in the continuing high-level U.S.-Canada trade negotiations.<\/p>\n
The benchmark S&P\/TSX Composite Index hit an intra-day high of 27,516.03 before settling at 27,494.35, up by 122.09 points or 0.45%.<\/p>\n
Asian stocks closed broadly higher on Monday, although Japanese markets<\/span> fell sharply due to profit taking after last week’s rally.<\/p>\n Underlying sentiment remained supported somewhat as the EU and the U.S. struck a last-minute trade agreement and reports suggested the U.S. and China are likely to extend their tariff truce for another 90 days.<\/p>\n The major European markets have pared early gains with investors shifting their focus to upcoming earnings and economic data. News about the U.S. – EU trade deal helped lift sentiment early on in the session. However, the mood turned a bit cautious after some top officials in Europe termed the deal as “unsatisfactory” and “significantly imbalanced.”<\/p>\n In commodities trading, West Texas Intermediate Crude oil futures are up $0.63 or 0.96% at $65.79 a barrel.<\/p>\n Gold futures are up $1.30 or 0.04% at $3,336.90 an ounce, while Silver futures are down $0.110 or 0.29% at $38.255 an ounce. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n