Market week: TSX edges up on the week

U.S. lifts Canadian, Mexican steel, aluminum tariffs

The main North American stock gauges succumbed to investor anxieties over tariffs and tensions swirling around U.S.-China trade talks. Investor sentiment tanked early in the week as China announced new tariffs in retaliation for fresh tariffs imposed by the U.S. administration the week before. However, stock markets rallied through the week as the Trump Administration put on hold another round of tariffs on over $300 billion of Chinese imports. It wasn’t enough to lift markets for the week, however, as the S&P 500 Composite Index lost 0.6% on the week, while the Nasdaq Composite Index retreated 1.0%. The announcement by President Donald Trump on Friday that tariffs on Canadian and Mexican steel and aluminum will be lifted as part of the USMCA trade agreement helped keep the S&P/TSX Composite Index above water for the week, advancing 0.6%.

FUND NEWS

* Horizons debuts uranium ETF. Horizons ETFs Management announced on May 16 the launch of its Horizons Global Uranium Index ETF (TSX: HURA). The fund tracks the Solactive Global Uranium Pure-Play Index of a basket of issuers that are involved in the uranium mining and exploration industry, that invest and participate directly in the physical price of uranium, and trade on global stock exchanges in developed markets. Units of the ETF will be available on the TSX in Canadian dollars.

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