16.09.202620:11:42UTC+00TSX Slips After Fed Rate Hike

The TSX slipped 0.3% to close at 35,491 on Wednesday after the US Federal Reserve, as widely anticipated, raised its benchmark interest rate by 25 bps to a range of 3.75%–4%. Financials were weaker, with major banks mostly lower and RBC down 0.5%. Gold prices declined following the FOMC decision, weighing on miners: WPM reversed earlier gains to finish 1.9% lower, while Franco-Nevada fell 1.1%. Energy stocks also dragged on the index as oil prices pulled back, with Canadian Natural losing 3.3% and Suncor dropping 3.6%.

In political and trade developments, European Commission President Ursula von der Leyen said the EU is opening the door for Canada to become its first “associate member,” signaling deeper cooperation in manufacturing, artificial intelligence, critical minerals, and energy. The initiative comes amid escalating trade tensions between the US and Canada, following the collapse of talks last month.