TSX Lurches Lower by Noon

Canada's benchmark index inched lower on Wednesday, dragged by heavyweight energy and mining shares, while investors assessed tariff-related updates and key U.S. inflation data.The TSX Composite Index was 29.38 points to the bad by midday Wednesday to 27,024.76The Canadian dollar eked up three cents at 72.93 cents U.S. In company news, Aura Minerals said on Tuesday it plans to raise about $196.4 million from its U.S. initial public offering. Aura shares dipped $1.41, or 4%, to $34.02.Equinox Gold Corp rose 28 cents, or 3.3% to $8.68, after TD upgraded the company's rating. Lundin Gold fell $1.65, or 2.4% to $65.92, after TD cut its rating.Cogeco Communications lost $5.54 or 7.8%, to $65.36 after the telecommunications company reported lower revenue and earnings. Trade tensions remained in focus after U.S. President Donald Trump announced a 19% tariff on Indonesian goods as part of a new deal, one of several agreements ahead of an August 1 deadline for broader tariff hikes.On the economic front, the Canadian Real Estate Association reported the number of home sales recorded over Canadian MLS® Systems rose 2.8% on a month-over-month basis in June 2025, building on the 3.5% gain recorded in May. Canada Mortgage and Housing Corporation reported housing starts numbered 283,700 in June, up from 282,700 in May.ON BAYSTREET The TSX Venture Exchange inched higher 2.04 points to 784.81. Seven of the 12 TSX subgroups were lower by lunch hour, with energy failing 1.3%, industrials, down 0.8%, and health-care dipped 0.7%. The five gainers were co-led by gold and consumer staples, each up 0.6%, and information technology, clicking higher 0.4%. ON WALLSTREET Stocks dipped on Wednesday as President Donald Trump appeared to move closer toward firing Jerome Powell from his post as Federal Reserve chairman, raising concern over the central bank’s independence going forward.The Dow Jones Industrials lost 96.5 points to break for lunch Wednesday at 43,926.79.The S&P 500 index dipped 18.43 points to 6,225.33. The NASDAQ Composite dropped 79.68 points to 20,598.13A White House official told reporters that Trump said to GOP lawmakers that he would remove Powell as Fed chair. “The President asked lawmakers how they felt about firing the Fed Chair. They expressed approval for firing him. The President indicated he likely will soon,” said the official.Separately, the New York Times reported that Trump has gone so far to draft a letter for firing Powell and showed it to lawmakers during that meeting. A set timeline for Powell’s dismissal does not appear imminent, however, the official told the media.For weeks, Trump has been pushing for Powell’s ouster, calling for the Fed to lower rates substantially. On Tuesday, he said the Fed should cut rates by three percentage points.However, Powell earlier this month confirmed that the central bank would have already eased monetary policy were it not for tariffs imposed by the Trump administration.Prices for the 10-year treasury gained ground, pushing down yields to 4.47% from Tuesday’s 4.49%. Treasury prices and yields move in opposite directions. Oil prices sank 84 cents to $65.68 U.S. a barrel. Gold prices recharged $40.40 to $3,377.10 U.S. an ounce.