01.10.202614:13:36UTC+00TSX Edges Lower Amid Global Bond Selloff

The S&P/TSX Composite Index slipped toward the 35,000 level as a renewed global bond selloff drove borrowing costs to multi-decade highs and oil prices remained volatile. The continued rout in sovereign debt pressured broader equity markets, with the Canadian 10-year yield trimming earlier declines on Thursday but still holding near multi-year peaks.

Crude prices climbed further on reports of tightening fuel supplies in China, stoking concerns about persistent, energy-driven inflation. The prospect of higher-for-longer interest rates pushed yields up and weighed on rate- and credit-sensitive sectors.

Major Canadian banks declined, with RBC, BMO, and Scotiabank each losing about 1%, while TD Bank and CIBC fell roughly 0.5%. The mining sector also weakened as gold pared earlier gains: Barrick slipped more than 0.5% and Wheaton Precious Metals dropped about 1%.

First Quantum was a notable outlier, rebounding nearly 5% after plunging 15.3% in the prior session. The recovery came after a Panamanian government commission recommended formal negotiations on a new framework for the Cobre Panamá mine, a shift from Panama’s earlier call for the mine’s orderly closure.