The Toronto Stock Exchange set a second-straight record close on Wednesday as Canada's federal government announced new aid measures for the steel and lumber industries as it moves to make this nation more independent of trade with the United States, even as Canadians poured $61 billion into U.S. securities over recent months and the leaders of both nations are slated to meet tomorrow.

The resources-heavy S&P/TSX Composite Index closed up 279.60 points, or 0.9%, to 31,180.25, taking total gains to more than 1,300 points over the last four trading sessions.

All sectors were higher, led by Base Metals up 2.3%. Within that sector Teck Resources (TECK.-A.TO and TECK-B.TO) was modestly higher as it said independent proxy advisory firms Institutional Shareholder Services. and Glass Lewis recommended that Teck shareholders vote to approve the company's merger with Anglo American plc. As previously announced, Teck has scheduled a special meeting of shareholders for Dec.9. This comes just days after BHP Group (BHP)walked away from a fresh takeover approach for Anglo American, aimed at thwarting a planned tie-up between its rival and Teck.

On business relations between Canada and the U.S., BNN Bloomberg noted a new poll from the Angus Reid Institute that shows three in five Canadians say the country should limit foreign investment. Only a quarter said they would generally welcome it. BNN said Canada's federal government recently delayed the proposed Teck and Anglo American deal, with the government pushing for the $70 billion merger to be legally domiciled in Canada. It cited Industry Minister Melanie Joly saying Ottawa wants to see longer-term commitments to Canada if the deal can go forward.

This comes as BNN Bloomberg in a separate report noted new data from Statistics Canada that says investors funneled $61 billion into U.S. securities over the first half of 2025. BNN noted the securities included treasury bills, notes and bonds and are considered low risk as they are backed by the U.S. government's financial health. Wednesday's report said investors poured $38.1 billion in U.S. equities and investment fund shares alongside $22.3 in U.S. corporate and government bonds from February to June. Only $1.3 billion was invested in all other non-U.S. foreign securities combined with bond purchases offsetting divestments in money market instruments and equities.

BNN noted the agency said over three quarters of acquisitions occurred in February and March when Canadian households, businesses and government grappled with high levels of uncertainty over Canada's economic relationship with the United States. It also noted Canadian investors continued to increase their holdings of U.S. assets, adding $31.9 billion in equities and investment fund shares, government and corporate bonds and money market instruments during July and August.

While Canadians were investing in U.S. portfolio assets, BNN noted foreign investors were reducing their exposure to Canadian securities. It cited the agency saying foreign acquisitions of Canadian securities declined steadily resulting in a net decrease of $22.4 billion from February to May. But foreign investors rekindled their demand for Canadian securities adding $31.9 billion in equities and investment fund shares, government and corporate bonds and money market instruments in the months of July and August. The report noted net purchases totaled $49.0 billion, more than offsetting the cumulative divestment of $22.4 billion in the first half of the year. The acquisition of foreign securities by Canadian investors and the divestment in Canadian securities by foreign investors combined generated a net outflow of funds from the Canadian economy totaling $84.7 billion during the first half of 2025, the BNN report said.

The federal government on Wednesday moved to help and protect Canada's steel and lumber industries against U.S. tariffs, it is further limiting foreign steel imports from countries without a free trade agreement with Canada from 50% to 20% of 2024 levels. It will also cut freight rates to ship steel and lumber across Canada by 50%, from the spring of 2026.

Prime Minister Mark Carney was asked about tomorrow's proposed announcement of a Memorandum of Understanding with Alberta around an oil-pipeline project to the North Coast. According to Carney, the announcement will be about "much more than one thing". Fundamentally, he said, it is about building the Canadian economy and making Canada more independent and more sustainable. "So I would suggest that we wait until the full announcement is made tomorrow," Carney added.

Of note, Carney said he will likely meet with President Donald Trump tomorrow at an event related to the 2026 World Cup tournament of football, which will have Canada and the United States as host nations. "I don't want to over dramatize it," Carney said. "So I would repeat that we are ready to re-engage on those [trade and tariff talks] when the United States wants to re-engage."

Of commodities today, gold traded higher late afternoon Wednesday, buoyed by rising expectations the Federal Reserve will again cut interest rates next month. Gold for February delivery was up $19.10 to US$4,196.40 per ounce.

West Texas Intermediate closed up despite high supply and an increasing possibility of a peace deal to end Russia's war on Ukraine, while a report showed a rise in U.S. inventories last week. WTI crude oil for January delivery closed up $0.70 to settle at US$58.65 per barrel while January Brent crude was last seen up US$0.59 to US$63.07.