Canada’s S&P/TSX Composite Index slipped around 0.4% to trade below 34,500 mark on Friday, retreating from a record high as an unexpected economic contraction rattled markets. Statistics Canada reported that the economy shrank by an annualized 0.6% in the fourth quarter, missing forecasts of a stagnation. This volatility was largely driven by a massive $23.5 billion inventory drawdown and fluctuating exports tied to US trade policies. Meanwhile, Shopify slumped over 3%, mirroring a broader retreat in AI infrastructure names. In corporate news, Bombardier CEO Eric Martel highlighted growth prospects in India as it builds a dozen new airports, while Fairfax Financial remains a frontrunner to acquire a majority stake in India’s IDBI Bank. Despite the decline, energy shares gained as oil prices rose, with Canadian Natural Resources up 1.4%. Gold mining stocks like Agnico Eagle also rose, tracking bullion’s rise to two-month peaks.
