04:11 PM EDT, 03/24/2025 (MT Newswires) -- The Toronto Stock Exchange on Monday gained more than 330 points amid hopes that an all out trade war with the United States can be avoided, although some trade battles may still occur while White House planning around tariffs remains fluid.

In avoiding a hat trick of down days, the TSX today closed up 335.62 or 1.3% to end the day at 25,304.11. Among sectors, Information Technology (+2.575%) was the biggest gainer, followed by Health Care (+2.13%). The Battery Metals Index (-2.1%) and the Telecoms sector (-1%) declined.

Both Bloomberg News and the Wall Street Journal have, citing officials, reported that U.S. President Donald Trump's administration is likely to exclude a set of sector specific tariffs while applying reciprocal levies on April 2.

Trump himself on Monday afternoon appeared to hint at a softening of April 2 tariffs during a briefing, some of which was shown on Canada's CBC TV. While Trump reiterated that reciprocal tariffs will be introduced on April 2, he also indicated the levels of reciprocal tariffs that the U.S. will charge other nations may be less than initially planned. "They [other nations] have charged us so much, that I am embarrassed to charge them what they have charged us," Trump said.

In looking at the potential impact of a trade war with the U.S., Canada's telecommunications companies don't expect to be hit hard, but face other economic challenges that could limit their ability to attract new customers in the near future, The Canadian Press is reporting.

It cited a report Monday by Desjardins saying major providers that presented at its Montreal conference last week "were clear that they have limited exposure to tariffs," while acknowledging the sector is not immune to negative macroeconomic pressures. Analyst Jerome Dubreuil said in a note to clients that he wouldn't be surprised to see one of the Big Three carriers report no net additions of new customers in its latest quarter, or even a decline.

The Desjardins conference was held March 17 and 18, and included presentations from Bell Canada's parent company BCE Inc. ( BCEXF ) , along with Telus Corp. ( TU ) , Quebecor Inc. (QBR-A.TO and QBR-B.TO) and Cogeco Communications Inc. ( CGEAF ) .

Meanwhile, Rosenberg Research said it has taken stock of the fundamentals across global equities using a multi-factor approach. In an Executive Summary, the research wrote: "Global leadership [in global equities] has decisively shifted away from the U.S. since the start of the year. In light of the depth and pace of the move, we take stock of the equity fundamentals of major regions/countries to identify winners. Asia ex. Japan remains our favorite region, but Latin America has shown the most improvement (driven by Brazil). Europe is mixed, but Germany stands out as a clear winner."

Of commodities today, West Texas Intermediate crude oil rose as traders assessed new sanctions imposed on Iranian exports last week by the United States, while U.S. President Donald Trump threatened to impose 25% levies on imports from any country that imports oil from Venezuela. WTI crude oil for May delivery closed up $0.83 to settle at US$69.1 per barrel, while May Brent crude was last seen up $0.70 to US$72.86.

But gold prices slipped mid-afternoon on Monday, falling for a second day off Thursday's record close. Gold for April delivery was last seen down $6.80 to US$3,014.60 per ounce. The metal closed at a record US$3,043.80 on March 20.

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