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鈥淭he strength in the TSX is largely driven by gold. Clearly, there's a lot of noise out there in terms of geopolitical risks,鈥� he said.聽

The February gold contract was up US$81.30 at US$4,676.70 an ounce. 聽

Statistics Canada said the federal government鈥檚 tax holiday a year ago pushed the annual pace of inflation up two ticks in December to 2.4 per cent, since prices last month were being compared with atypical ones during the GST break. A poll of economists heading into Monday鈥檚 data release had expected the annual inflation rate would hold steady at 2.2 per cent.

鈥淚 don't think (the inflation reading) really moves the needle with anything. I think it's still relatively subdued,鈥� Chong said.聽

Meanwhile, a new report by the Bank of Canada suggests business sentiment is subdued, but it remains up from its low seen in the second quarter of last year.

鈥淚n terms of sentiment, I think our government's doing the right thing. They're trying to stimulate the economy through fiscal policy, with large projects, new trade agreements with new partners and re-establishing communication with China, which is a huge opportunity there,鈥� Chong said.聽

The S&P/TSX composite index was up 50.41 points at 33,090.96. 聽聽聽

U.S. stock futures skidded on Monday morning after U.S. President Donald Trump threatened to place a 10 per cent extra tariff on imports from eight European countries because they oppose having America take control of Greenland.

鈥淲e should keep in mind that he's always looking for the art of the deal, he comes out strong, shows you the stick, and he scales back and shows you the carrot,鈥� Chong said.

Chong said that if declines in the U.S. futures market hold, it could lead to weakness in some of the major U.S. indexes when markets reopen Tuesday morning.聽

鈥淭hat could translate into a weak 好色tv market as well ... we are still each other's largest trading partner,鈥� he said.聽

Chong said he is optimistic that the latest bout of trade tensions will blow over, noting U.S. midterm elections are coming up and Trump鈥檚 gauge of success is typically the equity markets.聽

The 好色tv dollar traded for 72.10 cents US compared with 71.88 cents US on Friday.

The March crude oil contract was up nine cents US at US$59.43 per barrel. 聽

鈥� With files from The Associated Press

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)