Futures Point Upward to End Week
Futures for Canada's main stock index rose on Friday, buoyed by optimism around the first trade deal between the United States and Britain, as markets await the upcoming U.S.-China meeting, which could influence global trade dynamics.
The TSX Composite Index gained 92.88 points to close Thursday at 25,254.06, a five-week high.
June futures were ahead 0.4% Friday.
The Canadian dollar inched up 0.04 cents to 71.86 cents U.S.
In corporate news, U.S. carrier Delta Air Lines and Korean Air Lines will acquire an aggregate 25% stake in Canada's WestJet Airlines for $550 million from private equity firm Onex Corp.
In economic news, Statistics Canada reports the economy created 7,400 in April, and the employment rate declined 0.1 percentage points to 60.8%. The unemployment rate increased by 0.2 percentage points to 6.9%.
ON BAYSTREET
The TSX Venture Exchange climbed 11.78 points, or 1.8%, Thursday to 679.04.
ON WALLSTREET
Dow Jones Industrial Average futures were slightly higher after President Donald Trump endorsed cutting the tariff rate on China before weekend talks, but still leaving it a pretty severe level.
Futures for the 30-stock index increased 50 points, or 0.1% to 41,515.
Futures for the S&P 500 index gained 11.75 points, or 0.2%, to 5,696.75
Futures for the NASDAQ picked up 59 points, or 0.3%, to 20,207.
Week to date, the S&P 500 is on pace for a 0.4% decline, while the NASDAQ is on track to drop 0.3%. The Dow is toting a modest gain of 0.1%, heading for its third positive week in a row.
Tech shares led premarket gains with Tesla and Apple slightly in the green.
Trump has left a 145% tariff on China unchanged despite issuing a 90-day pause on higher rates for most countries last month. But there’s been speculation lately that the administration would lower the rate significantly to de-escalate negotiations and jumpstart talks.
Trump’s Truth Social suggests he’s willing to do this, but the new rate he suggests is still higher than many expected. Bloomberg News reported earlier that the rate could be lowered below 60% as soon as this week.
It was also unclear if the president is talking about a long-term tariff rate on China or a temporary one during negotiations.
In Japan, the Nikkei 225 index climbed 1.6% Friday, while in Hong Kong, the Hang Seng moved higher 0.4%.
Oil prices improved $1.21 to $61.12 U.S. a barrel.
Gold prices hiked $33.00 to $3,339.00 U.S. an ounce.
