Markets Tick Higher Amid Tariff Updates
Futures linked to Canada's main stock index edged higher on Wednesday with investors on the lookout for trade and tariff updates.
The TSX Composite Index sagged 116.71 points to conclude Tuesday trading at 26,903.57
September futures were up 0.1% Wednesday.
The Canadian dollar swooned 0.13 cents to 73.02 cents U.S.
U.S. President Donald Trump announced steep copper tariffs on Tuesday while threatening levies on semiconductors and pharmaceuticals, broadening his trade war.
Trump has also postponed the deadline for tariff deals to August 1, a date he called final, declaring there would be "no more extensions."
Meanwhile, Nissan Motor halted production of three models for Canada at its Tennessee and Mississippi plants amid mutual tariffs imposed by the U.S. and Canada on auto exports.
The Globe and Mail reported that asset manager Blackstone and U.S. equity funds were in talks to buy H&R assets with an activist investor pressuring the real estate investment trust to sell.
ON BAYSTREET
The TSX Venture Exchange dropped 5.71 points, to close Tuesday at 751.91.
ON WALLSTREET
Stock futures rose slightly Wednesday as investors monitor the latest tariff updates from President Donald Trump.
Futures for the Dow Jones Industrials hiked 70 points, or 0.2%, to 44,582.
Futures for the S&P 500 index collected 8.75 points, or 0.2%, to 6,280.75.
Futures for the NASDAQ gave up 30.25 points, or 0.1%, to 22,927.
On Tuesday, Trump said in a Truth Social post that there would be no change or extensions on the raft of duties he announced on those nations, which include Japan and South Korea. The new tariff rates range from 25% to 40% and are set to begin on Aug. 1.
Trump on Tuesday also announced a 50% levy on copper imports and hinted that further sector-specific tariffs will soon be announced.
He threatened Tuesday afternoon to impose up to 200% tariffs on pharmaceuticals imported into the U.S., but said that he will “give people about a year, year and a half” until the duties go into effect.
In addition to watching further tariff policy developments on Wednesday, traders will be monitoring the release of the Federal Open Market Committee’s minutes from its last meeting.
In Japan, the Nikkei 225 index gained 0.3% Wednesday, while in Hong Kong, the Hang Seng dwindled 1.1%
Oil prices edged up 0.25 cents to $68.58 U.S. a barrel.
Gold prices dulled $14.50 to $3,302.40 U.S. an ounce.
