TSX Futures Rise
Futures tied to Canada's benchmark index edged higher on Tuesday, while investors assessed U.S. President Donald Trump's new tariff proposals for several trading partners and a new deadline for trade deals.
The TSX Composite Index sank 15.88 points to conclude Monday at 27,020.28.
September futures were better by 0.2% Tuesday.
The Canadian dollar was higher 0.1 cents to 73.27 cents U.S.
Trump on Monday sent letters to 14 nations, including Japan and South Korea, threatening sharply higher tariffs on U.S. imports, while also postponing their implementation to August 1.
He added that the deadline was not 100% firm and he would consider extensions if countries made proposals. Countries have been under pressure to seal deals with the U.S. after Trump launched a global trade war in April, which rattled financial markets and prompted policymakers to protect their economies.
Canada, which recently canceled a digital service tax on U.S. technology companies to preserve trade talks with Trump, aims to reach an agreement by July 21.
Federal Finance Minister Francois-Philippe Champagne has reportedly asked all ministries to find savings, assess spending on programs, cut down on work duplication and look to reallocate funds from other programs to priority projects.
Aura Minerals said it is preparing to list its shares on NASDAQ, in a move that could fetch the Canadian gold and copper miner a valuation of $2.14 billion.
On the economic front, the IVEY School of Business is out this morning (about 10 a.m. EDT) with its Purchasing Managers Index for June.
ON BAYSTREET
The TSX Venture Exchange recovered 2.4 points to finish Monday at 757.62.
ON WALLSTREET
Stock futures were little changed early Tuesday, as traders tried to recover from a selloff sparked by new trade announcements from President Donald Trump.
Futures for the Dow Jones Industrials dipped eight points to 44,669.
Futures for the S&P 500 index moved higher 9.25 points, or 0.2%, to 6,285.25
Futures for the NASDAQ climbed 62.75 points, or 0.3%, to 22,947.50.
Those moves come after Trump posted more letters late Monday afternoon that brought the total number of countries facing steep tariffs on Aug. 1 to 14. Together, the countries hit by new duties are Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, Serbia, South Africa, South Korea, Thailand and Tunisia.
Trump also signed an executive order extending the “reciprocal” tariff deadline to Aug. 1, saying the decision was “based on additional information and recommendations from various senior officials.”
Stocks slid as investors tracked rapid-fire developments on the trade front. Monday’s developments are expected to be the first of several this week. White House press secretary Karoline Leavitt said more letters can be expected in the coming days.
The president also threatened an additional 10% tariff on countries that align with the “Anti-American policies” of the BRICS nations which include Brazil, Russia, India and China.
In Japan, the Nikkei 225 index took on 0.3% Tuesday, while in Hong Kong, the Hang Seng gained 1.1%
Oil prices shed 16 cents to $67.77 U.S. a barrel.
Gold prices slid $7.90 to $3,334.90 U.S. an ounce.
