Baystreet.ca - Futures for Canada's main stock index fell on Tuesday amid uncertainties over tariffs under U.S. President Donald Trump, while investors awaited domestic inflation numbers.
The TSX gained 103.66 points to finish Monday at 25,171.58.
March futures on the S&P/TSX index were down 0.1% Monday.
The Canadian dollar swooned 0.07 cents to 69.23 cents U.S. Tuesday.
Trump did not immediately impose tariffs on Canada and Mexico after taking office on Monday, but later said he was thinking of imposing 25% duties starting Feb. 1, citing concerns over illegal immigration and fentanyl smuggling.
Canada sends a majority of its exports south of the border, including energy products.
In corporate news, Teck Resources (TSX:TECKa) reported a 50% increase in its annual copper production for 2024 to 446,000 tonnes.
Tuesday, Statistics Canada reported the Consumer Price Index rose 1.8% on a year-over-year basis in December, down from a 1.9% increase in November. On a seasonally adjusted monthly basis, the CPI rose 0.2% in December.
ON BAYSTREET
The TSX Venture Exchange gained 2.39 points Monday to 618.73.
ON WALLSTREET
Stock futures advanced on Tuesday as Donald Trump’s second term as president began with a flurry of executive orders and comments on tariffs targeting goods coming from key trade partners.
Futures for the Dow Jones Industrials jumped 167 points, or 0.4%, to 43,862.
Futures for the S&P 500 Index improved 24 points, or 0.4%, to 6,057.50.
Futures for the tech-heavy NASDAQ galloped 110.25 points, or 0.5%, to 21,705.50.
U.S. stock markets were closed Monday for Martin Luther King Jr. Day.
Trump made tariff comments at the White House as he was signing executive orders. He said he was thinking of 25% tariffs on Mexico and Canada on Feb. 1 because of their border policies. Trump also mentioned China some during the discussion with the press, but did not specify any plans for tariffs. The president said maybe the U.S. could put tariffs on China if the country doesn’t approve a TikTok deal.
One positive note in the market’s view, Trump said he was not ready to impose universal tariffs yet.
In his inaugural address, the president labeled his return to the White House as the beginning of a period of growth and success for the country, while largely condemning the Biden Administration.
In Japan, the Nikkei 225 index moved up 0.3% Tuesday, while in Hong Kong, the Hang Seng index improved 0.9%.
Oil prices tumbled $1.89 to $75.99 U.S. a barrel.
Gold prices fell $6.50 to $2,742.20 U.S. an ounce.