(Reuters) – Futures for Canada’s main stock index rose on Monday alongside Wall Street peers, after the White House excluded smartphones and computers from the “reciprocal” tariffs against China.
June futures on the S&P/TSX index were up 0.8% at 7.13 a.m. ET (1113 GMT).
Trump said on Sunday that semiconductor tariffs would be announced within the next week, with a decision regarding phones coming “soon.”
On the face of it, the exemption of 20 product types accounting for 23% of U.S. imports from China was a boon to manufacturers.
This week’s economic calendar features key data, including Tuesday’s domestic consumer inflation report and Wednesday’s Bank of Canada interest rate decision.
The central bank is likely to pause its rate-cutting cycle this week, as increasing inflation, deteriorating employment figures and Trump’s partial retreat from broad tariffs have diminished the need for immediate economic stimulus measures.
As of Friday, traders bets showed about 58% probability for an interest rate pause.
In commodities, oil prices rose 1% on Monday after U.S. exclusions on some tariffs and Chinese data showing a sharp rebound in crude imports in March.
Copper prices also recovered in the day.
Conversely, gold prices fell from a record high after the tariff exclusion.
Canada’s main stock index rose on Friday as investors weighed the potential for recent financial market volatility brought on by a global trade war to subside.
The trade policy shifts have caused a roughly 9% drop for the index from its record closing high on January 30.
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(Reporting by Ragini Mathur in Bengaluru; Editing by Sahal Muhammed)
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