(Reuters) – Futures linked to Canada’s main stock index edged higher on Friday, as a tumultuous week dominated by escalating tensions over U.S.-China trade kept investors on the edge, with attention turning to the upcoming earnings season.
The futures on the S&P/TSX index were up 0.6% at 6:14 a.m. ET (1014 GMT).
China increased its tariffs on U.S. imports to 125%, retaliating against U.S. President Donald Trump’s decision to hike duties on Chinese goods to 145%, intensifying the ongoing trade war between the two largest economies that threatens to upend global supply chains.
Stocks worldwide have been on a roller-coaster ride due to recent tariff announcements. [MKTS/GLOB]
Earlier this week, Trump paused duties for dozens of countries for 90 days giving markets a brief reprieve, but concerns returned with the ongoing conflict with China, fueling fears of a recession.
Back home, Canadian Prime Minister Mark Carney is set to convene a meeting with his top cabinet colleagues later in the day to discuss the threat posed by U.S. tariffs.
Looking ahead, the U.S. quarterly earnings season will pick up pace with big banks scheduled to report before markets open, that could offer insights into the health of corporate America.
Shares of Canadian gold miners could get support as the safe-haven metal surpassed the key $3,200 mark for the first time, spurred by a weaker dollar and economic concerns.
Oil prices were stable, but on track for their second weekly loss in a row.
Base metals were mostly up and copper was headed for a weekly rise, boosted by Trump’s intent for a potential deal with China and the decision to temporarily lower tariffs for numerous countries.
Canada’s main stock index surrendered much of its relief rally gains on Thursday, setting the stage for a third consecutive week of losses — the longest in nearly 10 months.
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(Reporting by Sanchayaita Roy in Bengaluru; Editing by Shailesh Kuber)
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