CANADA STOCKS-TSX futures edge down amid tariff jitters; domestic data awaited
Futures for Canada's main stock index fell 0.1% amid tariff uncertainties under U.S. President Trump, who is considering imposing 25% duties starting Feb. 1. Investors are awaiting domestic CPI data that may influence the Bank of Canada's interest rate decisions, with an 80% chance of a 25 basis-point cut this month. The S&P/TSX composite index reached a five-week high on Monday, while gold prices rose and copper prices fell due to tariff threats. Teck Resources reported a 50% increase in annual copper production for 2024.
Jan 21 (Reuters) - 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.
March futures on the S&P/TSX index (SXFcv1) were down 0.1% at 6.44 a.m. ET (1144 GMT).
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.
Investors were also focused on domestic consumer price index (CPI) data, scheduled for release at 8:30 a.m. ET on Tuesday, that could potentially influence the Bank of Canada’s interest rate decisions.
Traders bet that there is an 80% probability of a 25 basis-point cut in interest rates this month. (0#BOCWATCH)
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) reached a five-week high on Monday as markets welcomed the temporary relief from U.S. trade tariffs.
In commodities, gold prices (XAU=) rose as investors sought safety amid uncertainties over Trump’s trade policies. But copper prices fell on tariff threats. (GOL/) (MET/L)
Oil prices (LCOc1) , (CLc1) also fell as the market reacted to Trump’s plans to boost U.S. oil and gas production. (O/R)
In corporate news, Canadian company Teck Resources (TECKb.TO) reported a 50% increase in its annual copper production for 2024 to 446,000 tonnes.
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