Canada's main stock index futures rose on Tuesday, in line with a recovery in global markets, as President Donald Trump's proposed tariff plans faced increased resistance from political allies, easing some fears of a global trade war.
The S&P/TSX Composite Index moved higher 156.69 points, or 1%, to close Monday at 15,541.28
The Canadian dollar added 0.55 cents to 77.59 cents U.S. early Tuesday
March futures vaulted 0.4% Tuesday.
Bombardier said Monday it will sell equity to strengthen its balance sheet as part of a five-year turnaround plan.
CIBC cut the target price on Canadian National Railway to $108.00 from $111.00
Canaccord Genuity cut the target price on EcoSynthetix to $2.50 from $3.00
BMO cut the target price on Gibson Energy to $19.00 from $20.00
Western University’s IVEY School of Business is out later this morning (10 a.m.) with its Purchasing Managers’ Index
A federal government official reported that Prime Minister Justin Trudeau called U.S. President Donald Trump on Monday about proposed steel and aluminum tariffs and "forcefully defended" Canadian workers and the industry
Data Tuesday showed Toronto home sales slumped in February from a year ago as the market continued to be dampened by tighter mortgage rules and higher borrowing costs, though demand for condominiums helped prices stabilize
ON BAYSTREET
The TSX Venture Exchange gained 13.17 points, or 1.6%, Monday to 839.19
ON WALLSTREET
U.S. stock index futures posted strong gains ahead of Tuesday's open after North Korea expressed a willingness to talk about de-nuclearization. Easing concerns surrounding a potential trade war also helped futures.
Futures for the Dow Jones Industrial Average rocketed 148 points, or 0.6%, to 25,011
S&P 500 futures picked up 12.25 points, or 0.5%, to 2,730.75, while futures on the NASDAQ Composite gained 44.5 points, or 0.7%, to 6,922
Companies like Donaldson Company and H&R Block report earnings Tuesday.
North Korea said there was no need to keep its nuclear program as long as there was no military threat against it and the safety of its regime was secured, the head of the South Korean presidential National Security Office told a media briefing.
Last week, President Donald Trump announced that the U.S. would be imposing new tariffs on aluminum and steel, before going onto threaten European carmakers with a tax on imports if the European Union retaliated over the U.S. administration's tariff plans. However, on Monday, fears eased after Trump suggested in a tweet that he could drop tariffs if a "new and fair" NAFTA agreement was signed.
Overseas, in Japan, the Nikkei 225 hiked 1.8%, while in Hong Kong, the Hang Seng Index jumped 2.1%.
Oil prices took on 58 cents to $63.15 U.S. per barrel.
Gold prices gained $10.60 to $1,330.50 U.S. an ounce.
