Trade optimism lifts markets higher
TSX futures drifted slightly higher on Wednesday morning driven by a consensus hold on interest rates from the Bank of Canada, as well as optimism about potential U.S. trade deals, with president Trump and Chinese president Xi Jinping expected to speak later this week. Market Numbers (Futures)
TSX: Up (0.3%), 26,326.84.TSXV: Up (1.38%), 717.23.DOW: Up (0.17%), 42,659.NASDAQ: Up (0.23%), 21,738.75.
FTSE: Up (0.07%), 8,800.72.
U.S. President Trump raised import tariffs on steel and aluminum from 25 to 50 per cent, with eyes on increasing domestic manufacturing and strengthening national security. Canada accounts for approximately half of aluminum imports and a quarter of steel imports into the U.S.
One company struggling under the weight of tariffs is toy maker Spin Master, which is reporting that it has cut jobs company-wide to lower costs. The company heavily relies on manufacturing in China, the bearer of the highest tariffs under Trump's regime, and intends to diversify its supply chain away from the communist country in the coming years.
The Canadian dollar rose to US$0.7296, up from US$0.7277 on Tuesday, and continued to gain on the Euro, rising from C$0.6393 to C$0.6412.
At the time of writing, Bitcoin was down by 0.16 per cent trading at C$144,360.42. Commodities (Futures)
Natural Gas: Down (0.11%), US$3.72.WTI: Up (0.13%), US$63.42.Gold: Down (0.15%), US$3,372.10.
Copper: Up (0.08%), US$4.83.
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