Global stock markets rose as investors appeared to shrug off U.S. President Donald Trump’s latest, shifting trade salvos.

Trump told reporters at the White House yesterday that he plans to announce 50-per-cent tariffs on copper soon. The U.S. accounts for 52 per cent of Canadian copper exports.

He also said he is planning to announce tariffs on imported semiconductor and pharmaceuticals, saying the rate for medicines could reach 200 per cent but that he would give drugmakers about one year “to get their act together.”

Wall Street futures were in positive territory after a choppy session yesterday on the tariffs talk.

TSX futures followed sentiment higher after Canada’s main stock index closed lower yesterday, weighed down by mining shares.

“The delay in the imposition of new tariffs on some of the U.S.’s major trading partners to Aug. 1 has simultaneously kicked the proverbial can down the road and supported the notion that the loftier tariff rates are a negotiating ploy,” Kyle Rodda, senior financial markets analyst at Capital.com, wrote in a note.

“As a result, the markets have been left hanging, and waiting for a stronger catalyst to drive the next move.”

Overseas, the pan-European STOXX 600 was up 0.72 per cent in morning trading. Britain’s FTSE 100 rose 0.25 per cent, Germany’s DAX gained 1.03 per cent and France’s CAC 40 advanced 1.26 per cent.

In Asia, Japan’s Nikkei closed 0.33 per cent higher, while Hong Kong’s Hang Seng fell 1.06 per cent.

Oil prices climbed, lifted by attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.

Brent crude futures gained 0.7 per cent to US$70.63 a barrel. West Texas Intermediate (WTI) crude was up 0.8 per cent to US$68.84 a barrel.

“Oil prices have stayed surprisingly resilient in the face of accelerated OPEC+ supply additions,” said DBS Bank’s energy sector team lead Suvro Sarkar.

In other commodities, spot gold was down 0.4 per cent at US$3,285.92 an ounce. U.S. gold futures fell 0.7 per cent to US$3,293.80.

The Canadian dollar weakened against its U.S. counterpart.

The day range on the loonie was 73.02 US cents to 73.21 US cents in early trading. The Canadian dollar was down about 0.1 per cent against the greenback over the past month. 

The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.05 per cent to 97.56. 

The euro slid 0.09 per cent to US$1.1716. The British pound was little changed at US$1.3593.

In bonds, the yield on the U.S. 10-year note was last down at 4.406.

China CPI, PPI, aggregate yuan financing and new yuan financing

Japan machine tool orders

(10 a.m. ET) U.S. wholesale inventories for May.

(2 p.m. ET) U.S. Fed minutes for June 17-18 meeting are released.

With Reuters and The Canadian Press