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Global stocks fell after U.S. President Donald Trump ramped up his tariff war against Canada, leaving Europe squarely in the firing line, sparking a modest investor push into safe havens such as gold. |
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Wall Street futures were in negative territory, pointing to a retreat from this week’s record highs for the S&P 500 and Nasdaq composite at the open. |
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TSX futures followed sentiment lower after yesterday’s fresh record high close. |
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In Canada, investors are getting results from MTY Food Group Inc. |
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Trump said he would impose 35-per-cent tariffs on imports from Canada starting Aug 1, upping pressure on Ottawa as it seeks to secure a deal with the White House over the next week. |
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“The market is becoming a bit numb to these [tariff] announcements, and perhaps it’s not until we see hard data showing an impact that we start to see the market reacting,” City Index strategist Fiona Cincotta said. |
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“Obviously, we’re getting more information through that does bring with it an element of clarity. Because there is so much uncertainty, there is still this idea that Trump could be open to negotiation, nothing feels ‘final’ still,” she said. |
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Overseas, the pan-European STOXX 600 was down 0.96 per cent in morning trading. Britain’s FTSE 100 slid 0.54 per cent, Germany’s DAX fell 1.12 per cent and France’s CAC 40 dropped 1.03 per cent. |
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In Asia, Japan’s Nikkei closed 0.19 per cent lower, while Hong Kong’s Hang Seng advanced 0.46 per cent. |
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Oil prices were stable as investors weighed a weaker market outlook for this year by the International Energy Agency (IEA) in addition to tariff concerns and possible further sanctions on Russia. |
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Brent crude futures were up 0.28 per cent at US$68.83 a barrel. West Texas Intermediate (WTI) crude ticked up 0.38 per cent to US$66.82 a barrel. |
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Both contracts lost more than 2 per cent yesterday as investors worried about the impact of Trump’s evolving tariff policy on global economic growth and oil demand. |
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“This morning, prices have recouped some of this decline after President Trump said he plans to make a ‘major’ statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia,” ING analysts wrote in a client note on Friday. |
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In other commodities, spot gold was up 0.4 per cent to US$3,334.99 an ounce. U.S. gold futures gained 0.6 per cent to US$3,345.30. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 72.83 US cents to 73.25 US cents in early trading. The Canadian dollar was down about 0.89 per cent against the greenback over the past month. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, gained 0.16 per cent to 97.80. |
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The euro slid 0.14 per cent to US$1.1686. The British pound dropped 0.34 per cent to US$1.3532. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.384 per cent. |
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U.K. monthly GDP, index of services, industrial production, manufacturing production and trade deficit |
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(8:30 a.m. ET) Canadian employment for June. The Street is expect a decline of 3,000 jobs (versus a gain of 8,800 in May) with the unemployment rate rising 0.1 per cent to 7.1 per cent and average hourly wages increasing 3.4 per cent year-over-year. |
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(8:30 a.m. ET) Canadian building permits for May. Estimate is a drop of 5.0 per cent month-over-month. |
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(2 p.m. ET) U.S. budget balance for June. |
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With Reuters and The Canadian Press |
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