Global markets climbed as tech-led gains on Wall Street, upbeat earnings and growing expectations for U.S. rate cuts boosted sentiment.

Wall Street futures were in positive territory after U.S. markets rose yesterday, led by Nasdaq’s more than 1-per-cent gain as Apple shares climbed.

TSX futures followed sentiment higher after Shopify shares helped boost Canada’s main index to another record close yesterday.

In Canada, investors are getting results from BCE Inc., Canadian Tire Corp., Restaurant Brands International Inc., Sun Life Financial Inc., Power Corp. of Canada, Onex Corp., Brookfield Corp., Quebecor Inc., AtkinsRéalis Group Inc., Saputo Inc., Maple Leaf Foods, Canadian Natural Resources Ltd., Pembina Pipeline Corp. and Open Text Corp.

On Wall Street, markets are watching earnings from Eli Lilly and Co. and Gilead Sciences Inc.

Markets largely shook off U.S. President Donald Trump’s latest tariff moves, including an additional 25-per-cent tariff on India over purchases of Russian oil. Trump’s threatened 100-per-cent duty on chips was also taken in stride.

“While a 100-per-cent tariff rate looks devastating, exemptions for firms investing in the U.S. ‘even though you’re building and you’re not producing yet’ could in fact significantly reduce economic exposures,” Barclays analysts wrote in a note.

But the extent of the exemptions remains unclear because, “of course, there are no details,” they said.

Overseas, the pan-European STOXX 600 was up 0.88 per cent in morning trading. Britain’s FTSE 100 slid 0.38 per cent, Germany’s DAX advanced 1.69 per cent and France’s CAC 40 gained 1.24 per cent.

In Asia, Japan’s Nikkei closed 0.65 per cent higher, while Hong Kong’s Hang Seng rose 0.69 per cent.

Oil prices steadied, paring early gains after the Kremlin announced that Russian President Vladimir Putin will meet Trump in the coming days, raising expectations for a diplomatic end to the war in Ukraine.

Brent crude futures were up 0.3 per cent at US$67.10 a barrel. West Texas Intermediate (WTI) crude climbed 0.3 per cent to US$64.55.

Oil is modestly up, benefiting from a crude draw in the U.S., higher Saudi prices for Asia and solid Chinese crude imports in July, said UBS analyst Giovanni Staunovo, adding that gains were curbed by news of the potential Trump-Putin meeting next week.

In other commodities, spot gold was up 0.4 per cent at US$3,380.81 an ounce. U.S. gold futures gained 0.6 per cent to US$3,454.80.

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

The day range on the loonie was 72.74 US cents to 72.88 US cents in early trading. The Canadian dollar was down about 0.57 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, was little changed at 98.17.

The euro rose 0.03 per cent to US$1.1664. The British pound gained 0.1 per cent to US$1.3370.

In bonds, the yield on the U.S. 10-year note was last up at 4.239 per cent.

ECB’s economic bulletin is release

Germany industrial production and trade surplus

(8:30 a.m. ET) U.S. initial jobless claims for week of Aug. 2. Estimate is 222,000, up 4,000 from the previous week.

(8:30 a.m. ET) U.S. productivity and unit labour costs for Q2 (preliminary reading). The Street is projecting annualized rate rises of 2.8 per cent and 1.5 per cent, respectively.

(10 a.m. ET) Canada’s Ivey PMI for July.

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

(3 p.m. ET) U.S. consumer credit for June.

With Reuters and The Canadian Press