Equities
Global markets were mixed in cautious trading after yesterday’s major Wall Street selloff on fears of how U.S. President Donald Trump’s tariffs could affect the global economy.
Wall Street futures were in positive territory after the Nasdaq suffered its worst day since 2022 and ahead of jobs data.
TSX futures followed sentiment higher.
In Canada, investors are getting results from Transcontinental Inc. and Altius Minerals Corp.
“Stock markets across the globe were heavily hit by the fears that Trump trade and international policies would have a terrible economic and geopolitical fallout in the U.S. and beyond its borders,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote in a note.
“The recession bets are rising by the day [and] companies are giving murkier forecasts due to tariffs.”
Overseas, the pan-European STOXX 600 was flat in morning trading. Britain’s FTSE 100 was down 0.1 per cent, Germany’s DAX rose 0.76 per cent and France’s CAC 40 gained 0.47 per cent.
In Asia, Japan’s Nikkei closed 0.64 per cent lower, while Hong Kong’s Hang Seng was little changed.
Commodities
Oil prices pared earlier losses to move higher, helped by weakness in U.S. dollar, although gains were capped as concerns mounted over a potential U.S. recession and the impact of tariffs on global economic growth.
Brent futures rose 0.68 per cent to US$69.75 a barrel after falling in early trade. West Texas Intermediate (WTI) crude futures gained 0.64 per cent to US$66.45 a barrel.
“If oil prices fall below the $70 per barrel mark for an extended period, output hikes may be paused in our opinion. OPEC+ will also keep a careful eye on Trump’s Iran and Venezuela policies,” said Suvro Sarkar, energy sector team lead at DBS Bank.
In other commodities, spot gold rose 0.7 per cent to US$2,908.94 an ounce, while U.S. gold futures gained 0.5 per cent to US$2,913.70.
Currencies and bonds
The Canadian dollar strengthened against its U.S. counterpart.
The day range on the loonie was 69.21 US cents to 69.40 US cents in early trading. The Canadian dollar was down about 0.9 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, dropped 0.35 per cent to 103.48.
The euro advanced 0.76 per cent to US$1.0916. The British pound climbed 0.46 per cent to US$1.2937.
In bonds, the yield on the U.S. 10-year note was last down at 4.209 per cent ahead of the North American opening bell.
Economic news
Japan GDP and machine tool orders
(6 a.m. ET) U.S. NFIB Small Business Economic Trends Survey. U.S. small-business confidence dropped for a third straight month in February, wiping away much of the gains notched in the aftermath of President Donald Trump’s election victory in November, amid mounting concerns over the administration’s trade policy.
(10 a.m. ET) U.S. Job Openings & Labor Turnover Survey.
With Reuters and The Canadian Press