Futures linked to Canada’s main stock index edged higher on Friday, as a tumultuous week dominated by escalating tensions over U.S.-China trade kept investors on the edge, with attention turning to the upcoming earnings season.
The TSX Composite Index flopped 712.64 points, or 3%, to close Thursday at 23,014.87.
June futures advanced 0.6% Friday.
The Canadian dollar hiked 0.25 cents to 71.13 cents U.S.
Shares of Canadian gold miners, such as Barrick Gold, could get support as the safe-haven metal surpassed the key $3,200 mark for the first time, spurred by a weaker dollar and economic concerns.
Oil prices were stable, but on track for their second weekly loss in a row. Imperial Oil will be in scrutinized by investors.
Prime Minister Mark Carney is set to convene a meeting with his top cabinet colleagues later in the day to discuss the threat posed by U.S. tariffs.
ON BAYSTREET
The TSX Venture Exchange reversed 6.42 points, or 1.1%, Thursday to 592.24.
ON WALLSTREET
Stock futures rose Friday as traders weighed the latest developments on the tariff front and tried to end a week of wild market swings on a high note.
Futures for the Dow Jones Industrials jumped 181 points, or 0.5%, to 39,378.
Futures for the S&P 500 index tacked on 25 points, or 0.5%, to 5,327.
Futures for the tech-heavy NASDAQ were ahead 86.75 points, or 0.5%, to 18,571.25.
Tariff fears remain at the forefront of investors’ minds after President Donald Trump temporarily slashed his country-specific duties to a universal rate of 10% — except for China. Goods from Beijing will see a rate of 145%, a White House official confirmed.
China on Friday retaliated by raising its levies on U.S. products to 125% from 84%. “Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” the Chinese finance ministry said in a statement.
Stock futures initially dropped on China’s move. However, they recovered after the European Union said its trade representative was flying to Washington on Sunday to “try and sign deals.”
Wall Street is coming off a losing session. The S&P 500 fell 3.5% on Thursday, while the 30-stock Dow tumbled 1,014.79 points, or 2.5%. The tech-heavy NASDAQ ended the day lower by 4.3%.
In Japan, the Nikkei 225 index retreated 3% Friday, while in Hong Kong, the Hang Seng gained 1.1%.
Oil prices lost a penny to $60.06 U.S. a barrel.
Gold prices surged $59.80 to $3,237.30 U.S. an ounce.