(Reuters) -Futures tied to Canada’s main stock index rose on Tuesday, signaling a recovery after Friday’s sharp decline due to renewed U.S.-China tensions that triggered profit-taking across the market.
December futures on the S&P/TSX index were up 0.4% at 05:30 a.m.
ET (0930 GMT), as investors returned to trading following Canada’s Thanksgiving holiday on Monday.
The Toronto Stock Exchange’s S&P/TSX composite index posted its steepest drop in six months on Friday after U.S.
President Donald Trump issued a series of threats against China in response to Beijing’s tightening of rare earth export restrictions.
However, market sentiment improved slightly after Trump adopted a more conciliatory tone over the weekend.
Despite this moderation in rhetoric, both countries implemented additional port fees on Tuesday on shipping companies transporting goods ranging from consumer products to crude oil, indicating ongoing trade frictions.
Among commodities, oil prices, reversed early gains and fell on the day amid uncertainty about U.S.-China trade tensions, the world’s top two economies, and as the International Energy Agency flagged weaker fundamentals.
[O/R]
Meanwhile, gold prices jumped to a record high above $4,100, supported by rising expectations of a U.S. Federal Reserve rate cut this month and safe-haven demand. [GOL/]
In corporate developments, investment firm Brookfield said on Monday it would buy the remaining 26% stake in U.S.-based asset manager Oaktree Capital Management for about $3 billion.
Bombardier added a new order from Comlux Aviation for its Global 8000 business jet to its backlog, the Canadian planemaker announced on Monday.
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(Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)
