Weak Commodity Prices, Tariff Concerns May Weigh On Bay Street; Inflation Data In Focus

RTTNews | il y a 11

(RTTNews) - Canadian shares are likely to open lower on Tuesday on weak commodity prices and concerns about U.S. President Donald Trump's plans to impose 25% tariffs on goods imported from Canada from February 1. Data on inflation is likely to make a significant impact as well.

On Day 1 of his second term in office, Trump revealed plans to impose 25% tariffs on import of goods from Mexico and Canada. At a signing ceremony at the Oval Office after swearing in on Monday, he said the new tariff will come into force on February 1 in an effort by his administration to force the neighboring countries to crack down on illegal immigration and drug

Canadian inflation data for the month of December is due at 8:30 AM ET.

The annual inflation rate in Canada eased to 1.9% in November from a 2% reading a month earlier. The annual core inflation rate in Canada eased to 1.6% in November, down from 1.7% in the prior month.

The Canadian market closed higher on Monday, extending gains to a fifth straight session, reacting to news that the Trump administration will hold off on imposing trade tariffs for now.

The benchmark S&P/TSX Composite Index, which climbed to 25,245.78, ended with a gain of 103.66 points or 0.41% at 25,171.58.

Asian stocks ended mixed on Tuesday as U.S. President Donald Trump announced plans to impose 25% tariffs on imports from Canada and Mexico, and said tariffs on China could hinge on a deal over TikTok's ownership.

European stocks are turning in a mixed performance with investors assessing Trump's policy moves and their potential impact on international trade and economic growth.

In commodities, West Texas Intermediate Crude oil futures are down $1.91 or 2.45% at $75.97 a barrel.

Gold futures are down $12.00 or 0.42% at $2,736.70 an ounce, while Silver futures are down marginally at $31.110 an ounce.

TSX Tumbles More Than 1% As Stocks Fall On Tariff Concerns

After posting a record close the previous day, the Canadian market opened marginally up and edged higher Friday morning, but kept losing ground as the day progressed with stocks from across several sectors reeling under selling pressure as Trump administration confirmed that it would begin imposing 25% tariffs on imports from Canada from February 1.

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German Inflation Unexpectedly Eases In January

Consumer price pressures in Germany slowed unexpected at the start of the year amid a sharp slowdown in food inflation, offering some relief for the European Central Bank that lowered interest rates a day earlier and plan to continue easing to boost the single currency economy that came to a standstill in the final three months of 2024.

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Swiss Markets Ends Slightly Weak

The Swiss market edged down marginally on Friday with stocks paring gains in late afternoon trade as investors chose to take some profits following a long winning streak. Data showing a stronger than expected jump in the nation's retail sales aided sentiment.

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Major European Markets Close Slightly Higher

European stocks saw some profit taking in late afternoon trades on Friday, but the major markets in the region still managed to close slightly up. Investors assessed recent economic data, earnings news, and monetary policy announcements of the Federal Reserve and the European Central Bank.

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Canadian Market Down Marginally In Cautious Trade; Tech Stocks Move Higher

The Canadian market is up in positive territory a little past noon on Friday with the benchmark S&P/TSX Composite Index hovering near record high, thanks largely to strong buying in the technology sector after encouraging earnings updates from big name U.S. companies such as Apple Inc. and Meta Platforms.

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U.S. Dollar Advances Amid Trump's Tariff Threats

The U.S. dollar firmed against its most major counterparts in the New York session on Friday amid concerns about President Donald Trump's renewed pledge to slap 25 percent tariffs on imports from Canada and Mexico on February 1.

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ECB Surveys Show Rising Eurozone Inflation Expectations

Euro area consumers' inflation expectations for the next 12 months increased for a third straight month in December, while professional forecasters revised up the projections for this year and next, separate surveys by the European Central Bank showed on Friday.

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Chicago Business Barometer Increases But Still Indicates Contraction

MNI Indicators released a report on Friday showing its reading on Chicago-area business activity increased in the month of January but continued to indicate contraction. The report said the Chicago business barometer rose to 39.5 in January from 36.9 in December, although a reading below 50 still indicates contraction. Economists had expected the index to climb to 40.0.

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