March 6 (Reuters) - Canada’s main stock index futures rose on Tuesday, in line with a recovery in global markets, as President Donald Trump’s proposed tariff plans faced increased resistance from political allies, easing some fears of a global trade war.
Gold stocks will be in focus as the metal’s safe-haven appeal boosted demand amid uncertainties in the wake of Trump’s tariffs.
March futures on the S&P TSX index were up 0.43 percent at 7:15 a.m. ET.
Canada’s Ivey Purchasing Managers Index is expected to be released 10:00 a.m. ET. The seasonally adjusted index came in at 55.2 in January.
Canada’s main stock index closed higher in its first positive session in five, as investors interpreted U.S. President Donald Trump’s threats to impose tariffs on steel and aluminum imports as a negotiating tactic to get a better deal on NAFTA talks.
Dow Jones Industrial Average e-mini futures were up 0.67 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.49 percent and Nasdaq 100 e-mini futures were up 0.66 percent.
Toronto home sales slumped in February from a year ago as the market continued to be dampened by tighter mortgage rules and higher borrowing costs, though demand for condominiums helped prices stabilize, data showed on Tuesday.
Canadian Prime Minister Justin Trudeau called U.S. President Donald Trump on Monday about proposed steel and aluminum tariffs and “forcefully defended” Canadian workers and the industry, a government official said.
Bombardier Inc will sell equity to strengthen its balance sheet as part of a five-year turnaround plan, the Canadian plane-and-train maker said on Monday.
ANALYST RESEARCH HIGHLIGHTS
Canadian National Railway Co CIBC cuts target price to C$108 from C$111
EcoSynthetix Inc Canaccord Genuity cuts target price to C$2.50 from C$3
Gibson Energy Inc BMO cuts target price to C$19 from C$20
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,325.8; +0.58 percent
U.S. crude: $62.97; +0.62 percent
Brent crude: $65.86; +0.49 percent
LME 3-month copper: $7,004.5; +1.34 percent
U.S. ECONOMIC DATA DUE ON TUESDAY
1000 Durables ex-defense R mm for Jan: Prior -2.7 pct
1000 Durable goods R mm for Jan: Prior -3.7 pct
1000 Factory orders mm for Jan: Expected -1.3 pct; Prior 1.7 pct
1000 Durables ex-transport R mm for Jan: Prior -0.3 pct
1000 Non defense cap ex-air R mm for Jan: Prior -0.2 pct
1000 Factory ex-transport mm for Jan: Prior 0.7 pct
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.29) (Reporting by Nandi Kaul in Bengaluru Editing by Saumyadeb Chakrabarty)
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