Futures linked to Canada's main stock index gained on Thursday, as U.S. President Donald Trump withdrew tariff threats against European allies and ruled out the use of force to acquire Greenland.
The TSX index hung onto gains of 101.25 points to conclude Wednesday at 32,851.53.
March futures were better 0.4% Thursday.
The Canadian dollar climbed 0.15 cents to 72.38 cents U.S.
Earlier, in a speech at the World Economic Forum in Davos, Switzerland, the president also ruled out using military force to take over the Danish territory.
In corporate news, railway firm Canadian Pacific Kansas City said on Wednesday that it will buy 30 additional Tier 4 locomotives from Progress Rail this year as part of an $800-million commitment to invest in U.S. businesses.
On the economic scene, the New Housing Price Index decreased 0.2% in December, in comparison with an unchanged reading the month before.
ON BAYSTREET
The TSX Venture Exchange poked higher 1.29 points Wednesday to 1,094.62.
ON WALLSTREET
Stock futures rose Thursday after easing geopolitical fears sparked a broad-based market rally. Traders also looked ahead to a key inflation reading due in the morning.
Futures for the Dow Jones Industrials jumped 127 points, or 0.3%, to 49,392.
Futures for the S&P 500 hiked 35.75
points, or 0.5%, at 6,945.75.
Futures for the NASDAQ popped 213 points, or 0.8%, to 25,684.
Stocks are still in the red for the week despite Wednesday’s rally. The 30-stock Dow is headed for a 0.6% decline, while the S&P 500 and NASDAQ on track to lose about 0.9% and 1.2%, respectively.
Big Tech names such as Nvidia and Microsoft were up around 1% each in the premarket. Micron Technology, along with Meta Platforms, advanced around 2%.
Major U.S. stock averages jumped Wednesday after President Donald Trump said he would no longer impose his new Europe tariffs that were set to begin Feb. 1 and announced reaching a deal “framework” over Greenland.
Trump, who has been relentlessly pushing for U.S. control of Greenland in recent weeks, said Wednesday on Truth Social that he and NATO Secretary General Mark Rutte have “formed the framework of a future deal with respect to Greenland.”
Shortly after that announcement, Trump told the media that “we have a concept of a deal” with the Arctic island. Stocks were already rising after the U.S. president earlier said in a speech at the World Economic Forum in Davos, Switzerland, that he would not move to acquire Greenland by force.
Another market catalyst looms on Thursday morning as traders await the release of the personal consumption expenditures price index.
The PCE price index is closely watched by the Federal Reserve, as it’s a preferred inflation gauge that reflects changes in consumer spending behavior. Separately, weekly jobless claims are also due.
Internationally, markets in Japan zoomed 1.7% Thursday, while the Hang Seng in Hong Kong gained 0.2%.
Oil prices sagged 92 cents to $59.70 U.S. a barrel.
Gold prices scaled back $3.10 at $4,834.40 U.S. per ounce.
Related Stories
