Bay Street Likely To Open On Weak Note

(RTTNews) - Canadian shares are set to open on a negative note on Friday as U.S. President Donald Trump's announcement of fresh tariffs on Canada and several other countries has hurt investor sentiment across global markets.

Canadian and U.S. futures are notably lower at present, and the major markets in Europe are down sharply in negative territory.

The U.S. President signed an executive order late Thursday, increasing tariffs on all Canadian goods not covered by the U.S.-Mexico-Canada trade agreement to 35% from 25%.

In earnings news, ARC Resources Ltd. (ARX.TO) reported a net income of $396 million or $0.68 per share for the second quarter of 2025, an increase from $239 million or $0.40 per share in the same quarter last year.

Magna International Inc. (MG.TO) has revised upward its full-year earnings outlook. The company now expects adjusted income per share of $1.35 to $1.55 per share for the full-year, higher than the earlier guidance of $1.3 to $1.5 per share.

TELUS Corp. (T.TO) announced Friday that net income attributable to common shares for the second quarter plunged to C$7 million or C$0.00 per share from C$228 million or C$0.15 per share in the prior-year quarter,

Enbridge, Inc. (ENB.TO) has reaffirmed its distributable cash flow or DCF and adjusted EBITDA guidance for the full-year 2025. For fiscal 2025, the company continues to project DCF in a range of $5.50 to $5.90 per share and adjusted EBITDA between $19.4 billion and $20.0 billion.

On the economic front, a report on Canadian manufacturing activity is due from S&P Global at 9:30 AM ET.

The Canadian market ended weak on Thursday amid a lack of progress in US-Canada trade negotiations. The benchmark S&P/TSX Composite Index closed at 27,259.78, down by 110.18 points or 0.4%.

Asian stocks fell on Friday as higher U.S. tariffs kicked in and a private survey showed China's manufacturing activity returned to contractionary territory in July as a result of softening new business growth.

U.S. President Donald Trump on Thursday confirmed imports from most countries will face a minimum tariff rate of 10%, while imports from countries with trade surpluses with the U.S. face duties of 15% or higher.

European stocks are down sharply with investors assessing the potential economic impact of fresh U.S. levies on dozens of countries, including a 39% rate on Switzerland.

Pharma stocks are coming under heavy selling pressure after U.S. President Donald Trump asked 17 major global pharmaceutical companies to lower drug prices in the U.S.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.39 or 0.56% at 68.87 a barrel.

Gold futures are down $2.20 or 0.06% at $3,346.40 an ounce, while Silver futures are lower by $0.182 or 0.51% at $36.530 an ounce.