Bay Street Likely To Open Sharply Lower

(RTTNews) - Sharply lower U.S. and Canadian futures, weak European stocks and falling oil and bullion prices point to a gap down opening for the Canadian market on Thursday.

U.S. President Donald Trump's sweeping tariff announcement on trade partners has raised fears of a global trade war and triggered inflationary concerns.

Trump announced a 10% universal tariff on most imported goods along with additional high tariffs on countries the U.S. considers the "worst offenders" based on trade deficits and non-tariff barriers.

The move marks one of the boldest protectionist pushes in recent history and sparked concerns over inflation and growth.

U.S. Treasury Secretary Scott Bessent urged trading partners against taking retaliatory steps against the new set of tariffs. "As long as you don't retaliate this is the high end of the number," Bessent told Bloomberg Television.

On the economic front, S&P Global's data on Canada's manufacturing and services sector activity for the month of March is due at 9:30 AM ET.

Canada posted a trade deficit of CAD 1.5 billion in February 2025, shifting from a downwardly revised 32-month high surplus of CAD 3.1 billion in the prior month, data from Statistics Canada showed. Exports decreased 5.5% over a month, while imports rose 0.8%.

Stantec Inc. (STN.TO) announced today that it has agreed to acquire architecture and engineering firm Page. The terms of the deal were not disclosed. The addition of Page is expected to increase Stantec's US Buildings practice by 35%.

The Canadian market ended on a strong note on Wednesday despite concerns about the impact of President Donald Trump's reciprocal tariffs on U.S. trade partners.

The benchmark S&P/TSX Composite Index moved to the downside early in the session but showed a significant turnaround to end the day up 273.90 points or 1.1% at 25,307.18.

Asian stocks tumbled on Thursday after U.S. President Donald Trump announced a 10% universal tariff on most imported goods along with additional high tariffs on countries the U.S. considers the "worst offenders" based on trade deficits and non-tariff barriers.

The new reciprocal rate on China will be added to existing tariffs totaling 20%,, meaning the true tariff rate on Beijing is 54%. Goods from India, South Korea and Australia face tariffs of 26%, 25% and 10%, respectively.

European stocks are down firmly in negative territory today, hurt by Trump's tariff announcement. The U.S. President announced a 10% baseline on all US imports and a 20% rate for goods from the European Union, with a steeper 25% tariff on imported cars set to take effect immediately.''

President of the European Commisson, Ursula von der Leyen posted on X that the universal tariffs announced by the U.S. are a major blow to businesses and consumers worldwide. "Europe is prepared to respond. We'll always protect our interests and values. We're also ready to engage," she wrote.

In commodities trading, West Texas Intermediate Crude oil futures are down $2.16 or about 3% at $69.55 a barrel.

Gold futures are down $12.10 or 0.37% at $3,154.10 an ounce, while Silver futures are lower by $1.200 or 3.46% at $33.450 an ounce.