Bay Street Looks Headed For Weak Start

(RTTNews) - Canadian shares look headed for a weak start Monday morning, tracking a sell-off in global markets amid fears U.S. President Donald Trump's economic policies and possible retaliatory actions by targeted countries will fuel inflation, keep interest rates higher and drag down global economic growth.

Materials and energy stocks may find some support at lower levels thanks to higher bullion and crude oil prices.

In corporate news, Westport Fuel Systems Inc. (WPRT.TO) announced that it has entered into a binding agreement to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, for a base purchase price of $73.1 million.

The Canadian market ended sharply lower on Friday, weighed down by lukewarm GDP data and concerns about inflation and impending U.S. tariffs.

Trade tensions are escalating with U.S. President Donald Trump's announcement of a 25% tariff on autos, and the Canadian Prime Minister Carney warning of retaliatory measures.

Technology, industrials, consumer discretionary and healthcare stocks were among the major losers.

The benchmark S&P/TSX Composite Index closed down 401.91 points or 1.6% at 24,759.15, almost near the day's low. The index shed about 0.8% in the week.

Asian stocks slumped on Monday as investors braced for U.S. President Donald Trump's reciprocal tariffs beginning April 2. Trump announced that the upcoming tariffs on U.S. imports would apply to all nations, not just a select few.

European stocks are notably lower after the U.S. President said that upcoming tariffs would target all countries, stoking worries a global trade war could lead to recession.

West Texas Intermediate Crude oil futures are up $0.25 or 0.37% at $69.61 a barrel.

Gold futures are gaining $36.90 or 1.18% at $3,151.20 an ounce, while Silver futures are up $0.071 or 0.2% at $34.885 an ounce.