Canadian Stocks Look Headed For Weak Open Amid Geopolitical Risks

RTTNews | 235 days ago

(RTTNews) - Declining U.S. and Canadian futures, along with escalating trade tensions between the U.S. and its allies, point to a weak start on Bay Street Tuesday morning. However, surging commodity prices may offer some support and limit market's downside.

The U.S. President threatened on Monday that his administration will impose 10% tariffs on several European countries from February 1 if the U.S. is not allowed to buy Greenland, and added that the levies could rise to 25% from June.

Today, Trump has threatened that he will slap 200% tariffs on French wines and champagnes as French President Emmanuel Macron reportedly said he will not join Trump's Board of Peace initiative.

In commodities trading, West Texas Intermdiate Crude oil futures are up $0.30 or 0.5% at $59.74 a barrel.

Gold futures are gaining $139.90 or 3.04% at $4,735.30 an ounce, and Silver futures are up $6.953 or 7.85% at $95.490 an ounce. Copper futures are up $0.0490 or 0.84% at $5.8790 per pound.

In Canadian corporate news, CGI Inc. (GIB) announced today that it has expanded its partnership with Google Cloud to utilize the Gemini Enterprise AI platform.

Under the multi-year agreement, CGI consultants will gain access to the platform, and the collaboration will include joint training programs and solution development to support clients in integrating AI into IT and business services.

Amid increasing geopolitical tensions, the Canadian market closed higher on Monday as investors assessed both the impact of the U.S.-EU standoff over Greenland and Statistics Canada's report on inflation.

The benchmark S&P/TSX Composite Index ended the session with a gain of 50.41 points or 0.15% at 33,090.96.

Asian stocks ended mostly lower on Tuesday as U.S. President Donald Trump's tariff threats regarding Greenland reignited concerns about a trade war with the EU and NATO allies.

Trump tied Greenland sovereignty efforts to Nobel Peace Prize snub and claimed that America must have "Complete and Total Control of Greenland."

The major European markets are notably lower today, hurt by escalating geopolitical tensions and tariff threats by Donald Trump.

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