Futures tracking Canadian equities edged higher on Wednesday after U.S. President Donald Trump temporarily halted new tariffs on Canadian goods. Late Tuesday, Trump announced a three-day pause on the planned 50% tariffs that were scheduled to take effect on Wednesday, citing the conclusion of a deal between the two countries. The prospect of an agreement provided a boost to Canadian exporters.
Oil prices rose to a three-week high as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions persisted, supporting energy producers. Gold prices also advanced, underpinned by a weaker U.S. dollar and stabilizing global bond yields, which lent strength to mining stocks.
At the same time, financials and the broader market remained under pressure, weighed down by energy-driven inflationary concerns linked to the conflict in the Middle East and caution ahead of the release of the U.S. Federal Reserve’s July meeting minutes.
