Futures tracking Canada’s main stock index edged higher on Tuesday, supported by a fresh round of earnings from the country’s largest banks. BMO reported a rise in third-quarter profit, driven by robust results in its capital markets division. Scotiabank also posted higher third-quarter earnings, benefiting from stronger net interest income. National Bank is scheduled to release its results tomorrow, with RBC, TD Bank, and CIBC set to report on Thursday.
Investors are also monitoring US–Canada trade tensions after President Donald Trump on Monday threatened to raise US tariffs on all Canadian cars, trucks, and automotive parts to 50% starting January 1, 2027.
Elsewhere, oil prices declined despite the latest US sanctions threat against Iran, providing some relief to financials and the broader equity market, which have been under pressure from energy-driven inflation concerns. Gold prices also slipped as profit-taking and a stronger US dollar limited gains ahead of US PCE data, weighing on mining shares.
