Canadian stocks are expected to open with mixed sentiment on Wednesday. This outlook is influenced by positive signals from European markets and news concerning U.S. President Donald Trump's proposal to discuss potential tariffs on goods imported to the U.S. from China via Mexico and Canada.
During a press briefing at the White House, Trump reiterated his administration's intention to discuss a potential 10% tariff on goods imported from China starting February 1. This measure is aimed at curbing the trafficking of the lethal drug fentanyl, which is being transported from China to the U.S. via Mexico and Canada.
AGF Management Limited (AGF.B.TO) announced an adjusted net income of $29.8 million ($0.45 adjusted diluted EPS) for the quarter and $111.6 million ($1.67 adjusted diluted EPS) for the fiscal year ending November 30, 2024. These figures contrast with $18.5 million ($0.28 adjusted diluted EPS) and $90.3 million ($1.34 adjusted diluted EPS) reported for the corresponding periods in the previous year.
Westport Fuel Systems Inc. (WPRT.TO) disclosed that its joint venture, Cespira, has appointed Carlos Gonzalez as President and CEO effective April 1. Gonzalez succeeds Dan Sceli, who temporarily held the CEO position since the joint venture concluded in June 2024. Westport Fuel shares surged nearly 12% on the Nasdaq on Wednesday.
MTY Food Group raised its quarterly dividend by 18% to $0.33 from $0.28 per share, with the new dividend payable on February 14.
Economic data on Canadian industrial product prices and raw materials prices for December are expected at 8:30 AM ET.
The Canadian market saw a moderate increase on Tuesday, spurred by advances in the technology, financial, and consumer discretionary sectors, extending its winning streak to a sixth consecutive session.
Investors have been considering Canadian inflation figures while also assessing potential impacts from U.S. President Donald Trump’s policies. Despite indications of potential tariffs on imports from Canada and Mexico, Trump has not yet implemented any such policy.
The benchmark S&P/TSX Composite Index ended Tuesday with a rise of 110.05 points or 0.44%, finishing at 25,281.63.
In Asia, stock performance was mixed on Wednesday. Chinese and Hong Kong markets experienced steep declines following Trump's tariff threats targeting the EU and China, as part of efforts to address trade imbalances and combat fentanyl trafficking.
Despite Trump's tariff threats, European stocks climbed into positive territory, influenced by encouraging earnings results.
The European Union's Commissioner for the Economy stated on CNBC that Europe will react proportionally to any tariffs imposed by Trump, who reiterated potential tariffs on EU goods entering the U.S.
In commodities, West Texas Intermediate Crude oil futures slightly decreased, trading at $75.77 a barrel. Meanwhile, gold futures rose by $9.00 or 0.33%, reaching $2,768.20 an ounce, whereas silver futures fell by $0.086 or 0.27% to $31.410 an ounce.
