Canadian markets rise with climbing oil and commodity prices

Global markets showed mixed results in early trading as investors reacted to potential changes in U.S. tariffs. Futures on Wall Street suggested a slight rise, following a strong day for major U.S. indexes yesterday driven by hope regarding trade relations. In Canada, TSX futures also pointed up, aided by rising commodity prices. Investors are particularly focused on the upcoming earnings report from McCormick & Co. Inc. Analysts caution that more details on the tariffs are needed to understand their full impact. In Europe, the STOXX 600 index gained 0.81% in morning trading. Major European markets, including the UK’s FTSE 100 and Germany’s DAX, also experienced gains. Meanwhile, in Asia, Japan’s Nikkei closed higher while Hong Kong’s Hang Seng fell significantly. Oil prices continued to rise for the fifth consecutive day amid concerns about global supply. Brent crude was traded at $73.46 per barrel, and West Texas Intermediate at $69.52. Analysts noted that while tariffs might reduce oil demand, tighter sanctions on Venezuelan and Iranian oil could limit supply. The Canadian dollar gained value against the U.S. dollar, trading between 69.76 and 69.99 cents in early hours. The U.S. dollar index fell slightly. The euro and the British pound also registered small increases against the greenback. In corporate news, Seven & i Holdings Inc. from Japan is downplaying potential antitrust issues regarding its merger talks with Canada’s Alimentation Couche-Tard. Meanwhile, McCormick reported first-quarter profits below expectations due to higher costs and reduced consumer demand. Economic reports are anticipated later today, including home price indices and consumer confidence data.