Stock futures pointed to a lower opening for Canada’s main stock index on Wednesday after China retaliated in equal measure against the latest U.S. tariffs, sparking fears of an intensifying trade war and a flight to safer assets.
June futures on the S&P TSX index were down 1.46 per cent at 7:15 a.m. ET. Canada’s main stock index fell on Tuesday as declines for financial and gold mining shares offset gains for energy and auto part stocks.
China hit back against the Trump administration’s plans to slap tariffs on US$50 billion in Chinese goods, retaliating with a list of similar duties on key U.S. imports including soybeans, planes, cars, beef and chemicals. Dow Jones Industrial Average e-mini futures were down 2.13 per cent at 7:15 a.m. ET, while S&P 500 e-mini futures fell 1.63 percent and Nasdaq 100 e-mini futures were 1.97 per cent lower.