Crude Prices Dip, Futures Fall

Futures for Canada's main stock index declined on Tuesday as oil prices fell after an escalating trade war between the U.S. and China, overshadowing Ottawa's temporary relief from President Donald Trump's tariffs.The TSX dropped 291.34 points, or 1.1%, to conclude Monday at 25,241.76March futures on the S&P/TSX index regressed 0.4% Tuesday. The Canadian dollar eked back 0.04 cents to 69.31 cents U.S. early Tuesday. On Monday, domestic investors were relieved after Trump suspended steep tariffs on Mexico and Canada, agreeing to a 30-day pause in exchange for concessions on border and crime enforcement with the two neighboring countries.The deal temporarily averted a trade war that economists warned could harm all involved economies and lead to higher consumer prices.In corporate news, financial services company TMX Group on Tuesday reported fourth-quarter profit and revenue above estimates.ON BAYSTREET The TSX Venture Exchange flopped 3.08 points Monday to 620.67.ON WALLSTREET Stock futures were slightly lower on Tuesday after China slapped tariffs on U.S. imports, retaliating to U.S. duties on exports from Beijing.Futures for the Dow Jones Industrials handed back 123 points, or 0.3% to 44,432.Futures for the S&P 500 withered 9.25 points to 6,013.Futures for the tech-heavy NASDAQ let loose three points, or 2%, to 21,402. The Chinese government slapped tariffs of up to 15% on U.S. imports of coal and liquefied natural gas and 10% higher duties on crude oil, farm equipment and selected cars, effective Feb. 10.The move comes after the U.S. agreed to pause more aggressive levies on Canada and Mexico. Canadian Prime Minister Justin Trudeau announced in a post on social media site X on Monday evening that Trump agreed to halt the implementation of tariffs against Canada for at least 30 days. Earlier on Monday, Mexican President Claudia Sheinbaum announced that duties on Mexico imports to the U.S. would also be halted for a month.On the economic front, the Job Openings and Labor Turnover Survey for December is due on Tuesday, as well as durable orders. The main event this week will be Friday’s January nonfarm payrolls report, which will add further clarity to the employment picture.In Japan, the Nikkei 225 bounced 0.7% Tuesday, while in Hong Kong, the Hang Seng recovered 2.8%. Oil prices dropped $1.34 to $71.82 U.S. a barrel. Gold prices surrendered $14.70 to $2,842.40 U.S. an ounce.