Feb 10 (Reuters) - Futures for Canada's main stock index jumped on Monday, due to higher gold prices after U.S. President Donald Trump's latest tariff threats as well as a rebound in oil prices.
March futures on the S&P/TSX index SXFcv1 were up 0.87% at 6:22 a.m. ET (1122 GMT).
Among commodities, gold prices XAU= gained more than 1%, as the latest tariff plans fueled demand for the safe-haven metal. GOL/
Oil prices LCOc1, CLc1 also ticked higher, rebounding after declines last week. O/R
Trump on Sunday said he will introduce a 25% tariff on all steel and aluminum imports into the U.S, starting from Monday.
Canada, Brazil and Mexico are the largest sources of U.S. steel imports, according to U.S. government and American Iron and Steel Institute data.
Canada is also the top supplier of primary aluminum to the U.S., contributing 79% of total imports in the first 11 months of 2024.
Trump on Sunday also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.
On Friday, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended lower as the risk of a wider trade war spooked investors and after stronger-than-expected jobs data tempered expectations of Bank of Canada interest rate cuts.
Looking ahead, U.S. Federal Reserve Chair Jerome Powell is due to testify before Congress on Tuesday and Wednesday, and U.S. inflation data for January is due on Wednesday.
In corporate news, global investment firm Brookfield BN.TO confirmed it will invest 20 billion euros to develop artificial intelligence-related projects in France.
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(Reporting by Ragini Mathur in Bengaluru; Editing by Sahal Muhammed)
((Ragini.Mathur@thomsonreuters.com;))