TSX futures rise as oil steadies while Canada PM announces China trade deal

Futures tracking Toronto's S&P/TSX were up 0.24% as oil steadied, and Prime Minister Mark Carney said Canada and China agreed to cut tariffs on electric vehicles and canola.

Futures tracking Canada's main stock index rose on Friday as oil prices regained some ground and the Canadian prime minister announced a preliminary trade deal with China. March futures on the S&P/TSX Composite were up 0.24% as of 5:42 a.m. ET. Prime Minister Mark Carney said Canada and China agreed to cut tariffs on electric vehicles and canola and pledged to reduce trade barriers while building strategic ties. The announcement comes after China halted Canadian canola imports last year, a disruption that tightened supplies. Key details: - TSX March futures were up 0.24% as of 5:42 a.m. ET. - Prime Minister Mark Carney said Canada and China agreed to cut tariffs on electric vehicles and canola. - China had halted imports of Canadian canola last year and was a $4 billion canola seed market for Canada, according to Carney. - The TSX benchmark closed at a record high on Thursday as gains in financial and industrial shares outweighed commodity-linked losses. - Oil prices firmed on Friday, with Brent and U.S. West Texas Intermediate rising more than 1% after a 4% drop the previous day. - Spot gold and silver extended losses after stronger-than-expected U.S. economic data tempered expectations for near-term Federal Reserve rate cuts. Summary: The modest rise in TSX futures reflected steadier oil prices alongside the trade announcement between Canada and China. The reported agreement focused on tariff cuts for electric vehicles and canola and follows earlier disruptions to canola exports. Markets are also watching moves in precious metals, and investors await Canada's December inflation data due January 19 for additional context.