Bay Street May Open On Positive Note

(RTTNews) - The Canadian market looks headed for a positive start Thursday morning amid easing fears of a trade war following U.S. President Donald Trump withdrawing his latest tariff threats against European nations and saying that his administration will not use force to acquire Greenland.

The Canadian market closed higher on Wednesday as investors picked up stocks, reacting positively to Trump's comments about Greenland and tariffs during his speech at the World Economic Forum in Davos, Switzerland.

Trump committed not to use force in his pursuit of Greenland ownership. The President also announced reaching a Greenland deal "framework" with NATO Secretary General Mark Rutte, boosting market sentiment.

The benchmark S&P/TSX Composite Index, despite a brief setback midway through the session, recovered to close up by 101.25 points or 0.31% at 32,851.53.

Asian stocks moved up on Thursday amid easing geopolitical and trade tensions after Trump signaled pausing proposed tariffs against eight European countries over Greenland ownership.

The major European markets are up in positive territory today with investors picking up stocks amid fading concerns about a trade war following Trump's decision to pause proposed tariffs against some European countries.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.10 or 1.81% at $59.52 a barrel.

Gold futures are down $4.40 or 0.09% at $4,833.10 an ounce, while Silver futures are up $0.598 or 0.63% at 94.235 an ounce.