Investing.com - Futures tied to Canada’s main stock exchange pointed slightly lower on Wednesday, as investors assessed the trajectory of U.S. President Donald Trump’s trade agenda and geared up for a Bank of Canada interest rate decision.

By 06:59 ET (10:59 GMT), the S&P/TSX 60 index standard futures had dipped by 2 points, or 0.1%.

Toronto Stock Exchange ’s S&P/TSX composite index rose by 201.40 points, or 0.8%, in the prior session, notching its highest closing level since April 3 and extending a bounce-back from an eight-month low touched last week.

Underpinning sentiment on Tuesday was optimism that Trump could roll out possible concessions to his sweeping tariff policies, including relief for the car industry from 25% levies.

Meanwhile, annual inflation in Canada slowed to 2.3% in March, down from 2.6% in the previous month, potentially bolstering the case for the Bank of Canada to lower borrowing costs.

Investors are placing a roughly 55% chance of policymakers keeping rates steady at their gathering on Wednesday, although a cut is predicted to come by June as the impact of Trump’s levies becomes more apparent.

U.S. futures edge down

Stock futures on Wall Street inched down, but pared back some earlier losses, as traders gauged new U.S. rules limiting the export of high-end AI chips to China.

Shares in Nvidia (NASDAQ: NVDA ) sank in premarket U.S. trading after the semiconductor giant said it would be hit by $5.5 billion in charges following a Commerce Department decision to limit exports of its H20 AI chip to its key Chinese market.

The H20 is the main AI chip Nvidia is permitted to sell in China under restrictions originally imposed by the Biden administration, as the U.S. sought to close off Beijing’s access to cutting-edge advancements in AI tech.

But hopes for a detente in an escalating trade war between the U.S. and China were buoyed after a Bloomberg News report said Beijing is open to beginning trade talks with President Donald Trump’s administration.

China is demanding that the White House show more respect and stem disparaging remarks about its cabinet members before starting negotiations, Bloomberg said, citing a person familiar with the Chinese government’s thinking.

Crude choppy

Oil prices were volatile on Wednesday, with traders fretting over the likely effect of the trade uncertainty on global growth, and thus demand for crude.

The International Energy Agency on Tuesday joined the Organization of the Petroleum Exporting Countries in cutting its forecast for global oil demand this year, citing Trump’s tariffs on trading partners and their retaliatory moves.

The IEA predicted that crude demand to rise by 730,000 barrels per day in 2025, sharply lower than the 1.03 million bpd expected last month, and the slowest growth rate for five years.

Gold hits new record high

Gold prices touched a fresh record high, benefiting from sustained safe haven demand as markets eyed U.S.-China trade tensions and the impairment warning from Nvidia.

Bullion was boosted by an order from Trump into possible new tariffs on U.S. critical mineral imports as well.

The yellow metal was also aided by weakness in the dollar , as investors dumped U.S. Treasuries amid heightened uncertainty over the U.S. economy under Trump.

Spot gold advanced to an all-time peak of $3,317.90 earlier in the session.