Global markets were mixed as investors turned their attention back to an escalating global trade war, after a mild rally on the back of softer-than-expected U.S. inflation data yesterday.

Wall Street futures were little changed amid concerns about a possible U.S. government shutdown at the end of the week.

TSX futures were flat after Canada’s main stock market closed higher yesterday.

In Canada, investors are getting results from Empire Co. Ltd. and AtkinsRéalis Group Inc.

“Markets are still being driven by [U.S. President Donald] Trump tariffs and U.S. growth concerns,” said Mohit Kumar, chief European economist at Jefferies.

“Beyond the growth and inflation impact of tariffs, they create uncertainty which is negative for investment and outlook for any company involved in cross-border trades,” he said. “Our view has been that tariffs are not an inflation story but a growth story.”

Overseas, the pan-European STOXX 600 was up 0.46 per cent in morning trading. Britain’s FTSE 100 rose 0.39 per cent, Germany’s DAX inched up 0.12 per cent and France’s CAC 40 advanced 0.34 per cent.

In Asia, Japan’s Nikkei closed 0.08 per cent lower, while Hong Kong’s Hang Seng slid 0.58 per cent.

Oil prices steadied after a surge in the previous session on a larger than expected draw in U.S. gasoline stocks, as markets weighed prevailing macroeconomic concerns against firm near-term demand expectations.

Brent futures were up 17 US cents to $71.12 a barrel, while West Texas Intermediate (WTI) crude futures edged higher to US$67.81 a barrel. Both benchmarks rallied about 2 per cent yesterday.

“Declining U.S. gasoline inventories raised expectations for a seasonal demand increase in spring, but concerns about the global economic impact of tariff wars weighed on the market,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment.

In other commodities, spot gold gained 0.3 per cent to US$2,940.99 an ounce, while U.S. gold futures rose 0.1 per cent to US$2,950.80.

The Canadian dollar was flat against its U.S. counterpart.

The day range on the loonie was 69.42 US cents to 69.65 US cents in early trading. The Canadian dollar was down about 1.22 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.06 per cent to 103.67.

The euro declined 0.16 per cent to US$1.0872. The British pound gave back 0.08 per cent to US$1.2953.

In bonds, the yield on the U.S. 10-year note was last up at 4.328 per cent ahead of the North American opening bell.

Euro zone industrial production

(8:30 a.m. ET) Canada’s national balance sheet and financial flow accounts for Q4.

(8:30 a.m. ET) Canadian building permits for January. Estimate is a decline of 5 per cent from December.

(8:30 a.m. ET) U.S. initial jobless claims for week of March 8. Estimate is 235,000, up 14,000 from the previous week.

(8:30 a.m. ET) U.S. PPI final demand for February. Consensus is a gain of 0.3 per cent month-over-month and up 3.2 per cent year-over-year.

(10 a.m. ET) U.S. quarterly services survey for Q4.

With Reuters and The Canadian Press