TSX futures flat as U.S.-Canada tariff tensions persist

Canadian stock futures mostly drifted as traders weighed ongoing U.S.-Canada tariff tensions alongside a batch of robust bank earnings, with National Bank of Canada leading the gains among peers. Investors also eyed Treasury-term factors as gold strengthened on some sessions and oil prices slipped on renewed sanctions chatter around Iran, pressuring energy shares. Reports showed BMO Financial and Scotiabank posting stronger-than-expected quarterly results, contributing to a broader rally in financials even as the broader market faced tariff headwinds set to take effect later in the year. The tariff dispute intensified when Canada retaliated with duties on about $20 billion of U.S. imports, while U.S. plans to boost or threaten broader car, truck, and steel duties added to the backdrop of trade tensions. In equity-specific moves, futures realized a muted to modestly higher path depending on the session, with investors watching for U.S. inflation data and potential Federal Reserve implications. Political risk was underscored by references to tariff threats from U.S. President Donald Trump as discussions around Iran sanctions loomed, reinforcing the wider risk-off sentiment at times.