Jan 22 (Reuters) - Futures linked to Canada's main stock index gained on Thursday, as U.S. President Donald Trump withdrew tariff threats against European allies and ruled out the use of force to acquire Greenland.
March futures on Toronto's S&P/TSX Composite Index were up 0.4% as of 5:48 a.m. ET.
Trump, who met NATO Secretary General Mark Rutte on Wednesday, said in a social media post that the U.S. and its NATO allies had a framework for a future deal on Greenland and walked back his threats to impose a 10% tariff from February 1 on eight European countries.
Earlier, in a speech at the World Economic Forum in Davos, Switzerland, the president also ruled out using military force to take over the Danish territory.
Toronto's resources-heavy benchmark index recouped some of the previous session's steep losses after the comments on Wednesday, as fears of a U.S.-Europe trade war eased.
Spot gold, which hit record prices for several straight days driven by safe-haven demand, retreated 0.2% on Thursday, while silver was up 0.47%.
Oil prices weakened, with Brent crude futures and U.S. West Texas Intermediate crude down 0.8% each.
On the macro front, key U.S. inflation data for November and the previous year's third-quarter GDP figures are due Thursday morning.
In corporate news, railway firm Canadian Pacific Kansas City said on Wednesday that it will buy 30 additional Tier 4 locomotives from Progress Rail this year as part of an $800 million commitment to invest in U.S. businesses.
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(Reporting by Utkarsh Tushar Hathi in Bengaluru; Editing by Jonathan Ananda)
