Stocks rose on news of the first trade deal yet to be announced since the U.S. launched a global trade war, while traders looked ahead to a Bank of England rate decision and upcoming trade talks between the U.S. and China.

Global markets were up on Thursday on reports that the U.S. would announce details of a deal with the U.K. on tariffs.

Wall Street and TSX futures were up.

In Canada, investors are getting results from telecoms BCE Inc. and Quebecor Inc.; energy companies Canadian Natural Resources Ltd. and Pembina Pipeline Corp., e-commerce firm Shopify Inc.; insurer Sun Life Financial Inc.; fast food owner Restaurant Brands International Inc.; mining companies Franco-Nevada Corp., Wheaton Precious Metals Corp. and Lundin Gold Inc.; retailer Canadian Tire Corp. Ltd.; and utilities Emera Inc. and Hydro One Ltd.

Stocks and North American futures were buoyed by reports that the U.S. and U.K. would announce details of a trade deal today.

U.S. President Donald Trump said on social media he would hold a press conference on a “MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. He confirmed the U.K. as the trading partner on Thursday.

The news came as investors were anxiously awaiting planned talks between U.S. and Chinese officials in Switzerland on Saturday, which could start dialling down the damaging trade war between the world’s biggest economies.

“While the UK isn’t a major exporter to the US, progress there could set the stage for more meaningful deals with heavyweight partners like India, China, Japan, or the EU. Consider it a promising appetizer before the main course,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Eyes were also on an expected quarter-point rate cut from the Bank of England on Thursday, following a rate hold from the U.S. Federal Reserve the previous day.

Overseas, the pan-European STOXX 600 was up 0.77 per cent in morning trading. Britain’s FTSE 100 gained 0.43 per cent, Germany’s DAX increased 1.24 per cent and France’s CAC 40 gained 1.09 per cent.

In Asia, Japan’s Nikkei closed 0.41 per cent higher, while Hong Kong’s Hang Seng was up 0.37 per cent.

Oil prices rose 1 per cent on Thursday on hopes of a breakthrough in upcoming trade talks between the United States and China, the world’s two largest oil consumers.

Brent crude futures were up 74 US cents at US$61.86 a barrel, while West Texas Intermediate crude rose 80 US cents to US$58.87 a barrel.

The market has almost stabilized at slightly above US$61 a barrel, said SEB analyst Ole Hvalbye, which along with some optimism around trade talks between the U.S. and China, was providing support.

In other commodities, safe-haven spot gold fell 0.7 per cent to US$3,339.32 on news of the expected U.S.-U.K. trade deal.

The Canadian dollar weakened against its U.S. counterpart.

The day range on the loonie was 72.01 US cents to 72.4 US cents in early trading. The Canadian dollar was up about 0.77 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.58 per cent to 100.18.

The euro lost 0.12 per cent to US$1.1290. The British pound was flat at US$1.3284.

In bonds, the yield on the U.S. 10-year note was flat at 4.312 per cent ahead of the North American opening bell.

China trade surplus

Germany industrial production and trade surplus

Bank of England monetary policy announcement.

(8:30 a.m. ET) U.S. initial jobless claims for week of May 3. Estimate is 233,000, down 8,000 from the previous week.

(8:30 a.m. ET) U.S. productivity and unit labour costs for Q1 (preliminary reading)

(10 a.m. ET) Bank of Canada’s Financial Stability Report and Financial Systems Survey are released with press conference to follow.

(10 a.m. ET) U.S. wholesale inventories for March.

With Reuters and The Canadian Press