(fxcue news) - Canadian shares may open with a slightly positive bias on Thursday as the materials sector is likely to see some buying, tracking higher metal prices. Still, the mood is likely to remain cautious amid tariff concerns following the U.S. President's announcement of a 25% tariff on auto and auto components imported by U.S. and the threat of more stringent levies in the event of countries retaliating with countermeasures. Royal Bank of Canada (RY.TO) and Canadian Tire Corporation (CTC.TO) announced a long-term strategic loyalty partnership between Avion Rewards and Triangle Rewards. This collaboration will enhance the value of both programs by linking millions of eligible RBC credit and debit cardholders to Triangle Rewards. Telesat (TSAT.TO) reported fourth-quarter net loss of $447 million, compared with a net income of $39 million for the same period of the previous year. The difference was due to foreign exchange impact on the Canadian dollar value of its U.S. dollar denominated debt and higher impairment charges on its orbital slots and satellites, the company said. The Canadian market closed weak on Wednesday as concerns about Trump's tariffs and uncertainty about economic growth weighed on sentiment. Despite optimism about some tariff exemptions by the Trump administration, the mood remained cautious as investors chose to wait for more clarity about the U.S. President's moves. The benchmark S&P/TSX Composite Index ended with a loss of 178.45 points or 0.7% at 25,161.06. The index dropped to a low of 25,106.44 in the final hour before staging a modest recovery. Asian stocks ended mixed on Thursday, with mainland Chinese and Hong Kong stocks rising after U.S. President Donald Trump said reciprocal duties that are set to be announced next week will be "very lenient" and that tariffs on China could be reduced to facilitate a deal on the sale of ByteDance Ltd.'s social video platform TikTok to an American company. European stocks are down in negative territory following Trump announcing a 25% tariff on auto imports to boost domestic manufacturing. Trump also posted on his Truth Social Platform that he will impose even steeper tariffs on the European Union and Canada if they collaborate to harm the U.S. economy. European Commission President Ursula von der Leyen said she "deeply regrets" Trump's latest tariffs move. "The EU will continue to seek negotiated solutions, while safeguarding its economic interests," she said. In commodities, West Texas Intermediate Crude oil futures are down $0.20 or 0.29% at $69.45 a barrel. Gold futures are gaining $22.10 or 0.73% at $3,044.60 an ounce, while Silver futures are up $0.108 or 0.32% at $34.330 an ounce.