(fxcue news) - Canadian shares are likely to open on a positive note on Tuesday, rebounding from recent losses. Asian markets closed on a firm note and European stocks are up as well, amid optimism the U.S. President Donald Trump will soften his tariff stance on a few countries. Trump said on Monday he would talk to China, Japan and other countries over the tariffs, but was not looking at a pause on the duties. On the economic front, the IVEY Purchasing Managers Index score for March is due at 10 AM ET. The Ivey Purchasing Managers Index in Canada soared to 55.3 in February 2025 from 2020-lows of 47.1 in January. In company news, Stantec has acquired Ryan Hanley, a 150-person engineering and environmental consultancy with locations across Ireland. Ryan Hanley has been a local partner for Stantec as part of a joint venture since 2020. Ryan Hanley has offices in Dublin, Galway, Cork, and Castlebar. The Canadian market ended sharply lower on Monday, extending recent losses. The benchmark S&P/TSX Composite Index recovered from an early plunge and briefly turned positive but ended the day down 334.01 points or 1.4% at 22,859.46. The continued weakness on Wall Street came amid ongoing concerns about the impact of President Donald Trump's new tariffs and retaliatory moves by U.S. trade partners. Adding to worries about a global trade war, Trump threatened to impose an additional 50% tariff on Chinese goods unless the country withdraws its new 34% tariff on U.S. goods. Asian stocks advanced on Tuesday, with Japanese markets leading regional gains after U.S. Treasury Secretary Scott Bessent said Japan is likely to be prioritized in trade talks with the Trump administration. Some calm returned to the markets even as trade tensions escalated, with Beijing saying that the U.S. threat to escalate tariffs against China is a "mistake on top of a mistake" and amounts to blackmail. European stocks are up in positive territory, bouncing back from recent losses amid mild optimism about the U.S. President softening his tariff stance against some countries. In commodities trading, West Texas Intermediate Crude oil futures are down marginally at $60.61 a barrel. Gold futures are up $49.90 or 1.68% at $3,023.50 an ounce, while Silver futures are gaining $0.586 or 1.98% at $30.190 an ounce.