(Reuters) – Futures tracking Canada’s main stock index slipped on Monday as commodity prices retreated and higher bond yields halted a global stocks rally towards the year’s end.

March futures on the S&P/TSX index were down 0.03% by 6:29 a.m. ET (1129 GMT), yet the TSX index looked on course for around an 18% annual gain, its best year since 2021, largely helped by monetary policy easing.

Wall Street futures also dipped in light trading volumes as elevated Treasury yields threatened to dent a historically strong year-end period for U.S. equities. [.N]

Market participants at home are bracing for major policy changes across the border, with Donald Trump’s return to the White House in January. Trump has pledged a 25% tariff on all imports from Canada, in a blow to the country’s crude exports to the U.S.

Canada’s new finance minister Dominic LeBlanc and foreign affairs minister Melanie Joly met aides to Trump in Florida on Friday to discuss the risks of imposing new tariffs.

On the data front, monthly U.S. employment data on January 10 could give investors a fresh view into the health of the world’s largest economy.

Canada’s monthly employment data, released on the same day, may provide cues on the Bank of Canada’s rate trajectory. Bets for a 25-basis-point rate cut by the central bank in January currently stand at 67.6%.

In commodities, gold prices slipped in thin trade, while other base metals were broadly mixed, with a stronger dollar making the greenback-priced commodities more expensive for holders of other currencies. [GOL/][MET/L]

Oil prices, also fell as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world’s two largest oil consumers.

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(Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)