Canada Stocks-TSX futures climb as oil gains on renewed Middle East tensions
EWC•Key market drivers
- U.S. and Iranian forces exchanged heavy missile and drone attacks over the weekend and into Monday, with Tehran striking U.S. facilities across the Gulf and saying it had again closed the Strait of Hormuz.
- Oil prices rose above 2%. O/R
- Spot gold XAU= and silver XAG= slipped 1.2% and 2.3%, respectively, as inflationary concerns bolstered expectations that the U.S. Federal Reserve will keep interest rates higher for longer. GOL/
- Meanwhile, the Bank of Canada is expected to keep its key policy rate unchanged at 2.25% on Wednesday, as signs of easing underlying price pressures give policymakers little reason to raise borrowing costs, while a rebound in economic growth after a technical recession reduces the need for any stimulus.
- Canada's resource-heavy benchmark index .GSPTSE rose to its highest level in more than three weeks on Friday as investors cheered Aritzia's earnings report and after domestic data showed the economy adding more jobs than expected last month.
- In other news, Turkey said it would join the Canada-led Defence, Security and Resilience Bank as a founding member, a move aimed at helping allied nations access up to £100 billion ($134 billion) in low-cost defence financing.
TSX futures edge higher on oil strength
July 13 (Reuters) - Futures tracking Canada's blue-chip stocks edged higher on Monday as oil prices advanced after fresh military exchanges between the U.S. and Iran renewed worries over crude shipments through the Strait of Hormuz.
September futures on the S&P/TSX index SXFcv1 were up 0.1% at 6:12 a.m. ET (1012 GMT).
