Canada stocks-TSX futures dip as Middle East tensions weigh amid broader chip selloff
EWC•Canadian markets and domestic policy backdrop
- Canada's benchmark index .GSPTSE pulled back from a record closing high on Thursday, as a slump in gold weighed on miners.
- On the domestic front, Prime Minister Mark Carney said on Thursday that Canada will not share with U.S. toll revenues from the new bridge connecting Windsor, Ontario, and Detroit, until Canada recoups its initial investment.
- Carney's statement comes at a time when the two neighbours are trying to work out the USMCA trade agreement.
- Earlier this week, U.S. Trade Representative Jamieson Greer said formal trade talks with Mexico were progressing, while discussions with Canada were yet to yield concessions sought by President Donald Trump.
TSX futures edge lower as risk appetite weakens
July 17 (Reuters) - Futures tracking Canada's blue-chip index edged lower on Friday as a global selloff in semiconductor stocks dented risk appetite, while an escalating U.S.-Iran conflict kept oil prices elevated on concerns over potential supply disruptions.
September contracts tracking the resources-heavy S&P/TSX Composite Index SXFc1 were down 0.3% at 6:15 a.m. ET.
Oil, gold and technology stocks move on geopolitical tension
- The U.S. and Iran escalated attacks across the Gulf, with their collapsed truce disrupting oil flows through the Strait of Hormuz.
- Gold prices edged slightly higher, but the precious metal was headed for its biggest weekly loss in over a month on Friday, as the Middle East conflict pushed oil prices up, stoking inflation fears.
- Spot gold XAU= was up 0.7%, while silver XAG= was up 0.1%.
