Canada Stocks-TSX futures dip as Mideast tensions linger; investors parse US tech results
EWC•Key market drivers and company updates
- Oil prices hit their highest in over a month after Yemen's Houthis said they struck two Saudi oil tankers, adding to fears over potential disruption to global supplies.
- Brent crude futures LCOc1 climbed 4.8% to $98.59 per barrel, while West Texas Intermediate crude CLc1 traded around $90.31 a barrel. O/R
- Gold prices slipped with surging oil prices, fueling investor concerns that inflationary pressures could push the U.S. Federal Reserve to raise interest rates later this year. Spot gold XAU= was down 0.9%, while silver XAG= shed 1.6%.GOL/
- U.S. stock index futures also dipped as concerns over heavy AI spending resurfaced after the first batch of Big Tech earnings including Alphabet GOOGL.O and Tesla TSLA.O.
- In company news, trucking firm Mullen Group MTL.TO and Teck Resources TECKb.TO beat second-quarter profit estimates.
- Companies including A&W Food Services of Canada AW.TO, First Service Corp FSV.TO and Winpak WPK.TO are set to report their quarterly earnings later in the day.
- Separately, Panama is considering creating a state-owned mining firm to partner with Canada's First Quantum FM.TO on the re-opening of the shuttered flagship Cobre Panama copper mine, two people familiar with the development told Reuters.
TSX futures edge lower on higher Middle East tensions
July 23 (Reuters) - Futures tracking Canada's main stock index edged lower on Thursday as escalating Middle East tensions curbed risk appetite, while worries over heavy AI spending resurfaced after the first batch of U.S. Big Tech earnings.
September futures tracking the resource-heavy S&P/TSX Composite index SXFc1 were down 0.1% at 6:45 a.m. ET, suggesting that the index might retreat from Wednesday's record high.
