Canada stocks-TSX futures dip as rising oil prices rekindle inflation fears
EWC•S&P/TSX futures fell 0.5% as oil prices rose nearly 4% and revived inflation concerns ahead of Canadian and U.S. economic data this week.
1. Futures fall as oil rises
December futures on Canada's S&P/TSX index were down 0.5% at 6:12 a.m. ET on Monday. Brent crude futures gained nearly 4% to about $108.25 a barrel after U.S. President Donald Trump rejected an Iranian peace deal that would resolve the conflict and reopen the Strait of Hormuz.
2. Economic data in focus
The rise in oil prices revived concerns that energy-driven inflation could keep interest rates higher for longer, limiting central banks' room to ease monetary policy. Investors will watch for U.S. GDP and personal consumption expenditures inflation data later this week, as well as Canadian GDP data due Tuesday.
3. Metals and company news
Spot gold fell more than 3% to its lowest in more than seven weeks, while silver dropped 4.8%. International Petroleum Corp. repurchased 148,500 shares last week under its normal course issuer bid.
