TSX Futures Down on GDP Contraction

Canada's S&P/TSX Composite Index slipped around 0.4% to trade below 34,500 mark on Friday, retreating from a record high as an unexpected economic contraction rattled markets. Statistics Canada reported that the economy shrank by an annualized 0.6% in the fourth quarter, missing forecasts of a stagnation. This volatility was largely driven by a massive $23.5 billion inventory drawdown and fluctuating exports tied to US trade policies. Meanwhile, Shopify slumped over 3%, mirroring a broader retreat in AI infrastructure names. In corporate news, Bombardier CEO Eric Martel highlighted growth prospects in India as it builds a dozen new airports, while Fairfax Financial remains a frontrunner to acquire a majority stake in India’s IDBI Bank. Despite the decline, energy shares gained as oil prices rose, with Canadian Natural Resources up 1.4%. Gold mining stocks like Agnico Eagle also rose, tracking bullion’s rise to two-month peaks.

Futures tracking the S&P/TSX Composite Index edged lower Friday, after the index hit a fresh record high in the prior session as investors were cautious on Canada’s GDP data and amid Wall Street losses. The Canadian GDP contracted by 0.6% in Q4 on an annualized basis, missing expectations of a flat reading. Banks were likely to open lower after major earnings reports resulted in mixed trading last session. Meanwhile, oil prices surged on lingering supply uncertainty, even as US-Iran nuclear talks were extended, lifting energy shares. Gold also rose, supporting mining stocks. Elsewhere, Bombardier CEO Eric Martel said Thursday that India’s push to modernize its aviation infrastructure could create long-term opportunities for the company to boost business jet sales. Meanwhile, Fairfax is the frontrunner to acquire a majority stake in Indian lender IDBI Bank.

Futures tracking the S&P/TSX Composite Index edged lower Friday, after the index hit a fresh record high in the prior session as investors were cautious ahead of Canada’s GDP data and amid Wall Street losses. Oil prices surged on lingering supply uncertainty, even as US-Iran nuclear talks were extended, lifting energy shares. Gold also rose, supporting mining stocks.  Elsewhere, Bombardier CEO Eric Martel said Thursday that India’s push to modernize its aviation infrastructure could create long-term opportunities for the company to boost business jet sales. Meanwhile, Fairfax is the frontrunner to acquire a majority stake in Indian lender IDBI Bank.