TSX Futures Slip as US Rejects Iran Proposal

The S&P/TSX Composite Index gained 0.5% on Monday, lifted by strong gains in the mining sector. Barrick Mining surged more than 8% after beating estimates for first-quarter profit as higher gold prices offset lower production. Peers Agnico Eagle (+2.5%) and Wheaton Precious Metals (+3.5%) also advanced. Meanwhile, oil prices rose on renewed supply concerns after US President Donald Trump rejected Iran’s response to a proposed peace agreement. Energy producers traded higher, with Canadian Natural and Suncor Energy both gaining more than 1%. In contrast, elevated energy costs maintained fears of global stagflation, pressuring banking stocks. Royal Bank of Canada fell 0.5%, while TD Bank edged lower. Elsewhere, Doman Building Materials gained more than 4.5% despite reporting first-quarter revenue below expectations.

The Ibovespa edged up to hover around the 184,000 level on Monday amid a fresh batch of corporate earnings, while abroad investors feared that negotiations between the US and Iran had reached an impasse. Petrobras gained more than 1% ahead of the release of its earnings report. BTG Pactual rose 1% after posting a net income of R$4.81 billion for the first quarter, a 42% increase from the same period last year. Meanwhile, Telefonica fell 1.5% after reporting a net income of R$ 1.26 billion, up 19.2% from a year earlier but below market expectations. At the same time, US President Donald Trump rejected Iran’s response to a US proposal for peace negotiations aimed at ending the war. Oil prices moved higher as the Strait of Hormuz remained effectively closed. Higher energy costs renewed fears of global stagflation. Banks traded lower, with Itaú down nearly 1% and Bradesco losing 0.5%.

Futures tracking the S&P/TSX Composite edged lower on Monday after US President Donald Trump rejected Iran’s response to a proposed peace agreement. Oil prices rose on renewed supply concerns following the developments, with the Strait of Hormuz remaining largely closed and global energy markets tight. Higher energy costs maintained fears of global stagflation, pressuring banking stocks and the broader index. Meanwhile, gold prices declined as concerns that persistent inflation could keep interest rates higher for longer, weighing on miners. On the earnings front, Barrick Mining beat estimates for first-quarter profit as higher gold prices offset lower production. In contrast, Doman Building Materials’ first-quarter revenue missed expectations.