TSX Futures Rise on Trade Balance Data

The S&P/TSX Composite Index edged down to trade below 35,500 on Tuesday, weighed by losses in mining stocks. Gold prices declined as investors assessed renewed Middle East tensions and awaited the minutes from the Fed's June meeting for clues on monetary policy. Agnico Eagle, Franco-Nevada, and WPM fell about 1%, while Barrick lost 2%. Oil prices, which had retreated to near pre-conflict levels following the Iran-Israel ceasefire, edged higher after reports of new attacks on vessels in the Strait of Hormuz. The rebound supported energy stocks, with Canadian Natural up more than 1% and Suncor and Imperial Oil gaining about 2%, but also lifted Canadian bond yields on renewed inflation concerns, limiting gains for financials. RBC, TD Bank, and BMO edged higher, while Scotiabank lost more than 1.5%. Shopify rose 2.5%, tracking gains in US tech services stocks.

Futures tracking the S&P/TSX Composite Index rose on Tuesday after Canada's exports climbed to a record C$77.1 billion in May. Higher shipments of gold ores and concentrates to China lended support to mining stocks. Oil prices, which had retreated to near pre-conflict levels following the Iran-Israel ceasefire, edged higher after reports of new attacks on vessels in the Strait of Hormuz. The rebound offered some support to energy stocks but also lifted Canadian bond yields slightly on renewed inflation concerns, limiting gains for financials and the broader market. Investors also awaited the minutes from the Fed's June meeting.

The S&P/TSX Composite Index fell 0.2% to close at 35,212 on Monday, pressured by declines in mining and energy stocks. Gold miners led losses as a stronger dollar weighed on bullion prices. Agnico Eagle fell 1.6%, Barrick lost 2.4%, WPM retreated 2.6%, and Franco-Nevada dropped 3.4%. Energy shares also traded lower after oil prices fell further below pre-conflict levels as OPEC+ agreed to raise output targets again from August, while exports through the Strait of Hormuz continued to recover, improving the global supply outlook. Canadian Natural fell 1.3%, Imperial Oil lost 1.6%, and Cenovus shed 1.9%. In contrast, financials outperformed as lower oil prices pushed bond yields lower and reinforced expectations that the BoC will keep interest rates on hold. RBC gained 1.7%, TD Bank rose 0.8%, BMO added 1.2%, and Brookfield advanced 1.4%.