TSX Futures Rise as Oil Prices Ease

The S&P/TSX Composite Index traded nearly flat around the 36,000 mark on Monday amid losses in the energy sector and gains among major banks. Oil prices declined on hopes for diplomatic progress between the US and Iran. Iranian President Masoud Pezeshkian is expected to attend the United Nations General Assembly in New York this week, and US President Trump has said he would be open to meeting him. Energy producers posted losses, with Canadian Natural and Suncor shedding nearly 2% each. Miners were also mostly lower as gold prices eased, with WPM and Franco-Nevada losing about 1%. Meanwhile, yields eased as the halt in the oil rally cooled concerns over spreading inflationary pressures from energy costs, lending some support to credit-sensitive shares. Major banks rose, with RBC, TD Bank, BMO, Scotiabank, and CIBC advancing nearly 1%, limiting losses in the index. Market participants await BoC Governor Macklem’s speech later in the day for clues on the bank’s future policy.

Futures tracking Canada’s stock exchange rose on Monday after oil prices decreased on hopes for diplomatic progress between the US and Iran. Iranian President Masoud Pezeshkian is expected to attend the United Nations General Assembly in New York this week, and US President Donald Trump has said he would be open to meeting him. Bond yields eased as the halt in the oil rally cooled concerns over spreading inflationary pressures from energy costs, lending some support to credit-sensitive shares. Market participants await Bank of Canada Governor Tiff Macklem’s speech, scheduled later in the day, for clues on the central bank’s future policy path. Meanwhile, gold prices eased, pressuring miners. Separately, Prime Minister Carney and French President Macron pledged closer ties to address rising geopolitical tensions, climate change, and the erosion of democratic values.

The S&P/TSX Composite Index fell 0.2% to close at 35,807 on Friday as Canadian bond yields edged higher amid persistent energy-driven inflation concerns, raising borrowing costs worries and pressuring equities. Financials closed mixed, with Fairfax Financial losing 2.6% and RBC edging 0.2% lower, while TD Bank rose 0.6%. Miners posted losses after closing sharply higher on Thursday, despite higher gold prices. Agnico Eagle lost 1.1%, Barrick shed 1.5%, and WPM fell 1%. Technology stocks were mixed, with Shopify down 0.4% amid weakness in US hyperscalers, while Celestica rose 0.7% and Constellation Software added 0.5% amid strength in Wall Street chipmakers. The S&P/TSX Composite Index gained 0.4% on the week.