TSX futures rise as gold and oil lift commodity producers
Futures tracking Canada’s stock market rose Thursday as gold gained and oil prices climbed. Higher yields and inflation risks weighed on credit-sensitive sectors like financials. Separately, BRP’s DOO reported a second-quarter revenue beat.
Futures tracking Canada’s stock market moved higher on Thursday with support from commodity producers.
Gold climbed, lending support to mining stocks.
Oil prices also rose amid evolving strikes in the Middle East, supporting energy producers but pressuring credit-sensitive sectors such as financials as inflationary pressures intensified.
The Bank of Canada left its key rate unchanged on Wednesday, but Governor Tiff Macklem said policymakers were prepared to hike rates multiple times if inflation remained elevated.
Meanwhile, rising global yields have pressured equities this week as markets reassessed interest-rate expectations amid escalating tensions in the Middle East.
Elsewhere, BRP’s DOO second-quarter revenue beat estimates.
Canada’s merchandise trade surplus with the world narrowed from C$4.2 billion in June to C$769 million in July amid an escalation in the US-Canada trade war in recent weeks.