TSX Futures Rise as Oil and Yields Retreat
Futures tracking the TSX moved higher as oil prices and bond yields paused after their recent surge. Oil prices fell amid signs of rising US inventories and reports that Saudi Arabia is offering additional crude cargoes via Oman. Meanwhile, yields retreated after a global rally in recent weeks weighed on equity markets, as investors fear central banks will keep monetary policy tighter for longer to tame inflationary pressures from soaring energy prices. Gold prices climbed ahead of the Fed’s decision later today, supporting mining shares. Markets widely expect a 25bps rate hike. Elsewhere, European Commission President Ursula von der Leyen said the EU is opening the door for Canada to become its first “associate member,” with cooperation across sectors including manufacturing, AI, critical minerals and energy. This follows an escalation in the US-Canada trade war after trade talks collapsed last month.
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Futures tracking the TSX moved higher as oil prices and bond yields paused after their recent surge. Oil prices fell amid signs of rising US inventories and reports that Saudi Arabia is offering additional crude cargoes via Oman. Meanwhile, yields retreated after a global rally in recent weeks weighed on equity markets, as investors fear central banks will keep monetary policy tighter for longer to tame inflationary pressures from soaring energy prices. Gold prices climbed ahead of the Fed’s decision later today, supporting mining shares.
Markets widely expect a 25bps rate hike. Elsewhere, European Commission President Ursula von der Leyen said the EU is opening the door for Canada to become its first “associate member,” with cooperation across sectors including manufacturing, AI, critical minerals and energy. This follows an escalation in the US-Canada trade war after trade talks collapsed last month.