Canada stocks futures rise as easing oil prices lift sentiment
Futures tracking Canada's main stock index edged higher on Monday after oil prices tumbled more than 2% on hopes for diplomatic progress between the US and Iran. December futures tied to the S&P/TSX index rose 0.7% to 2117.40 points at 06:14 a.m. ET. Investors also await remarks from the Bank of Canada governor later in the day.
Sept 21 (Reuters) — Futures tracking Canada's main stock index edged higher on Monday after oil prices tumbled more than 2% on hopes for diplomatic progress between the US and Iran, while investors awaited remarks from the Bank of Canada governor. m. ET (1014 GMT). Iranian President Masoud Pezeshkian is expected to attend the United Nations General Assembly (UNGA) in New York this week, and US President Donald Trump has said he would be open to meeting him.
Oil prices slid to their lowest in 11 days as investors hoped for diplomatic progress at the UNGA and eyed a partial recovery in shipments from Saudi Arabia. Still, Brent crude futures remained above $100 a barrel. O/R The energy sector, which has gained more than 50% so far this year, will be in focus as oil prices, despite Monday's fall, remain elevated. 8% gain.
Meanwhile, gold prices eased on a firmer dollar and profit-taking GOL/ 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. Traders have priced in a 60% probability that the Bank of Canada will raise interest rates at its meeting next month, according to data compiled. Investors will also assess retail sales data due later this week for cues on consumer spending amid increasing inflationary fears. Separately, Canadian PM Carney and French President Macron pledged closer ties to grapple with rising geopolitical tensions, climate change and the erosion of democratic values.
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