TSX Falls Amid Oil Rebound
The S&P/TSX Composite Index fell 0.9% to close at 35,490 as rising oil prices revived inflation concerns. Oil prices resumed their rally after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, renewing concerns that energy-driven inflation shocks could keep interest rates higher for longer. Yields moved higher, pressuring credit-sensitive stocks. Financials posted losses, with CIBC and National Bank down 1% each. Meanwhile, falling gold prices pressured mining shares, with Agnico Eagle tumbling 5.1%, Barrick falling 4.1%, and WPM losing 5%. In contrast, energy producers gained on the oil rebound, with Cenovus rising 0.7% and Suncor up 0.9%. On the data front, Canadian GDP data due Tuesday could offer cues on economic momentum and the Bank of Canada’s future policy path.
9% to close at 35,490 as rising oil prices revived inflation concerns. Oil prices resumed their rally after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, renewing concerns that energy-driven inflation shocks could keep interest rates higher for longer. Yields moved higher, pressuring credit-sensitive stocks. Financials posted losses, with CIBC and National Bank down 1% each.
1%, and WPM losing 5%. 9%. On the data front, Canadian GDP data due Tuesday could offer cues on economic momentum and the Bank of Canada’s future policy path.