TSX Futures Edge Lower as Oil Prices and Bond Yields Rise

Futures linked to Canada’s stock market edged lower on Thursday amid strains in global bond markets and a surge in oil prices. Oil prices surged on reports that the US is planning new strikes against Iran, risking the recent rebound in Middle Eastern oil exports and intensifying inflationary pressures. Global yields also extended their rally as a hawkish US Federal Reserve’s s backdrop worsened the outlook for credit-sensitive stocks. Meanwhile, uncertainty over US-Canada trade ties persisted, with US President Donald Trump suggesting that Canada has not been easy to deal with, casting doubt over the potential for a new trade deal. On the other hand, gold prices rebounded slightly, offering some respite to mining stocks that have been under pressure amid falling prices.