Canada’s TSX Rebounds as Oil Prices Slide
Canada’s S&P/TSX Composite Index rose more than 0.5% to approximately 35,850 points on Monday, partially recovering from Friday’s steepest single-day decline in nearly six months, as a sharp drop in oil prices eased inflationary concerns, while investors turned their attention to Tuesday’s US midterm elections. Oil prices plunged around 4% after Iranian and Qatari officials held a third consecutive day of talks aimed at ending the US-Israeli war on Iran. Meanwhile, gold recovered from one-year lows as investors assessed comments from Federal Reserve officials suggesting that further interest rate hikes could be necessary to curb inflation. Investors are also looking ahead to earnings reports from Toromont Industries and Topaz Energy after the close. On the trade front, US President Donald Trump said his administration had established a framework for a new trade agreement with Canada, while Prime Minister Mark Carney characterized the discussions as constructive.
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Canada’s S&P/TSX Composite Index rose more than 0.5% to approximately 35,850 points on Monday, partially recovering from Friday’s steepest single-day decline in nearly six months, as a sharp drop in oil prices eased inflationary concerns, while investors turned their attention to Tuesday’s US midterm elections. Oil prices plunged around 4% after Iranian and Qatari officials held a third consecutive day of talks aimed at ending the US-Israeli war on Iran. Meanwhile, gold recovered from one-year lows as investors assessed comments from Federal Reserve officials suggesting that further interest rate hikes could be necessary to curb inflation.
Investors are also looking ahead to earnings reports from Toromont Industries and Topaz Energy after the close. On the trade front, US President Donald Trump said his administration had established a framework for a new trade agreement with Canada, while Prime Minister Mark Carney characterized the discussions as constructive.