TSX Futures Rise as Oil Slips
Futures tracking Canadian equities rose on Monday after a dip in oil prices tempered inflation worries. Crude fell on hopes for US-Iran diplomatic efforts, and lower oil prices somewhat eased inflation concerns, with Canadian yields edging lower. Credit-sensitive sectors such as banks that have been pressured by inflation and higher interest rates enjoyed respite. Gold prices rose, supporting miners. Barrick posted higher third-quarter profit as higher gold prices outweighed lower production. Franco-Nevada is scheduled to report earnings on Wednesday. Elsewhere, Strathcona Resources said on Sunday it would acquire Greenfire Resources in a deal valued at about C$2.7 billion to C$2.9 billion, including debt, expanding its presence in Alberta’s oil sands. Power of Canada is also due to report Q3 results on Wednesday.
Futures tracking Canadian equities rose on Monday after a dip in oil prices tempered inflation worries. Crude fell on hopes for US-Iran diplomatic efforts, and lower oil prices somewhat eased inflation concerns, with Canadian yields edging lower. Credit-sensitive sectors such as banks that have been pressured by inflation and higher interest rates enjoyed respite. Gold prices rose, supporting miners.
Barrick posted higher third-quarter profit as higher gold prices outweighed lower production. Franco-Nevada is scheduled to report earnings on Wednesday. Elsewhere, Strathcona Resources said on Sunday it would acquire Greenfire Resources in a deal valued at about C$2.7 billion to C$2.9 billion, including debt, expanding its presence in Alberta’s oil sands. Power of Canada is also due to report Q3 results on Wednesday.