TSX futures advance as oil and gold gain on US-Iran tension
The futures that track Canada's main index of stocks rose Wednesday, as precious metals continued to?gain. Meanwhile, oil prices rose amid simmering tensions in the Middle East following the U.S. shooting down an Iranian drone.
As of 5:35 a.m., March futures for the S&P/TSX Composite Index were up 0.5%. ET.
Toronto's resource-heavy benchmark closed higher on Tuesday. It extended its rebound as the strength of?mining stocks overshadowed an a drop in tech shares, led by U.S. software companies and European software firms, which were linked to Anthropic’s updated AI chatbot.
Spot gold gained 2.3% on Wednesday, and silver rose 5.5%. Both are continuing to recover. Copper also rose due to China's plans to increase its strategic reserves.
The price of oil also increased after the U.S. military announced on Tuesday that it had shot down a drone from Iran which "aggressively approached" the Abraham Lincoln aircraft carriers in the Arabian Sea. This raised fears about a possible escalation.
Brent crude futures, and U.S. West Texas Intermediate crude rose 0.65% and 0.8% respectively.
Canada's aviation regulator has said that it is working with the Federal Aviation Administration to resolve delays in the approval of Gulfstream jets after a?U.S. Donald Trump has threatened to decertify Canadian aircraft and impose tariffs.
Suncor Energy, a Canadian energy company, beat the fourth-quarter profit estimate?on?Tuesday as higher production offset the impact from weak commodity prices.
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(source: Reuters)
