TSX Futures Fall Amid MidEast Tensions
Futures linked to Canada's main stock index fell on Thursday as optimism over tame U.S. inflation figures waned, while escalating tensions in the Middle East prompted investors to adopt a more cautious stance.
The TSX Composite Index progressed 97.85 points to end Wednesday at 26,524.16.
The index had reached a record closing high on Wednesday after U.S. consumer prices rose less than expected in May, boosting prospects for Federal Reserve interest rate cuts in coming months.
Futures were down 0.3% Thursday.
The Canadian dollar gained 0.17 cents to 73.34 cents U.S.
In corporate news, Ivanhoe Mines said it had resumed underground mining in part of its Kakula copper mine in the Democratic Republic of Congo, which had been closed due to seismic activity, but lowered its output forecast for the year.
ON BAYSTREET
The TSX Venture Exchange sank 8.6 points, or 1.2%, Tuesday to 717.30.
ON WALLSTREET
Stock futures fell early Thursday after the S&P 500 saw its first negative session in four, pressured by a slide in Boeing shares following a crash in India.
Futures for the Dow Jones Industrials stumbled 263 points, or 0.6%, to 42,645.
Futures for the S&P 500 index retreated 29.5 points, or 0.5%, to 5,999.50.
Futures for the NASDAQ let loose 94 points, or 0.4%, to 21,793.50.
Dow component Boeing lost more than 7% in premarket trading after an Air India Dreamliner 787 crashed after takeoff with 242 passengers on board. The cause of the crash is unknown, and authorities said the injured are being treated.
Shares of Oracle surged more than 7% after the company reported fiscal fourth-quarter results that beat on the top and bottom lines and indicated more cloud growth ahead.
Wednesday marked a losing session on Wall Street, with the S&P 500 snapping its three-day win streak, as did the NASDAQ. But the moves were slight.
While the day's losses put the S&P 500 a bit further away from reaching a new record high, the index is also still just more than 2% below its late February record. The previous session's losses come after consumer prices rose less than expected in May.
Investors are now looking ahead to May's reading of the producer price index, due out at 8:30 a.m. ET on Thursday. Economists polled by Dow Jones are expecting the index to show a gain of 0.2% for the period. Subtracting out food and energy, core PPI is expected to show growth of 0.3% on the month.
Wall Street is also waiting for more developments on trade, especially between the U.S. and China, as talks between the two countries have been a focal point this week. While officials reached an agreement in London, the deal still awaits approval from U.S. President Donald Trump and Chinese President Xi Jinping.
In Japan, the Nikkei 225 index dropped 0.7% Thursday, while in Hong Kong, the Hang Seng backpedaled 1.4%
Oil prices docked $1.22 to $66.93 U.S. a barrel.
Gold prices marched $62.10 to $3,495,80 U.S. an ounce.
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