Futures for equities in Canada’s largest centre gained on Wednesday on growing optimism that a peace deal to end the U.S.-Iran war could be reached soon.
The TSX Composite Index slumped 71.06 points to conclude Tuesday at 33,566.91.
June futures climbed 1.3% Wednesday.
The Canadian dollar forged ahead 0.07 cents to 73.57 cents U.S.
The United States and Iran are close to agreeing on a one-page memorandum to end the Gulf war, a Pakistani source familiar with the talks said. This confirmed an Axios report citing U.S. officials after U.S. President Donald Trump paused a naval mission near the Strait of Hormuz.
On the earnings front, Suncor Energy beat Wall Street estimates for first-quarter adjusted profit, driven by higher production and throughput volumes.
Oil sands producer Greenfire Resources swung to a first-quarter loss.
Real estate firm Morguard missed its first-quarter revenue estimates on higher office and residential vacancy.
Later this morning (about 10 a.m. EDT), the IVEY School of Business will reveal its PMI for April.
This week, StatsCan told us that in March, Canada's merchandise exports posted a strong increase, rising 8.5%, while imports fell 1.6%. As a result, Canada's merchandise trade balance with the world went from a deficit of $5.1 billion in February to a surplus of $1.8 billion in March. This is the first trade surplus since September 2025.
ON BAYSTREET
The TSX Venture Exchange weakened 11.58 points, or 1.2%, Tuesday, to 978.77.
ON WALLSTREET
Stock futures rose early Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war.
Futures for the Dow Jones Industrials popped 606 points, or 1.2%, to 50.015.
Futures for the S&P 500 vaulted 74.25 points, or 1%, to 7,362.75
Futures for the NASDAQ climbed 489.75 points, or 1.7%. to 28,620.75.
Axios reported the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict. According to the report, the agreement would include a moratorium on nuclear enrichment.
An Iranian foreign ministry spokesperson also told the media Iran was evaluating a U.S. proposal toward a resolution.
President Donald Trump also said late Tuesday that he is pausing “Project Freedom,” the U.S.’s plan to guide ships out of the Strait of Hormuz.
In a Truth Social post, he cited “the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran,” as a driver behind the decision.
Chipmaker Advanced Micro Devices added to the gains, soaring 16% after the company issued a rosy outlook for the second quarter. AMD also beat expectations on the top and bottom lines in the first quarter. The report lifted the broader chipmaker sector.
In Japan, markets remained closed for holiday, while the Hang Seng index in Hong Kong progressed 1.5%
Oil prices cratered $12.08 to $90.19 U.S. a barrel.
Gold prices leaped $153.50 to $4,722.80 U.S an ounce.
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