Futures tracking Canada's main stock index fell on Thursday as a global bond rout drove borrowing costs to multi-decade highs, while investors also monitored volatile oil prices.
The TSX dumped 224.4 points to close Wednesday at 35,235.87
The Canadian dollar inched up 0.04 cents at 70.20 cents U.S.
December futures retreated 0.4% Thursday morning.
Oil prices rose over 2% after China suspended oil products exports, potentially tightening fuel markets, while investors continued to assess renewed diplomatic efforts to end the US-Iran war.
In company news, a Panamanian government commission on Wednesday recommended opening formal negotiations with First Quantum Minerals to set conditions to reopen the shuttered Cobre Panama mine
On the economic slate, Markit Canada is due out with its Manufacturing PMI for September (about 9:30 a.m. EDT)
ON BAYSTREET
The TSX Venture Exchange slid 5.43 points, Wednesday to 881.93.
ON WALLSTREET
Stock futures were mixed early Thursday as Wall Street gears up for the start of a new trading month against a backdrop of surging Treasury yields.
Futures for the Dow Jones Industrials fell 25 points, or 0.1%, Thursday to 51,253.
Futures for the S&P 500 gained 14.75 points, or 0.2%, to 7,730.25.
Futures for the NASDAQ Composite surged 153.75 points, or 0.5%. to 30,852.50.
The moves come as the 10-year U.S. Treasury yield traded near levels not seen since 2002, along with the 30-year bond yield. The former gained one basis point to trade at 5.298%, while the latter rose to 5.64%.
Thursday’s moves come after an uneven month of trading for equities. September, historically a weak month for stocks, wasn’t kind to the S&P 500, which dropped 0.5%.
Investors grappled with higher oil prices and a surge in Treasury yields, stoking fears of additional rate hikes. The Dow lost 4.3%, while the NASDAQ outperformed and gained 1.9% in the month.
Wednesday also marked the end of the third quarter. The S&P 500 and the NASDAQ each advanced about 2%, while the Dow lost 2.7%.
On Thursday, investors will digest initial jobless claims, due out at 8:30 a.m. ET. That release will be followed by Friday’s September jobs report.
In Japan, the Nikkei 225 popped 3.3%, while in Hong Kong, markets were closed for holiday.
Oil prices accelerated $1.88 to $92.30 U.S. a barrel.
Gold prices brightened $10.30 to $4,197.00 U.S an ounce.
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