Futures tracking Canada's blue-chip stocks were off on Wednesday as renewed hostilities in the Middle East dampened hopes for a peace deal and hurt global risk sentiment.
The TSX Composite Index tumbled 192.81 points to begin the mid-week session at 34,976.65.
The Canadian dollar inched down 0.01 cents to 72.12 cents U.S.
Canada had a positive meeting with the U.S. on the review of their free trade deal, Federal Trade Minister Dominic LeBlanc said in Washington on Tuesday, but declined to provide many details.
Meanwhile, Shopify said on Tuesday its board had approved an additional $3-billion share buyback program, bringing the Canadian e-commerce company's total repurchase authorization to $5 billion.
Shares in Shopify wilted $5.08, or 3.1%, to $156.87.
The U.S. military on Wednesday said it has thwarted Iranian missile attacks on Bahrain, Kuwait and other regional targets.
ON BAYSTREET
The TSX Venture Exchange dropped 14.97 points, or 1.5%, to 1,018.13.
All but two of the 12 TSX subgroups were positive by the closing bell, led by materials, up 4.2%, gold brightening 2.6%, and information technology, ahead 1.9%.
Energy looked downward 3.4%, while telecoms paled 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average fell on Wednesday as oil prices and Treasury yields moved higher amid worries the U.S.-Iran conflict could keep lifting inflation.
The 30-stock index withered 295.17 points to 51,012.62.
The S&P 500 faded 29.06 points to 7,580.72.
The NASDAQ slipped 130.44 points to 26,963.47.
Shares of U.S. private equity firms were a sore spot of the day, falling after Swiss-based private equity firm Partners Group announced it was capping investor withdrawals from one of its funds. KKR dropped 5%, while Blackstone declined 3%.
Late Tuesday, the Kuwait army said in a social media post that air defense systems were “intercepting hostile targets.”
U.S. Central Command later said that American forces defeated Iranian ballistic missiles and drones, and they also carried out “self-defense strikes” on Qeshm Island “in response to attempted attacks by Iran across the Middle East.”
President Donald Trump also said Iran agreed to not having nuclear weapons, but added “they can change their mind.”
Prices for the 10-year Treasury hiked, lowering yields to 4.48% from Tuesday’s 4.50%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 85 cents to $94.61 U.S. a barrel.
Gold prices plummeted $46.70 to $4,473.20 U.S. an ounce.
