Futures tracking Canada's blue-chip stocks edged higher on Monday as oil prices advanced after fresh military exchanges between the U.S. and Iran renewed worries over crude shipments through the Strait of Hormuz.
The TSX gained 104.96 points to finish Friday at 35,305.31. On the week, the index climbed out of its cave, gaining 30 points, or 0.9%.
Futures eked up 0.1% early Monday.
The Canadian dollar moved forward 0.16 cents to 70.76 cents U.S.
Meanwhile, the Bank of Canada is expected to keep its key policy rate unchanged at 2.25% on Wednesday, as signs of easing underlying price pressures give policymakers little reason to raise borrowing costs, while a rebound in economic growth after a technical recession reduces the need for any stimulus.
In other news, Turkey said it would join the Canada-led Defence, Security and Resilience Bank as a founding member, a move aimed at helping allied nations access up to £ £100 billion ($134 billion U.S.) in low-cost defence financing.
ON BAYSTREET
The TSX Venture Exchange restored 7.64 points Friday to 905.98, for a loss on the week of 32 points, or 3.4%.
ON WALLSTREET
Stock futures fell on Monday, with chipmakers following international peers sharply lower in premarket trade, as traders weighed the latest events in the Middle East and braced for a slew of corporate earnings reports due out later in the week.
Futures for the Dow Jones Industrials plunged 20 points, or 0.1%, to 52,886.
Futures for the S&P 500 faded 21.25 points, or 0.3%, to 7,599
Futures for the NASDAQ Composite declined 258.5 points, or 0.9%, to 29,773.75.
Semiconductor names were under pressure ahead of the market open. U.S.-listed shares of SK Hynix lost 8% following the South Korean chipmaker’s Nasdaq debut on Friday, when it soared 13%.
Shares in Micron Technology were down 4%, as were shares of Sandisk. Seagate Technology fell 3%. Elsewhere, Advanced Micro Devices was 2% lower, along with Intel.
Iran and the U.S. again traded airstrikes over the weekend, with Tehran targeting U.S. facilities in multiple Gulf countries and declaring the Strait of Hormuz closed.
However, President Donald Trump disputed the claim on Sunday, saying the key waterway was open to commercial traffic.
Trump on Saturday ordered airstrikes against Iran after an attack by Iran on a commercial ship transiting the strait.
In Japan, the Nikkei 225 stumbled 1.9% Monday, while in Hong Kong, the Hang Seng poked ahead 0.2%.
Oil prices gained $2.41 to $73.82 U.S. a barrel.
Gold prices fell $43.30 to $4,070.40 U.S an ounce.
