Crude price drop pushes TSX futures lower
Timilehin Adejumobi
1 min read
Futures for Canada’s main stock index fell on Thursday, tracking weakness in crude prices on growing worries over the U.S. interest rates staying higher for longer.
June futures on the S&P/TSX index were down 0.3% at 7:02 a.m. ET.
Oil prices fell to their lowest in about three weeks, extending a 2% fall on Wednesday, with rate hike expectations outweighing lower U.S. crude stocks.
Limiting declines, spot gold prices gained against a dip in the U.S. dollar.
South of the border, futures tracking Wall Street indexes slid as elevated U.S. Treasury yields pressured growth stocks.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) ended its eight-day winning streak on Wednesday as lower commodity prices weighed on resource shares. The index, however, clawed back much of its losses late in the session.
This report’s information was first seen on REUTERS; to read more, click this link.
