Middle East situation influences the Canadian market; TSX futures come under slight pressure as oil prices fall by 1% while gold rises by 0.7%

汇通财经2026/06/04 10:42

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Canadian stock futures fell 0.1% on Thursday, as oil prices declined following a ceasefire agreement between Israel and Lebanon. Investors are also awaiting Friday’s key employment report. In response to the news, oil prices dropped by about 1%, while spot gold rose 0.7% and silver increased 0.9%, supported by a weaker US dollar and easing concerns over inflation and interest rate hikes.
Canada's benchmark S&P/TSX Composite Index retreated from a record high on Wednesday, led by declines in technology and metals & mining stocks. Canada's services sector economy experienced moderate expansion in May. However, heightened Middle East tensions increased economic uncertainty, and rising fuel prices led to the fastest operational cost growth in four years. The Canadian Finance Minister announced a one-year extension of tariff quotas and tariff exemptions on US steel and aluminum to protect workers from the impact of global overcapacity and provide industry certainty.
From a trading sentiment perspective, the market is currently shaped by various intertwined factors. The ceasefire signals in the Middle East have not fully eliminated tensions, and the pullback in oil prices has eased some inflationary pressures. However, rising operational costs are squeezing corporate profits. Employment data from both the US and Canada on Friday will serve as a key window into labor market health. The slight decline in TSX futures reflects investors’ cautious balance between optimistic expectations and demand for safe-haven assets. The energy sector's weight makes the Canadian market particularly sensitive to any developments in the Strait of Hormuz.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Middle East situation influences the Canadian market; TSX futures come under slight pressure as oil prices fall by 1% while gold rises by 0.7%

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