Futures Tail off as Iran Peace Hopes Fade
The TSX was in the green 189.91 points to close Wednesday at 32,957.95.
June futures sank 0.9% Thursday.
The Canadian dollar descended 0.26 cents to 71.80 cents U.S.
On the economic landscape, Statistics Canada said this country’s international merchandise trade increased sharply in February, with imports rising 8.4% and exports increasing 6.4%. As a result, Canada's merchandise trade deficit with the world widened from $4.2 billion in January to $5.7 billion in February.
Markets will be closed tomorrow for Good Friday.
ON BAYSTREET
The TSX Venture Exchange gained 16.71 points, or 1.7%, Wednesday to 974.55.
ON WALLSTREET
U.S. stock futures tumbled on Thursday after President Donald Trump indicated that the Iran war would continue, sending oil prices higher as well.
Futures for the Dow Jones Industrials collapsed 640 points, or 1.4%, to 46,166.
Futures for the S&P 500 index slid 100.75 points, or 1.5%, to 6,617.
Futures for the NASDAQ stumbled 465.75 points, or 1.9%. to 23,729.
Trump delivered an address Wednesday night, providing updates on the Middle East conflict. Though he said that the U.S. is “getting very close” to ending the Iran war, Trump added that the nation would “hit” Tehran “extremely hard.”
“Over the next two to three weeks, we’re going to bring them back to the stone ages where they belong,” the president said.
His comments led to a surge in oil prices. West Texas Intermediate crude futures were last up 9% at above $109 U.S. per barrel, while Brent crude futures advanced 8% to above $109 a barrel.
Shares of NVIDIA Corporation fell on the broad risk-off sentiment induced by the Iran conflict, thereby weighing on the tech sector.
Shares of Carnival Corporation slid on the travel-sector slump arising from the rising oil prices.
Markets will be closed tomorrow for Good Friday.
In Japan, the Nikkei 225 dropped 2.4% Thursday, while in Hong Kong, the Hang Seng fell around 1%
Oil prices bounced $9.57 to $109.69 U.S. a barrel.
Gold prices dulled $158.10 to $4,638 U.S an ounce.
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