Canada Stock Futures Rebound as Oil Prices Ease
Futures for Canada's blue-chip stocks rebounded on Friday as oil prices eased following reports of a potential deal to resume shipping in the Middle East. The S&P/TSX index was up 0.42% at 06:14 a.m. ET, putting it on track to snap a four-day losing streak.
Oil prices slipped 3.6% after the Financial Times reported that foreign ministers in the Middle East are exploring a deal with Iran to resume shipping in the Strait of Hormuz. Spot gold rose 0.7%, recovering from nearly a 2% decline in the previous session, while silver prices also gained.
Investors are now looking ahead to the U.S. Consumer Price Index (CPI) report for clues on the Federal Reserve's monetary policy path. A rate hike next week is priced in at nearly 70%, according to CME Group's FedWatch tool.