TSX Futures Tumble Amid Precious Metals Price Drops
Canada's main stock index, the TSX, dipped lower on Wednesday as precious metals prices slipped. December futures on the S&P/TSX index were down 0.2% at 2,127.3 points by 5:59 a.m. ET (0959 GMT).
The decline was influenced by gold and silver price drops, with spot gold falling close to 1%. Silver prices also dropped more than 2%, putting them on pace for their biggest one-day drop since the start of the month.
Oil prices hovered near a more than two-week low due to improved crude supply prospects from the Gulf and growing hopes for a diplomatic resolution to the US-Israel conflict with Iran. The talks between the US and Iran in New York made progress, but President Donald Trump threatened to 'annihilate' the country if a deal was not reached.
Commodity prices remain vital for Canada's main stock index as energy and mining-related companies make up more than 36% of the benchmark in terms of market capitalization. Retail sales data due later this week will be closely watched for insights into the health of the Canadian consumer.