TSX Futures Surge as Oil Prices Plummet Amid US-Iran Diplomatic Hopes
Futures tied to Canada's main stock index rose on Monday after oil prices tumbled over 2% in hopes of diplomatic progress between the US and Iran. The TSX, or Toronto Stock Exchange, December futures increased by 0.7% to 2117.40 points at 06:14 a.m. ET (1014 GMT). This follows reports that Iranian President Masoud Pezeshkian will attend the United Nations General Assembly in New York this week, with US President Donald Trump open to meeting him.
The oil price drop sent Brent crude futures below $100 a barrel for the first time in 11 days. Despite Monday's fall, energy prices remain elevated, and the sector has gained more than 50% so far this year. The commodity-heavy Canadian benchmark is up nearly 13%, outperforming the US S&P 500 index.
Market participants are also awaiting Bank of Canada Governor Tiff Macklem's speech for clues on the central bank's future policy path, with a 60% probability of interest rate hikes next month priced in. Additionally, investors will assess retail sales data due later this week for cues on consumer spending amid increasing inflationary fears.