TSX Set for Positive Open Amid Firm Oil Prices
The S&P/TSX Composite Index is expected to start the day on a positive note, driven by firmer oil prices and mixed global market cues. The index had previously settled at 35,489.86 after declining 0.87%, remaining below its 50-day Simple Moving Average of 36,019.81.
The Canadian economy showed no growth in July, according to Statistics Canada data, following three consecutive months of expansion. The result was in line with expectations and marked a weak start to the third quarter.
Energy stocks are closely tied to crude oil prices and global demand expectations, while materials companies respond to movements in gold, copper, and other metals. Precious-metals producers are particularly sensitive to interest-rate expectations and the U.S. dollar.