Futures tracking Canadian stocks edged higher on Friday as oil prices retreated amid prospects for diplomatic efforts to ease tensions in the Strait of Hormuz. Gulf foreign ministers are set to meet their Iranian counterpart in Oman on Monday as part of an initiative to build support for a temporary framework to manage shipping through the key waterway. The pause in surging energy prices offered some relief to equity markets.
In macroeconomic news, U.S. CPI was unchanged at 3.4% year-on-year in August 2026, broadly in line with expectations. Gold prices rebounded, bolstering heavyweight mining shares, while copper extended its decline after having weighed on copper miners in the previous session. Elsewhere, Descartes Systems reported second-quarter revenue that came in slightly above analyst estimates.
