Futures tracking the S&P/TSX Composite Index were broadly flat on Friday as investors weighed June’s jobs report against renewed tensions in the Middle East. Canada added 18,000 jobs in June, exceeding expectations for a 10,000 gain but down sharply from May’s 88,000 increase. Despite the upside surprise, total employment rose just 0.1%, underscoring a cooling in labor market momentum following May’s surge. The data bolstered expectations that the Bank of Canada will leave interest rates on hold, while bond yields edged lower.
In commodities, oil prices firmed as escalating US-Iran tensions disrupted shipping through the Strait of Hormuz, rekindling worries over supply risks and energy-driven inflation. Gold prices, however, slipped, pressuring mining stocks. Elsewhere, Velan reported an adjusted net loss for the first quarter. On the trade front, Prime Minister Carney said Saudi Arabia could support Canadian mining companies’ international expansion, and he met with the head of Saudi Aramco to explore deeper cooperation.
