FX.co ★ TSX Futures Slip on Lower Metal Prices

Futures tracking Canadian equities declined on Wednesday, as weaker metal prices weighed on mining stocks, while rising oil prices fueled concerns about energy-driven inflation. Gold and silver fell following hawkish comments from U.S. Federal Reserve officials, and copper also retreated. Adding to the sector’s pressure, CIBC downgraded Endeavour Silver to “neutral” from “outperformer.” U.S.-listed shares of Canadian miners recorded sharp losses in pre-market trading. At the same time, oil prices advanced amid uncertainty surrounding diplomatic efforts to end the U.S.-Iran war and reopen the Strait of Hormuz. Government bond yields climbed as worries over energy-related inflation persisted, despite a recent moderation in the oil rally, weighing on rate-sensitive sectors such as major banks.