Futures tracking Canada’s main stock index inched higher on Friday, buoyed by gains in metal prices. Silver and copper climbed, and gold also edged up, providing support to mining shares. Canadian mining companies listed in the United States rose in premarket trading as well.
By contrast, the recent oil rally showed signs of stalling, easing some pressure on credit-sensitive stocks that have been hit by worries over energy-driven inflation. Bond yields moved slightly higher but stayed below their recent highs.
Meanwhile, Bank of Canada Governor Tiff Macklem said interest rates had not yet been raised, but cautioned that the longer energy prices remain elevated, “the harder that gets.” Markets are now pricing in a rate hike at the central bank’s next policy meeting.
