Canada’s S&P/TSX Composite Index climbed more than 0.5% to around 35,850 points on Monday, partially rebounding from Friday’s steepest single-day drop in nearly six months. The recovery was supported by a sharp decline in oil prices, which helped ease inflation concerns, while investors shifted their focus to Tuesday’s US midterm elections.
Crude prices fell roughly 4% after Iranian and Qatari officials held a third straight day of talks aimed at ending the US–Israeli war on Iran. At the same time, gold prices bounced back from one-year lows as markets weighed remarks from Federal Reserve officials indicating that additional interest rate increases may still be required to contain inflation.
Investors are also awaiting quarterly results from Toromont Industries and Topaz Energy, due after the market close. On the trade front, US President Donald Trump said his administration had laid out a framework for a new trade agreement with Canada, while Prime Minister Mark Carney described the negotiations as constructive.
