Futures tracking the S&P/TSX Composite Index fell sharply on Monday, mirroring broad weakness across North American equity markets as an escalation of the war in Iran further darkened the global economic outlook. Energy prices jumped amid growing concern that oil and natural gas from major Persian Gulf producers may not reach consumers as expected, pushing bond yields higher and weighing on the outlook for credit demand. As a result, TD Bank, RBC, BMO, and Scotiabank traded lower in premarket activity.
At the same time, safe‑haven demand favored the US dollar amid the deteriorating geopolitical backdrop, limiting gains in gold and pressuring shares of major mining companies. In contrast, leading Canadian energy producers benefited from the surge in crude oil and natural gas prices. Elsewhere, Constellation Software reported fourth-quarter revenue that exceeded expectations.
