FX.co ★ TSX Futures Rise as Oil and Yields Retreat

Futures tracking the TSX advanced as oil prices and bond yields eased following their recent surge. Crude retreated on signs of rising US inventories and reports that Saudi Arabia is offering additional cargoes via Oman. At the same time, bond yields pulled back after a global rally in recent weeks weighed on equity markets, amid concern that central banks will keep monetary policy tighter for longer to counter inflationary pressures from elevated energy prices. Gold prices firmed ahead of today’s Fed decision, lending support to mining shares. Markets widely expect a 25 bps rate increase. Elsewhere, European Commission President Ursula von der Leyen said the EU is opening the door for Canada to become its first “associate member,” with cooperation spanning manufacturing, AI, critical minerals, and energy. The move comes after an escalation in the US-Canada trade dispute following the collapse of trade talks last month.