Futures tracking the S&P/TSX Composite Index rose on Tuesday following Monday’s Civic Holiday, supported in part by lower oil prices. Crude prices fell after US President Donald Trump canceled planned strikes on Iran in an effort to revive negotiations, easing concerns about inflation and the outlook for higher interest rates.
Investors also turned their attention to upcoming earnings from major energy producers, with Suncor scheduled to report later today and Canadian Natural Resources set to release results on Thursday. At the same time, firm gold prices lent support to mining stocks.
In corporate news beyond the energy sector, Industrial Alliance is due to post quarterly results today, while Manulife Financial, Nutrien, and Shopify are all slated to report on Wednesday.
On the economic front, Canada’s merchandise trade surplus widened to C$3.9 billion in June from C$3.7 billion in May.
