Bay Street Looks Headed For Weak Start
(RTTNews) - Lower Canadian and U.S. futures, and higher oil prices amid renewed concerns about U.S.-Iran tensions point to a weak start for the Canadian market on Monday.
After U.S. seized an Iranian vessel near the Strait of Hormuz, Tehran launched drone attacks on U.S. military ships, raising concerns about oil supplies.
Middle East tensions rose after Iran rejected participation in a second round of peace talks with the U.S., citing Washington's excessive demands, unrealistic expectations, constant shifts in stance, repeated contradictions, and the continuing naval blockade, which it considers a breach of the ceasefire.
Canadian inflation data for the month of March is due at 8:30 AM ET.
Canada's headline inflation fell to 1.8% in February from 2.3% in the previous month, reflecting the softest rate since July 2025. Core inflation rate in Canada increased to 0.4% in February from 0.2% a month earlier.
Canadian stocks closed higher on Friday with investors cheering Iran's decision to reopen the Strait of Hormuz for commercial traffic.
The benchmark S&P/TSX Composite Index traded firmly positive throughout the session before settling at 34,346.29, up by 294.06 points or 0.86%.
Asian stocks ended mostly higher on Monday, even as regional gains remained somewhat modest amid uncertainty surrounding the second round of diplomatic talks between the United States and Iran.
The major European markets are down in negative territory today as rising oil prices amid renewed U.S.-Iran tensions weighed on sentiment.
West Texas Intermediate Crude oil futures are up $4.98 or 5.94% at $88.19 a barrel.
Gold futures are down $51.10 or 1.05% at $4,828.50 an ounce, while Silver futures are down $2.047 or 2.5% at $79.795
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