CANADA STOCKS-TSX futures climb over 1% on rising U.S.-Iran peace deal hopes

Shopify, Inc. Class A
Greenfire Resources Ltd.

Shopify, Inc. Class A

SHOP

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Greenfire Resources Ltd.

GFR

0.00

TSX futures up 1.3%

Gold climbs over 3%, oil slips

- Futures for Canada's main stock index gained on Wednesday on growing optimism that a peace deal to end the U.S.-Iran war could be reached soon.

June futures on the S&P/TSX index SXFcv1 were up 1.3% at 6:30 a.m. ET (1030 GMT).

  • The United States and Iran are close to agreeing on a one-page memorandum to end the Gulf war, a Pakistani source familiar with the talks said. This confirmed an Axios report citing U.S. officials after U.S. President Donald Trump paused a naval mission near the Strait of Hormuz.

  • Oil prices fell for a second day on expectations bottled-up supply from the key Middle East producing region could resume flowing. O/R

  • Spot gold XAU= and silver XAG= rose 3.3% and 6.3%, respectively, helped by a weaker dollar and lower crude prices, with inflation concerns easing somewhat. GOL/

  • The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE ended lower a third straight day as a steep decline in e-commerce firm Shopify’s SHOP.TO shares pressured the technology sector on Tuesday, offsetting energy and financials gains.

  • On the earnings front, Suncor Energy SU.TO beat Wall Street estimates for first-quarter adjusted profit, driven by higher production and throughput volumes.

  • Oil sands producer Greenfire Resources GFR.TO swung to a first-quarter loss.

  • Real estate firm Morguard MRC.TO missed its first-quarter revenue estimates on higher office and residential vacancy.

  • The downturn in Canada's services economy eased in April as the level of new business increased despite concerns about tariffs and the war in the Middle East, S&P ‌Global's Canada services PMI data showed on Tuesday.

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