Futures tracking Canada's blue-chip stocks inched lower on Wednesday as intensifying Middle East hostilities drove oil prices toward $100 a barrel, rekindling inflation fears and dampening risk appetite.
The TSX dumped 390.75 points, or 1.1%, to conclude Tuesday at 36,123.05.
The Canadian dollar lay flat Wednesday at 72.58 cents U.S.
Futures backpedaled 0.1% Wednesday morning.
Meanwhile, the U.S. on Tuesday expanded trade restrictions on Canada, banning imports of numerous alcoholic beverages, motorcycles ?and dairy products.
The levies followed 50% ?tariffs that the U.S. had imposed on some $20 billion of Canadian goods last month after several rounds of talks broke down.
U.S.-listed shares of Lithium Americas rose ?4% in premarket trading after J.P. Morgan assumed coverage with "overweight" rating.
ON BAYSTREET
The TSX Venture Exchange retreated 5.76 points Tuesday to 959.64.
ON WALLSTREET
Stock futures traded lower early on Wednesday after a losing day in the previous session, as oil prices continue their ascent.
Futures for the Dow Jones Industrials collapsed 332 points, or 0.6%, to 52,500.
Futures for the S&P 500 gave back 28.75 points, or 0.4%, to 7,651.
Futures for the NASDAQ Composite slumped 151.25 points, or 0.5%. to 29,383.25.
Oil prices rose as escalating tensions between the U.S. and Iran fuel concerns over further disruptions to Middle East energy supplies. Futures for Brent crude, the international benchmark, added more than 2% to break $100 a barrel for the first time since July.
Oil’s rise follows a session advance in crude that put downward pressure on the three major averages in their first session of a holiday-shortened trading week. The stock market was dark on Monday in observance of the Labour Day holiday.
In Japan, the Nikkei 225 index hesitated 0.2% Wednesday, while in Hong Kong, the Hang Seng also declined 0.2%.
Oil prices jumped $2.28 to $95.31 U.S. a barrel.
Gold prices hiked $7.50 to $4,446.50 U.S an ounce.
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