Futures tied to Canada's main stock index briefly touched a three-month low on Thursday, as persistently rising bond yields and oil prices aggravated investor concerns about inflation and higher interest rates.
The TSX Composite Index plummeted 607.65 points, or 1.7%, to greet the final bell Wednesday at 35,041.86.
The Canadian dollar forked over 0.7 cents to 70.06 cents U.S.
December futures cratered 0.5% Thursday morning.
Among individual companies, specialty hardware distributor Richelieu Hardware reported a rise in third-quarter revenue.
Markets are reportedly pricing in at least one quarter-point rate hike from the Bank of Canada before the end of the year.
ON BAYSTREET
The TSX Venture Exchange crumbled 12.95 points, or 1.5%, Wednesday to 871.17
ON WALLSTREET
U.S. stock futures were lower Thursday, as investors face more pressure from rising Treasury yields and elevated oil prices.
Futures for the Dow Jones Industrials stumbled 457 points, or 0.9%, Thursday to 50,992.
Futures for the S&P 500 slipped 37.75 points, or 0.5%, to 7,815.
Futures for the NASDAQ Composite slumped 223.5 points, or 0.7%. to 31,178.75.
Oil prices spiked also after President Donald Trump said he doesn’t want to make a deal with Iran to end the war, while the U.S. is reportedly preparing for “massive bombing” in the Middle East. Brent crude jumped 5.1% to $105.33 per barrel. WTI futures, meanwhile, advanced 5% to $92.71.
In the third quarter, the S&P 500 is expected post a blended earnings growth rate of roughly 30%, which would be a third straight quarter of above-25% earnings growth
In Japan, the Nikkei 225 faded 1.4%, while in Hong Kong, the Hang Seng dropped 1.4%.
Oil prices regained $4.34 to $92.62 U.S. a barrel.
Gold prices brightened $6.30 to $4,417 U.S an ounce.
