April 30 (Reuters) – Futures linked to Canada’s main stock index gained on Thursday as oil prices retreated from four-year highs and investors snapped up gold and silver on the dip, though lingering geopolitical tensions kept them cautious.
June futures on the S&P/TSX index were up 0.5% at 07:20 a.m. ET (1120 GMT).
Energy markets remained volatile as oil prices retreated from above $126 a barrel. The earlier surge was after a report that said U.S. President Donald Trump is slated to receive a briefing on plans for a series of military strikes on Iran.
The U.S. is pushing for other countries to form an international coalition to restore freedom of navigation in the Strait of Hormuz, according to a State Department cable seen by Reuters.
Precious metals found support from bargain hunters, with spot gold and silver climbing on dip-buying.
TSX (.GSPTSE), extended its losing streak to a fifth consecutive session on Wednesday, though it was on track for modest gains this month followed by sharp losses in March as geopolitical tensions kept markets on edge.
Investors were also weighing signals from the U.S. Federal Reserve and the Bank of Canada (BoC), after both held rates steady
BoC Governor Tiff Macklem said if oil prices stayed high and began pushing up inflation, it might have to respond with consecutive rate hikes.
Markets are pricing in at least two quarter-point rate increases from the BoC this year.
Results from the four U.S. tech giants — Alphabet (GOOGL.O), Amazon (AMZN.O), Microsoft
(MSFT.O), and Meta (META.O), —released after Wednesday’s close could set the tone for Canadian technology stocks.
Domestic earnings season was in full swing. Business jet manufacturer Bombardier (BBDb.TO), reported a 5% rise in first-quarter revenue, buoyed by strong demand for repair and maintenance services.
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Reporting by Tharuniyaa Lakshmi and Ragini Mathur in Bengaluru
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