Canada’s main stock index fell on Friday as investors sought refuge in safer assets amid escalating conflict in the Middle East. The drop followed Israel’s extensive airstrikes on Iran, which targeted nuclear and missile facilities to curb Tehran’s nuclear ambitions. In response, Iran launched a barrage of 100 drones. The rising geopolitical tensions in the oil-rich region drove crude oil prices sharply higher.
US markets were on track for gains on the week before Friday’s selloff. President Donald Trump, decided to rile Iran in a social media post demanding it come to a nuclear deal “before there is nothing left, and save what was once known as the Iranian Empire”, he wrote. Protests are planned across the US this weekend as Americans aren’t happy about more than $45 million of their tax dollars going toward his birthday parade, for some reason. Who said Friday the 13th was unlucky?
The Canadian dollar traded for 73.59 cents US compared to 73.50 cents US on Thursday.
US crude futures traded US$5.41 higher at US$73.45 a barrel, and the Brent contract rose US$5.27 to US$74.63 a barrel.
The price of gold was up US$53.44 to US$3,432.89.
In world markets, the Nikkei was down 338.84 points to ¥37,834.25, the Hang Seng was down 142.82 points to HK$23,892.56 the FTSE was down 34.29 points to ₤8,850.63, and the DAX was down 255.22 points to €23,516.23.
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