Canada’s main stock index surged on Monday, driven by strong performances in the materials and gold mining sectors. This uptick followed heightened geopolitical tensions after the United States joined Israel in launching strikes on Iran’s nuclear facilities over the weekend. US President Trump also suggested the possibility of pursuing leadership change in Iran. Iran began an operation against a US base in Qatar, according to state TV.
On Monday, Prime Minister Mark Carney stated that he had spoken with Trump about a range of topics, including efforts to de-escalate the Middle East conflict, the upcoming NATO summit, and ongoing trade talks with the US Despite the US military action—targeting three Iranian nuclear sites—American stock markets also rose, as the increase in oil prices remained moderate. Oil prices had already been climbing in recent weeks due to the growing instability in the region, with US crude futures on Sunday night reaching their highest levels since January, but sunk deeply as this week began.
The Canadian dollar traded for 72.81 cents US compared to 72.97 cents US on Friday.
US crude futures traded US$6.58 lower at US$67.26 a barrel, and the Brent contract fell US$6.84 to US$70.17 a barrel.
The price of gold was up US$2.53 to US$3,371.28.
In world markets, the Nikkei was down 49.14 points to ¥38,354.09, the Hang Seng was up 158.65 points to HK$23,689.13, the FTSE was down 16.61 points to ₤8,758.04, and the DAX was down 81.54 points to €23,269.01.
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