TSX futures managed a slight gain on Monday, following the U.S. siding with Israel and bombing Iranian nuclear facilities on Saturday evening, officially entering the ongoing war between the two Middle Eastern countries. The conflict is expected to lift oil prices higher, and with them energy stocks, which make up approximately 15 per cent of the TSX index.
Market Numbers (Futures)
TSX: Up (0.2%), 26,550.56.
TSXV: Down (0.67%), 711.18 (June 20).
DOW: Up (0.27%), 42,438.
NASDAQ: Down (0.27%), 21,805.25.
FTSE: Down (0.81%), 8,758.31.
In the Headlines
The U.S. economy could face a “war shock” as rising oil prices threaten to reignite inflation and disrupt growth. The main catalyst behind this thesis concerns the potential disruption of the Strait of Hormuz, under Iranian control, which grants passage to 25 per cent of global oil and 20 per cent of natural gas.
In other commodity news, copper major Teck Resources is actively pursuing the expansion of its germanium operations, including ongoing discussions with the Canadian and U.S. governments. Germanium is a strategic military metal essential for semiconductors, solar cells and fibre optic systems.
Currencies (Futures)
US: Down (0.41%), US$0.7249.
Euro: Up (0.08%), €0.6322.
GBP: Up (0.13%), £0.5419.
JPY: Up (0.72%), ¥107.10.
Bitcoin: Up (0.69%), C$139,699.29.
(Conversion to C$1)
Commodities (Futures)
Natural Gas: Down (1.16%), US$3.85.
WTI: Up (0.84%), US$74.49.
Gold: Up (0.29%), US$3,378.53.
Copper: Up (0.063%), US$4.8016.
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