Canada’s main stock index fell on Tuesday, despite strength in mining stocks, as investors continued to assess renewed tensions in the Middle East following exchanges between Iran and the United States in the Strait of Hormuz.
The ceasefire between Washington and Tehran appears fragile after new incidents in the strait. Still, US Defense Secretary Pete Hegseth said that the truce “certainly holds,” noting that two US commercial vessels, escorted by American destroyers, have already passed safely through the waterway, demonstrating that shipping routes remain open. His remarks followed comments earlier this week from President Donald Trump, who said the US would help “guide” ships stuck in the strait. Equity markets also drew support from another round of stronger-than-expected corporate earnings. Pfizer (NYSE:PFE) shares edged higher after the company reported first-quarter results that exceeded forecasts and reaffirmed its full-year outlook. Meanwhile, US-listed shares of Belgian brewer Anheuser-Busch InBev (OTC:BUFF) surged after delivering upbeat quarterly results.
The Canadian dollar traded for 73.41 cents US compared to 73.49 cents US on Monday.
US crude futures traded US$3.77 lower at US$102.70 a barrel, and the Brent contract lost US$4.04 to US$110.40 a barrel.
The price of gold was up US$32.42 to US$4,556.45.
In world markets, the Nikkei remained at ¥59,513.12, the Hang Seng was down 197.27 points to HK$25,898.61, the FTSE was down 144.21 points to ₤10,219.72, and the DAX was up 401.00 points to €24,392.27.
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