12.06.202613:13:33UTC+00TSX Futures Rise on US-Iran Deal Hopes

Futures tracking the S&P/TSX Composite Index edged higher on Friday, supported by renewed optimism over US-Iran diplomacy. Senior officials indicated that the US and Iran may sign an agreement to reopen the Strait of Hormuz on the sidelines of next week’s G7 summit. Oil prices fell below $90 per barrel, easing inflation worries and lowering expectations for further monetary tightening, which in turn buoyed financial stocks and the broader market. In contrast, weaker gold prices weighed on mining shares. Separately, Prime Minister Mark Carney said on Thursday that Canada will invest more than C$1 billion to boost competition among grocers and food processors as part of efforts to rein in elevated food inflation.