Despite starting the day at lows not seen in over three weeks, Canada’s main stock index reversed its decline on Monday as rising tensions in the Middle East pushed oil prices higher, heightening investors’ worries about inflation. Geopolitical risks escalated after Iran named Mojtaba Khamenei—son of the late Ali Khamenei—as its new supreme leader. The appointment signalled that hardline factions remain in control in Tehran, and with the war involving the United States and Israel now in its 10th day, concerns grew that the crisis could become prolonged.
In the US, major stock indexes tumbled to begin the week, but then bounced back by close, as crude oil surpassed US$100 per barrel, fuelling fears of a stagflationary environment characterized by stronger inflation and weakening economic growth. The Dow Jones Industrial Average is also coming off its steepest weekly drop in almost a year.
| TSX | 33,189.32 | +105.60 |  |
| TSXV | 1,063.43 | +6.39 | |
| CSE | 180.38 | +1.87 | |
| DJIA | 47,740.80 | +239.25 | |
| NASDAQ | 22,695.95 | +308.27 | |
| S&P 500 | 6,795.99 | +55.97 | |
The Canadian dollar traded for 73.61 cents US compared to 73.69 cents US on Friday.
US crude futures traded US$3.90 lower at US$87.00 a barrel, and the Brent contract lost US$1.04 to US$90.85 a barrel.
The price of gold was down US$34.89 to US$5,137.06.
In world markets, the Nikkei was down 2,892.12 points to ¥52,728.72, the Hang Seng was down 348.83 points to HK$25,408.46, the FTSE was down 35.23 points to ₤10,249.52, and the DAX was down 181.66 points to €23,409.37.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
