March 4 (Reuters) - Futures tracking Canada's main stock index rose on Wednesday as rising tensions in the Middle East pumped up oil prices for the fourth straight day, while safe-haven demand boosted gold prices.
March futures on the S&P/TSX composite index SXFcv1 were up 0.36%, as of 5:20 a.m. ET.
The conflict has jolted investors worldwide as it heads into its fifth day. Goldman Sachs CEO David Solomon said it would take a couple of weeks for the markets to digest the impact of the war on Iran.
Oil prices gained but at a slower pace than in previous sessions as traders weighed concerns of supply disruption from the Middle East.
President Donald Trump said on Tuesday the U.S. Navy could begin escorting tankers through the Strait of Hormuz if necessary.
Canadian Prime Minister Mark Carney said on Wednesday the ongoing conflict was a "failure" of the international order and the U.S. had not consulted its allies before striking Iran.
Brent crude futures LCOc1 gained 3% and U.S. West Texas Intermediate crude CLc1 was up 2.8%.
Spot gold XAU= gained more than 2%, recovering from the previous session's drop, as investors rushed for the safe-haven asset. Silver XAG= rose 5.4% and copper prices also firmed.
Toronto's benchmark index .GSPTSE had slipped 2.2% on Tuesday, logging its biggest decline in nearly three weeks, as fears of inflation over the extended Middle East crisis resulted in a broad-based decline led by miners.
In corporate news, a Brazilian court halted the transfer of mineral rights to a gold asset sale from Equinox Gold EQX.TO to Chinese metal miner CMOC 603993.SS on Tuesday.
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(Reporting by Utkarsh Tushar Hathi; Editing by Shreya Biswas)
((utkarshtushar.hathi@thomsonreuters.com))
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