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Canadian Stocks Dip as Gold Retreats Ahead of Bank Earnings
24 Feb
Summary
- Futures for Canada's main stock index showed a slight decrease.
- Spot gold prices fell, retracting from a recent three-week high.
- Major Canadian banks are anticipated to deliver strong quarterly earnings.
Futures contracts tied to Canada's primary stock index experienced a minor decline on Tuesday. This movement occurred as the price of gold pulled back from a three-week peak, influenced by a stronger U.S. dollar and investor anticipation regarding President Donald Trump's tariff decisions. The benchmark index in Toronto had closed lower the previous day, with technology and financial sectors leading the downturn due to tariff uncertainties.
In commodities, spot gold prices fell by 1.1%, while silver saw a modest gain of 0.3%, and copper prices climbed. Oil prices, however, continued to rise, approaching seven-month highs as traders evaluated supply dynamics ahead of scheduled U.S.-Iran nuclear talks. Energy firm Whitecap Resources reported quarterly results that surpassed analyst expectations.
Market attention is now shifting to the upcoming quarterly earnings from Canada's largest financial institutions. Bank of Nova Scotia is scheduled to announce its first-quarter results before the market opens today, with expectations for strong performance across the sector.
