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TSX futures fall as banking jitters spread from US

Refinitiv1 min read

Futures linked to Canada's main stock index fell on Friday, after the index declined on Thursday over concerns about credit stress at U.S. regional lenders.

December futures on the S&P/TSX index (SXFcv1) were down 0.9% at 0537 a.m. ET (0937 GMT).

The Toronto Stock Exchange's S&P/TSX composite index TSX pulled back on Thursday from a record high, with heavyweight financial sector (.SPTTFS) declining 1.7%.

The decline came after U.S. regional banks index KKRX plunged 6.3% following announcements from two American lenders.

Still, the TSX appeared positioned to register modest weekly gains, buoyed by its commodity-heavy composition and a record rally in gold prices GOLD. The materials sector TTMT has led the charge with an 8.6% increase this week.

The yellow metal notched a new high above $4,300 an ounce on Friday and was poised for its best week in over 17 years.

Oil prices BRN1!, CL1! fell due to uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine.

The weakness in crude prices throughout the week has put the energy sector TTEN on track for a decline exceeding 2%.

Copper prices in Shanghai also retreated as investors remained cautious about ongoing U.S.-China trade tensions.

Meanwhile, Canadian Prime Minister Mark Carney on Thursday brushed off calls to retaliate against the U.S. over its tariffs on some Canadian exports, saying the two countries were deep in talks over key sectors.

In corporate news, U.S.-listed shares of Canadian digital infrastructure company Bitfarms BITF tumbled 16.3% in premarket trading after pricing $500 million in convertible senior notes due 2031.

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