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24.03.202612:56:11UTC+00TSX Futures Fall as Oil Rebounds on Iran Tensions

Futures linked to the S&P/TSX Composite Index traded lower on Tuesday as a rebound in oil prices clouded the outlook for the Canadian economy. Energy supply concerns resurfaced after Iran denied holding talks with the United States to end the Gulf conflict, contradicting President Trump’s suggestion that a deal could be reached soon. The renewed tensions in the Middle East and the resulting surge in oil prices revived stagflation fears, pushing bond yields higher and dampening credit demand, which weighed on major Canadian banks. At the same time, higher crude prices lent support to energy stocks, while weaker gold prices pressured mining shares. Elsewhere, TransAlta Corp., which operates a portfolio of power-generation assets across Canada, drew attention after National Bank of Canada upgraded the stock to “outperform” from “sector perform.”

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