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23.07.202613:05:16UTC+00TSX Futures Slip as Geopolitical Risks Rise

Futures tracking the S&P/TSX Composite Index declined on Thursday, pressured by escalating tensions in the Middle East and renewed worries over AI-related spending. Oil prices jumped after Yemen’s Houthi forces struck two Saudi oil tankers, intensifying concerns about potential disruptions to global energy supplies. The resulting rise in energy prices stoked inflation fears, reinforcing expectations that central banks may keep interest rates higher for longer and weighing on financial stocks and the broader equity market. Gold prices eased, dragging down mining shares. At the same time, technology stocks retreated after Big Tech earnings in the US rekindled concerns about heavy capital expenditure tied to artificial intelligence. In corporate news, Waste Connections, Mullen, and Teck Resources all topped second-quarter profit forecasts, while Cenovus and Ovintiv are scheduled to report later in the session. Separately, Panama is considering establishing a state-owned mining company to partner with Canada’s First Quantum in reopening the Cobre Panama copper mine.

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