CANADA STOCKS-TSX futures rise on commodity gains ahead of retail sales data

Reuters
2025.10.23 10:30
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Futures for Canada's main stock index rose 0.2% as crude and gold prices surged, driven by U.S. sanctions on Russian oil companies amid the Ukraine conflict. Investors are awaiting Canadian retail sales data, expected to show a 1% increase for August. The energy sector gained traction, while trade tensions with China and a net loss reported by Precision Drilling added to market concerns. Canadian Prime Minister Mark Carney announced plans to reduce reliance on the U.S. market and cut spending.

Oct 23 (Reuters) - Futures tied to Canada’s resource-heavy main stock index rose on Thursday as crude and gold prices surged, while investors awaited Canadian retail sales data that will offer a glimpse into domestic consumer spending patterns.

December futures on the S&P/TSX index (SXFcv1) were up 0.2% at 6:17 a.m. ET (1017 GMT).

The energy sector took center stage after oil prices (LCOc1) , (CLc1) soared over 4% following the United States’ decision to impose sanctions on Russian oil giants Rosneft and Lukoil over the ongoing Ukraine conflict. (O/R)

Simultaneously, gold prices (XAU=) rebounded as heightened geopolitical tensions, fueled by U.S. sanctions against Russia and potential new export controls targeting China, bolstered demand for safe-haven assets. (GOL/)

On the economic front, Canadian retail sales figures, set for release at 8:30 a.m. ET, are expected to show a 1% increase in August from July.

The Toronto Stock Exchange’s composite index (.GSPTSE) clawed back some recent declines on Wednesday as higher oil prices boosted energy shares, but the move was limited as trade tensions rose after a Reuters report that the White House is considering a plan to curb an array of software-powered exports to China.

Also on Wednesday, Canadian Prime Minister Mark Carney said his government’s first budget will reduce economic and security reliance on the U.S. and cut wasteful spending.

Canada remains heavily dependent on the U.S. market, with most exports flowing south of the border. Already vulnerable to American trade policies, Canadian exports not protected by the U.S.-Mexico-Canada agreement have suffered significantly from existing tariffs.

In corporate news, oil and gas drilling firm Precision Drilling (PD.TO) swung to net loss in the third quarter due to higher tax expenses related to U.S. operations.

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report (.TO)

Canadian dollar and bonds report (CAD/) (CA/)

Reuters global stocks poll for Canada (EQUITYPOLL1) (EPOLL/CA)

Canadian markets directory (CANADA)

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