July 7 (Reuters) – Canada’s main stock index edged higher on Tuesday, buoyed by rising oil prices, while investors awaited the minutes of \u200bthe U.S. Federal Reserve’s June meeting for signals on \u200cmonetary policy.<\/p>\n
The Toronto Stock Exchange’s S&P\/TSX Composite index (.GSPTSE), rose 0.25% to 35299.67 points by 10:00 am ET.<\/p>\n
Oil prices rose as reports of attacks on vessels near \u200bthe Strait of Hormuz revived fears of disruptions to shipping \u200bthrough the critical energy transit route.<\/p>\n
Brent crude futures gained 1.88% \u2060to $73.33 a barrel; U.S. West Texas Intermediate crude rose 1.85% \u200bto $69.83 a barrel.<\/p>\n
Canada’s energy index (.SPTTEN), rose 1.7%. Imperial Oil (IMO.TO), Strathcona Resources (SCR.TO), and \u200bSuncor Energy (SU.TO),were among the biggest gainers, adding between 2.3% and 2.4%.<\/p>\n
“We are in for a more choppy phase, but earnings continue to provide strong support. \u200bThe energy sector can provide some hedge against different scenarios,” said \u200bAngelo Kourkafas, senior global investment strategist at Edward Jones Investments.<\/p>\n
“The market reaction to the Samsung \u200cearnings \u2060highlights how high the bar is in terms of earnings expectations.”<\/p>\n
Gold slipped for a second consecutive session as a stronger U.S. dollar weighed, while investors awaited minutes from the Fed’s June meeting, when it \u200bheld interest rates \u200bunchanged. Spot gold \u2060and silver prices dipped 0.14% and 1.39%, respectively.<\/p>\n
A softer-than-expected U.S. jobs report and signs of easing tensions in \u200bthe Middle East have tempered expectations of several \u200bU.S. interest \u2060rate increases this year.<\/p>\n
Traders are pricing in one 25-basis-point rate hike from the Fed by the end of this year, according to LSEG data.<\/p>\n
Meanwhile, \u2060the \u200bBank of Canada is seen keeping interest \u200brates on hold this year, with the next policy decision due on July 15.<\/p>\n
Reporting \u200bby Sudeshna Ghoshal and Sruthi Shankar in Bengaluru; Editing by Sahal Muhammed<\/p>\n
Disclaimer:\u00a0The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.<\/p>\n","protected":false},"excerpt":{"rendered":"July 7 (Reuters) – Canada’s main stock index edged higher on Tuesday, buoyed by rising oil prices, while…\n","protected":false},"author":2,"featured_media":119978,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[6244,6232,6237,6239,6231,6242,6235,6233,6236,381,1632,6243,6234,6223,6245,6228,6246,6230,6225,6226,6224,6227,113,6229,6241,6247,1633,6240,48,6238],"class_list":["post-119977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-toronto","tag-bank-forecasts","tag-bitcoin-news","tag-central-banks","tag-charts","tag-crypto-news","tag-currency","tag-economic-reports","tag-ethereum-news","tag-forecasts","tag-global-economy","tag-gold","tag-international-policy","tag-interviews","tag-kitco-news","tag-market-nugget","tag-metals","tag-mining-minutes","tag-mining-news","tag-palladium","tag-pgm","tag-platinum","tag-platinum-group-metals","tag-politics","tag-precious-metals","tag-rare-earth-metals","tag-roundups","tag-silver","tag-tech-metals","tag-toronto","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/119977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=119977"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/119977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/119978"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=119977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=119977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=119977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}