Canadian Market May Open Slightly Lower

(RTTNews) - Lower Canadian and U.S. futures and weak bullion prices point to a negative start on Bay Street Thursday morning. Worries about escalating tensions in the Middle East may also weigh on sentiment.

The United States launched a new wave of attacks in multiple locations across Iran on Wednesday night and Iran retaliated by launching fresh attacks on U.S. military bases in neighboring Gulf States, raising concerns over global shipping.

In Canadian economic news, data from Canada Mortgage and Housing Corporation showed housing starts in Canada declined 6% in June to 238,971 units, from downwardly revised 253,083 units in May.

In corporate news, Alimentation Couche-Tard Inc. said that the Toronto Stock Exchange has approved the renewal of its share repurchase program, allowing the company to buy back up to 74.2 million shares, representing 10% of its public float.

The convenience store operator said the program authorizes the repurchase of up to 74,194,410 shares over a 12-month period beginning July 23, 2026, and ending no later than July 22, 2027.

The Canadian market closed modestly higher on Wednesday amid the Strait of Hormuz crisis due to a deepening U.S.-Iran conflict while investors assessed the monetary policy released after Bank of Canada's decision to hold its policy rate at 2.25%.

The benchmark S&P/TSX Composite Index ended with a gain of 95.66 points or 0.27% at 35,416.20.

Asian stocks ended broadly lower on Thursday as worries about geopolitical tensions outweighed easing concerns about Fed interest rates following softer-than-expected U.S. inflation data.

The major European markets are down in negative territory with investors largely refraining from picking up stocks amid persisting worries about Middle East tensions.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.39 or 0.49% at $79.99 a barrel.

Gold futures are down $12.50 or 0.31% at $4,039.30 an ounce, while Silver futures are down $0.463 or 0.81% at $56.970 an ounce.