May 11 (Reuters) - Futures for Canada’s main stock index edged lower on Monday as U.S. President Donald Trump’s rejection of Iran’s response to a peace proposal left global markets worrying that the 10-week-old conflict will drag on.
June futures on the S&P/TSX index were down 0.2% at 6:08 a.m. ET (1008 GMT).
Days after the United States floated an offer in hopes of reopening negotiations, Iran released a response on Sunday that focused on ending the war on all fronts. Within hours, Trump dismissed Iran’s proposal in a post on Truth Social, saying "I don't like it — TOTALLY UNACCEPTABLE."
Oil prices rallied on supply fears after the news, with the Strait of Hormuz remaining largely closed and global markets staying tight.
Spot gold fell 1.1% on elevated concerns that inflation could keep interest rates higher for longer.
The Toronto Stock Exchange's S&P/TSX Composite Index (.GSPTSE), rose to a near three-week high on Friday as investors cheered recent growth in corporate earnings and after weaker-than-expected domestic jobs data tempered for interest rate hikes.
On the earnings front, building materials distributor Doman's (DBM.TO), first-quarter revenue missed analyst expectations on Friday because of weak plywood demand.
Gold miner Barrick Mining (ABX.TO), on Monday beat Wall Street estimates for first-quarter profit as higher gold prices offset lower production.
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Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Joyjeet Das
