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TSX set to open lower as global bond yields hit multi-decade highs
TSX futures fell 0.4% at Thursday's open as global bond yields hit multi-decade highs — the U.S. 10-year at 5.34% (highest since 2002), Canada's at 3.99%.
Why it matters
Bond yields are the anchor for everything from five-year fixed mortgage quotes to stock valuations. With Canada's 10-year yield near its highest since 2023 and the U.S. 10-year at a 24-year high, borrowing costs for Canadian households and companies stay elevated even without central-bank moves.
Full report
Canadian stocks were set to open lower on Thursday, with S&P/TSX futures down 0.4%, as global government-bond yields climbed to multi-decade highs and oil prices swung after China changed its fuel-export policy, Reuters reported.
A broad global bond selloff pushed the 10-year U.S. Treasury yield to 5.34%, its highest since 2002, while Canada's 10-year yield rose to 3.99% — close to its highest since 2023. Higher yields raise the risk-free return investors can earn from government bonds, making stocks relatively less attractive and lifting financing costs.
Oil jumped after China suspended exports of some refined products, a move that could tighten fuel supply, though prices stayed volatile as traders weighed geopolitical developments. The TSX recently snapped a five-month winning streak, though it still posted a record stretch of quarterly gains. Investors now look to business surveys such as Canada's S&P Global purchasing managers' index for signs of whether higher financing costs are starting to cool demand.
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