Canada’s main stock index futures fell on Monday, after the index posted its best weekly gain in 11 years, as growing concerns over the extent of the economic hit from the coronavirus pandemic weighed on sentiment.
Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
June futures on the S&P/TSX index were down 0.63% at 7:15 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX ended 1.7% on Thursday. For the week, the TSX was up nearly 9.5%, its biggest advance since January 2009.
Dow Jones Industrial Average e-mini futures were down 0.73% at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.7% and Nasdaq 100 e-mini futures were down 0.64%.
Bombardier is taking early steps to revive the assembly of its most lucrative business jets after production was halted for weeks because of the coronavirus outbreak, even as the pandemic risks sapping demand for corporate aircraft.
ANALYST RESEARCH HIGHLIGHTS
AutoCanada Inc: CIBC cuts to underperformer from neutral
Bombardier Inc: CIBC cuts target price to C$0.7 from C$2
CAE Inc: CIBC raises to outperformer from neutral; cuts target price to C$24 from C$43
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,727.6; -0.71%
US crude: $22.84; +0.35%
Brent crude: $31.54; +0.19%
U.S. ECONOMIC DATA DUE ON MONDAY
No major events are scheduled for the day.
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$1= C$1.40 Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Amy Caren Daniel
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