January 30, 2020 / 12:41 PM / 18 days ago

CANADA STOCKS-Futures fall as China virus fears pull down oil prices

January 30 (Reuters) - Futures for Canada’s main stock index dropped on Thursday, as fears of the economic impact of a globally spreading coronavirus weighed down oil prices.

Countries have started isolating hundreds of citizens evacuated from the Chinese city of Wuhan to stop the spread of the epidemic that has killed 170 people. All eyes were on the World Health Organisation (WHO), which hasn’t declared the flu-like coronavirus a global emergency, but was to reconsider its position later in the day.

Meanwhile, investors also considered the possibility of an early OPEC meeting.

March futures on the S&P/TSX index were down 0.47% at 7:00 a.m. ET.

The Toronto Stock Exchange’s TSX index rose 0.06% to 17,511.75 on Wednesday.

Dow Jones Industrial Average e-mini futures were down 0.73% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.77% and Nasdaq 100 e-mini futures were down 0.69%.

TOP STORIES

U.S. Commerce Secretary Wilbur Ross said on Wednesday he expected the Canadian parliament to approve a new North American trade agreement very quickly, paving the way for the trade pact to take effect soon.

ANALYST RESEARCH HIGHLIGHTS

Canadian Pacific Railway Ltd: CIBC raises price target to C$380 from C$365

Fortis Inc: CIBC cuts rating to “neutral” from “outperformer”

Intact Financial Corp: National Bank of Canada raises price target to C$148 from C$139

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1583.6; +0.64%

US crude: $52.16; -2.19%

Brent crude: $58.37; -2.41%

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 GDP advance for Q4: Expected 2.1%; prior 2.1%

0830 GDP sales advance for Q4: Expected 2.1%; prior 2.1%

0830 GDP cons spending advance for Q4: Prior 3.2%

0830 GDP deflator advance for Q4: Expected 1.8%; prior 1.7%

0830 Core PCE prices advance for Q4: Expected 1.7%; prior 2.1%

0830 PCE prices advance for Q4: Expected 1.7%; prior 1.5%

0830 Initial jobless claims: Expected 215,000; prior 211,000

0830 Jobless claims 4-week average: Prior 213,250

0830 Continued jobless claims: Expected 1.733 mln; prior 1.731 mln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1 = C$1.31) (Reporting by Nachiket Tekawade in Bengaluru; Editing by Vinay Dwivedi)

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