March 12 (Reuters) - Canada’s main stock index futures tumbled on Thursday as oil prices plunged following travel restrictions imposed by U.S. President Donald Trump in an attempt to stop the spread of the coronavirus after the World Health Organization called the outbreak a pandemic.
Saudi Arabia and United Arab Emirates said they would raise oil output in a standoff with Russia, further adding to the pressure on oil prices.
March futures on the S&P/TSX index were down 3.69% at 7:00 a.m. ET.
Dow Jones Industrial Average e-mini futures were down 5.03% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 4.43% and Nasdaq 100 e-mini futures were down 4.76%.
The Toronto Stock Exchange’s S&P/TSX composite index ended 4.60% lower at 14,270.09 on Wednesday.
The coronavirus outbreak has forced Canada to cancel an international meeting next week that was to discuss challenges to the World Trade Organization, a Trade Ministry spokeswoman said on Wednesday.
Canada’s Bombardier Inc said late Wednesday Chief Executive Officer Alain Bellemare would step down and be replaced by former company executive and Hydro-Quebec CEO Eric Martel.
Union workers at Husky Energy’s 177,000-barrel-per-day (bpd) refinery in Lima, Ohio, voted against ratifying a two-year contract with Husky on Wednesday evening, according to a union representative from the United Steelworkers Local 624.
ANALYST RESEARCH HIGHLIGHTS
Air Canada: Canaccord Genuity cuts price target to C$40 from C$55
Stella-Jones Inc: RBC cuts price target to C$44 from C$47
Wheaton Precious Metals: National Bank of Canada raises price target to C$52 from C$50
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,636.8; -0.33%
US crude: $30.88; -6.37%
Brent crude: $33.17; -7.32%
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims : Expected 218,000; Prior 216,000
0830 Jobless claims 4-week average : Prior 213,000
0830 Continued jobless claims : Prior 1.729 mln
0830 PPI final demand yy for Feb: Expected 1.8%; Prior 2.1%
0830 PPI final demand mm for Feb: Expected -0.1%; Prior 0.5%
0830 PPI ex food/energy yy for Feb: Expected 1.7%; Prior 1.7%
0830 PPI ex food/energy mm for Feb: Expected 0.1%; Prior 0.5%
0830 PPI ex food/energy/transport yy for Feb: Prior 1.5%
0830 PPI ex food/energy/transport mm for Feb: Prior 0.4%
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$1.38) (Reporting by Nachiket Tekawade in Bengaluru; Editing by Vinay Dwivedi)
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