TSX futures fall as oil prices drop on Europe lockdown fears

Nov 19 (Reuters) - Futures for Canada's main stock index dropped on Friday, as oil prices tumbled on lockdown risks in Europe as coronavirus cases surged and the possibility of major economies releasing crude reserves to cool energy prices.

December futures on the S&P/TSX index were down 0.4% at 7:00 a.m. ET.

Oil prices dropped below $79 a barrel on Friday and global stocks fell as a fresh surge in COVID-19 cases in Europe raised economic recovery worries.

Germany's health minister said a lockdown, including for people who have been vaccinated, cannot be ruled out. Austria said it will reimpose a full lockdown next week and require its entire population to be vaccinated as of February. read more

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended 0.1% lower at 21,637.54 on Thursday.

Dow e-minis were down 172 points, or 0.47%, at 7:15 a.m. ET, while S&P 500 e-minis were down 7.5 points, or 0.15%, and Nasdaq 100 e-minis were up 67.5 points, or 0.41%.

TOP STORIES

Canadian Prime Minister Justin Trudeau returns to Ottawa on Friday after failing to convince President Joe Biden to scrap proposed electric-vehicle tax credits that would favor U.S.-based manufacturers, but said he would keep seeking a solution.

ANALYST RESEARCH HIGHLIGHTS

George Weston Ltd (WN.TO): RBC raises target price to C$162 from C$154

Goodfood market Corp (FOOD.TO): Acumen Capital cuts to hold from buy

Imperial Oil Ltd (IMO.TO): Scotiabank raises to sector outperform from sector perform

Metro Inc (MRU.TO): Scotiabank raises target price to C$73 from C$70

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,862.4; +0.1%

US crude : $76.36; -3.35%

Brent crude : $78.51; -3.34%

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($1= C$1.26)

Reporting by Shashank Nayar in Bengaluru; Editing by Shailesh Kuber

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