Futures pointed to yet another lower opening for Canada's main stock index on Tuesday as a rout in global equities triggered losses across major commodities.
The S&P/TSX Composite Index slumped 271.22 points, or 1.7%, to close Monday at 15,334.81
The Canadian dollar slipped 0.15 cents to 79.61 cents U.S. Tuesday morning.
March futures dipped 0.5% Tuesday.
Nutrien Ltd, the fertilizer and farm supply dealer created from the merger of Agrium Inc and Potash Corp of Saskatchewan this year, said it expected demand growth for potash in China and India to cool down in 2018.
WestJet Airlines Ltd reported a 12% fall in fourth-quarter earnings, hurt by higher operating expenses as fuel prices increase.
RBC raised the target price on CAE Inc. to $25.00 from $24.00
RBC cut the target price on Element Fleet Management to $8.00 from $12.00
Morgan Stanley cut the price target on Rogers Communications to $65.00 from $71.00
On the economic docket, Statistics Canada that our merchandise trade deficit with the world totaled $3.2 billion in December, widening from a $2.7-billion deficit in November. Imports rose 1.5% and exports were up 0.6%.
Later on this morning (10 a.m. ET), Western University is out with its IVEY Purchasing Manager Index for January.
The TSX Venture Exchange collapsed 8.45 points, or 1%, to 803.23
U.S. stock index futures pared significant losses ahead of Tuesday's open, but still pointed to a sharply negative open as the selloff continues to weigh on sentiment worldwide.
Futures for the Dow Jones Industrials thundered lower 345 points, or 1.4%, to 23,593
S&P 500 futures slumped 27.25 points, or 1%, to 2,743.75, while futures on the NASDAQ Composite fell 39.75 points, or 0.6%, at 6,389.50
While there was no particular piece of news that pushed major U.S. indexes deep into the red on Monday, the recent moves in the bond market have added volatility and concern to the market.
Also on Tuesday, data and earnings are set to keep investors' somewhat busy as the selloff continues to simmer.
Looking to data, the U.S. international trade in goods and services is due out at 8:30 a.m. ET, followed by the Job Openings and Labour Turnover Survey (JOLTS), set to come out at 10 a.m. ET.
Global markets also fell sharply. The German Dax dropped 2.1%, while the French CAC 40 fell 2.4%. Japan’s Nikkei 225 index tumbled 4.7%, and in Hong Kong, the Hang Seng Index hesitated 5.1%.
Oil prices faded 85 cents to $63.30 U.S. per barrel.
Gold prices gained two dollars to $1,338.50 U.S. an ounce.