Stock futures pointed to a lower start for equities in Toronto on Monday as oil prices fell for the seventh straight session.
The S&P/TSX composite index plunged 226.64 points, or 1.7%, to close the day and a turbulent week at 12,789.95, its lowest level in two years. On the week, the index was down 4%. Monday, futures slid 0.5%.
The Canadian dollar faded 0.04 cents to 72.65 cents U.S. early Monday
Oil prices came close to 11-year lows on Monday on growing fears that the global oil glut would worsen in the months to come in a pricing war between leading Organization for the Petroleum Exporting Countries and non-OPEC producers.
Encana Corp , responding to a sharp drop in oil prices, has cut its 2016 capital budget by more than a quarter to $1.5 billion-$1.7 billion.
Sources say Valeant Pharmaceuticals Inc, under mounting pressure from U.S. Congress and prosecutors over its drug pricing, has hired an attorney in Washington, D.C. and crisis public relations experts with political connections.
Canaccord Genuity starts coverage on Badger Daylighting with buy rating; $31 price target
Moreover, Canaccord Genuity cut the price target on BRP Inc. to $32 from $33, with buy rating
Barclays cuts price target on Hudson's Bay Co. to $20 from $27, with equal-weight rating
ON BAYSTREET
The TSX Venture Exchange retreated 2.19 points Friday to 502.09.
ON WALLSTREET
U.S. stock futures are declining again following a sharp Friday drop.
Ahead of the opening bell, futures for the Dow Jones jettisoned 69 points, or 0.4%, to 17,110, futures for the S&P 500 deducted 6.5 points, or 0.3%, to 1,994.75. NASDAQ futures moved lower 18.25 points, or 0.4%, to 4,514.25
Most European markets are pushing lower in early trading. Asian markets ended with mixed results. The two main indexes in mainland China made gains of 2% to 2.5%, but the rest of Asia was in the red.
The Hang Seng in Hong Kong was dragged down by Chinese conglomerate Fosun -- shares in Fosun International dropped by 9.5% and Fosun Pharmaceutical plunged 12% -- after the company announced last week that its billionaire chairman had been caught up in a government probe.
What’s more, the People's Bank of China said it would measure the level of the yuan against a basket of currencies rather than just the U.S. dollar.
The yuan is trading around 6.46 to the U.S. dollar. The currency, which is also called the renminbi, has lost about 3.5% against the dollar this year.
Oil prices dipped 90 cents to $34.72 U.S. a barrel
Gold prices faded $1.98 to $1,072.79 U.S. an ounce.
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