Futures for equities in this country fell on Monday as a rise in coronavirus cases dampened investor sentiment, despite expectations of a global policy stimulus.
The TSX Composite Index dropped 454.39 points, or 2.7%, to limp home Friday at 16,263.05, a loss on the week of nearly 1,700 points, or 9.5%
The Canadian dollar inched up 0.03 cents early Monday to 74.89 cents U.S.
March futures sank 1.5% early Monday.
Prime Minister Justin Trudeau, in his first major climate change speech this year, will reach out on Monday to businesses, indigenous groups and citizens for help in defining his ambitious plan to cut carbon emissions.
Federal authorities on Sunday reached a tentative deal with an indigenous group in the Pacific province of British Columbia that could end solidarity protests across Canada that have been blocking rail lines and roads for weeks.
AJN Resources has scrapped a plan to purchase a 10% stake in Congo's biggest gold mine from state-owned gold firm SOKIMO, buckling under pressure from Barrick Gold, the operator and 45% stakeholder of the Kibali mine which opposed the deal.
Canadian National Railway has started calling back many of the 450 workers it laid off earlier this month in eastern Canada, when blockades crippled operations on strategic rail lines, according to a company email sent to customers on Friday.
National Bank of Canada raised the target price on Altagas to $26.00 from $25.00
National Bank of Canada raised the target price Newmont to $75.00 from $66.00
Canaccord Genuity cut the target price on Onex Corp. to C$94 from C$97
On the economic front, the IHS Markit Canada Manufacturing Purchasing Managers Index is due out at 9:30 p.m. this morning for February.
ON BAYSTREET
The TSX Venture Exchange tumbled 22.98 points, or 4.4%, Friday to 497.61, doffing nearly 85 points, or 14.6% on the week.
ON WALLSTREET
Stock futures pointed to a lower open as Wall Street struggles to rebound from its worst week since the financial crisis amid fears of the coronavirus outbreak.
Futures for the Dow Jones Industrials were negative 38 points, or 0.2%, early Monday to 25,326.
Futures for the S&P 500 fell 13.25 points, or 0.5%, at 2,937.75.
Futures for the NASDAQ Composite were down 17.25 points, on 0.2%, to 8,436.75.
Shares of Carnival Corp. were down more than 7% in the pre-market. Airline stocks Delta and American were both down at least 2% while Marriott International lost 2.2%. ConocoPhillips slid 6%.
Those declines came after a sharp increase in coronavirus cases outside of China. The number of cases continued to increase over the weekend, including in the U.S.
As of Sunday, more than 89,000 cases have been confirmed around the world along with more than 3,000 virus-related deaths. Australia, Thailand and the U.S. reported over the weekend their first coronavirus-related deaths. Rhode Island was the first U.S. state on the East Coast to report a coronavirus case.
The number of cases in England rose to 35 after 12 new cases were confirmed on Sunday. Cases in China also reported more than 500 new cases on Saturday. New York Gov. Andrew Cuomo confirmed Sunday night the state’s first positive coronavirus case.
Overseas, in Japan, the Nikkei 225 repaired 1% Monday, after a week of heavy losses, while in Hong Kong, the Hang Seng Index gained 0.6%,
Oil prices gained 75 cents to $45.51 U.S. a barrel.
Gold prices picked up $35.80 to $1,602.50 U.S. an ounce.
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