Futures for Canada's main stock index were lower on Tuesday as oil and industrial metal prices fell on concerns about the economic impact of rising COVID-19 cases in China.
The S&P/TSX Composite Index wallowed 281.05 to end Monday at 21,180.78
Futures for the market sagged 0.7% early Tuesday.
The Canadian dollar gave back 0.05 cents to 77.94 cents U.S.
Thousands of workers at Canadian Pacific Railway have threatened to strike starting Wednesday, potentially disrupting the movement of grain, potash and coal at a time of soaring commodity prices.
National Bank of Canada upped the price target on Hardwoods Distribution to $79.50 from $79.00.
Citigroup raised the rating on Ivanhoe Mines to buy from neutral
National Bank of Canada raised the target price on Loblaw Companies to $119.00 from $111.00
Economically speaking, the Canadian Real Estate Association said home sales recorded over Canadian MLS® Systems climbed 4.6% between January and February.
Statistics Canada said manufacturing sales rose 0.6% in January mostly due to higher sales of petroleum and coal product and wood products.
Canada Mortgage and Housing Corporation reported the trend in housing starts was 251,579 units in February, down from 253,864 units in January,
ON BAYSTREET
The TSX Venture Exchange dumped 28.78 points, or 3.4%, Monday to 817.57.
ON WALLSTREET
U.S. stock futures struggled for direction Tuesday as investors continue to monitor developments in the Russia-Ukraine conflict along with a fresh Covid-19 spike in China.
Futures for the Dow Jones Industrials gained 140 points, or 0.4%, to 32,978.
Futures for the S&P 500 increased 22.75 or 0.6%, to 4,186.25
Futures for the NASDAQ Composite Index jumped 105.5 points, or 0.8%, to 13,149.50.
Many energy names were under pressure in the premarket. Occidental Petroleum fell more than 5%, while Schlumberger and Halliburton each lost more than 4%. Shares of tech giant Apple also dipped 0.5%.
The city of Kyiv, Ukraine’s capital, has announced a 35-hour curfew that starts at 8 p.m. local time following Russian missile strikes. Russia and Ukraine were also set to resume talks on Tuesday. Meanwhile, Russia is approaching a series of deadlines to make payments on its debt.
Elsewhere, officials from the United States and China met on Monday to discuss a range of challenges facing their bilateral relationship, including Russia’s ongoing war in Ukraine.
The Federal Reserve is slated to kick off an important two-day meeting Tuesday, with investors expecting a quarter-point rate hike to be announced Wednesday.
Mounting inflationary concerns will weigh on the Fed meeting. A lockdown in China could worsen supply chain issues, after a surge in coronavirus cases suspended production in cities such as Shenzhen, a key manufacturing city. The Russia-Ukraine conflict had already led to a spike in commodities prices.
Oil prices slid $6.59 to $96.42 U.S. a barrel.
Gold prices settled $36.30 to $1,924.50 U.S.
In Asia, the Nikkei 225 index edged up 0.2% Tuesday, while in Hong Kong, the Hang Seng index was again pounded, this time, 5.7%.
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