Futures for Canada's main stock index were subdued on Tuesday, as worries about the fallout from the collapse of Silicon Valley Bank continued to weigh, while markets awaited U.S. inflation data.
The TSX slumped 186.02 points, to finish Monday at 19,714.18.
March futures on the S&P/TSX index eked 0.1% Tuesday morning.
The Canadian dollar gained 0.17 cents to 72.93 cents U.S.
Deputy Prime Minister and Finance Minister Chrystia Freeland met with the country's banking regulator and heads of financial institutions after regulators took temporary control of SVB's Canadian unit.
On the economic calendar, Statistics Canada said manufacturing sales increased 4.1% in January, primarily on higher sales in the petroleum and coal product, motor vehicle and food industries.
ON BAYSTREET
The TSX Venture Exchange was negative 3.63 points Monday to 607.86.
ON WALLSTREET
U.S. stock futures rose on Tuesday, with traders trying to regain their footing after the Dow Jones Industrial Average notched a fifth day of losses. Traders also looked ahead to a key inflation report due Tuesday.
Futures for the 30-stock index surged 197 points, or 0.6%, early Tuesday to 32,252.
Futures for the S&P 500 grabbed 29 points, or 0.7%, to 3,917.75.
Futures for the NASDAQ Composite jumped 83 points, or 0.7%, to 12,138, as some investors bet the collapse at Silicon Valley Bank could mean a pause in future interest rate hikes from the Federal Reserve.
Bank stocks rebounded somewhat after getting pummeled during Monday’s trading session. The SPDR S&P Regional Banking ETF (KRE) rose more than 6% in premarket trading. Shares of First Republic Bank popped more than 40% in extended trading, after closing down nearly 62% on Monday. KeyCorp shares added about 13% in a relief bounce following a 27% decline.
Investors are anticipating the latest inflation data. Due out Tuesday before the bell, the February consumer price index is expected to show a rise of 0.4% last month, according to consensus estimates from Dow Jones. That’s down from a 0.5% increase the prior month.
Elsewhere, GitLab shares tumbled 31% in trading after the open source software firm issued weaker-than-expected first quarter and full-year revenue guidance.
In Japan, the Nikkei 225 index retreated 2.2% Tuesday, while in Hong Kong, the Hang Seng sank 2.3%.
Oil prices dipped $1.55 to $73.25 U.S. a barrel.
Gold prices sank $8.10 to $1,908.40 U.S. an ounce.
