Canada's main stock index futures rose on Monday after China's central bank lowered reverse repo rates and injected 1.2 trillion yuan of liquidity into the markets in a bid to soften the blow on the economy from a rapidly spreading virus.
The TSX Composite Index tanked 172.07 points to close Friday, week and month at 17,318.49. The index sustained a weekly loss of more than 246 points, or 1.4%.
The Canadian dollar shrugged 0.04 cents early Monday to 75.48 cents U.S.
March futures took on 0.3% early Monday.
Eco Atlantic, U.K.'s Tullow Oil and France's Total SA will meet early this month to assess recent drilling results and set budgets and targets for their jointly operated Orinduik block offshore Guyana.
Scotiabank cut the target price on Air Canada to $58.00 from $60.00.
JPMorgan raised the target price on Canadian Pacific Railway to $380.00 from $357.00
JPMorgan cut the target price on Imperial Oil to $35.00 from $37.00
On the economic slate, Markit Canada was set to come out this morning (9:30 a.m. EST) with its Manufacturing Purchasing Managers Index for January
ON BAYSTREET
The TSX Venture Exchange gave up much of its earlier Friday gains and eked up only 0.02 points, to 575.18, a loss on the week of 6.5 points, or 1.1%.
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Monday as Wall Street tried to regain its footing after coronavirus fears sparked a steep sell-off to close out January.
Futures for the Dow Jones Industrials restored 128 points, or 0.5%, early Monday to 28,324.
Futures for the S&P 500 added 16.25 points, or 0.5%, at 3,240.25
Futures for the NASDAQ Composite jumped 51 points, or 0.6%, to 9,048.75.
Earnings are expected Monday from Alphabet, ON Semiconductor, and Sysco
The death toll in China from the coronavirus reached 361 on Sunday, surpassing that of the SARS virus which lasted from 2002 to 2003, while a first death outside of China was reported in the Philippines.
On the data front, the final Markit Manufacturing PMI (Purchasing Managers’ Index) reading for January is due at 9:45 a.m. ET, before a range of January ISM manufacturing figures at 10 a.m.
Overseas, in Japan, the Nikkei 225 plummeted 1% Monday, while in Hong Kong, the Hang Seng inched higher 0.2%
Oil prices lost 11 cents to $51.45 U.S. a barrel.
Gold prices sank $4.50 to $1,583.40 U.S. an ounce.
