February 28, 2020 / 12:34 PM / a month ago

CANADA STOCKS-Futures sink as spiralling coronavirus cases rattle markets

Feb 28 (Reuters) - Canada’s main stock index futures crashed on Friday, tracking losses in global markets, on fears of a global economic crisis as the number of international coronavirus cases spiralled.

Hopes that the epidemic that started in China late last year would be over in months, and that economic activity would quickly return to normal, have been shattered.

Oil prices slumped to their lowest in more than a year and were set for their steepest weekly fall in four years as the global spread of the coronavirus stoked demand fears.

March futures on the S&P/TSX index were down 2.08% at 7:00 a.m. ET.

Investors will watch out for Canada’s fourth-quarter gross domestic product numbers, scheduled to release at 8:30 a.m. ET. The economy likely expanded at a slower annualized rate of 0.3% from the previous quarter. Also, Statistics Canada is expected to release producer prices data for January at 8:30 a.m. ET.

The Toronto Stock Exchange’s TSX fell 1.90% to 16,717.44 in early closing on Thursday.

Canada’s largest stock exchange operator, TMX Group Ltd , experienced its second technical glitch in less than two years on Thursday, resulting in the shutdown of trading across three local bourses nearly two hours ahead of the scheduled closing.

Dow Jones Industrial Average e-mini futures were down 1.06% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 1.04% and Nasdaq 100 e-mini futures were down 0.97%.

ANALYST RESEARCH HIGHLIGHTS

National Bank of Canada: Credit Suisse raises target price to C$70 from C$69

Transcontinental Inc: CIBC raises target price to C$19 from C$18.50

Trican Well Service Ltd: Scotiabank raises price target to C$1.75 from C$1.30

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1630.4; -0.74%

U.S. crude: $45.61; -3.14%

Brent crude: $51; -2.26%

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Personal income mm for Jan: Expected 0.3%; Prior 0.2

0830 Personal consumption real mm for Jan: Prior 0.1%

0830 Consumption, adjusted mm for Jan: Expected 0.3%; Prior 0.3%

0830 Core PCE price index mm for Jan: Expected 0.2%; Prior 0.2%

0830 Core PCE price index yy for Jan: Expected 1.7%; Prior 1.6%

0830 PCE price index mm for Jan: Prior 0.3%

0830 PCE price index yy for Jan: Prior 1.6%

0830 Advance goods trade balance for Jan: Prior -68.67 bln

0830 Wholesale inventories advance for Jan: Prior -0.2%

0830 Retail inventories ex-auto advance for Jan: Prior 0.0%

0945 (approx.)Chicago PMI for Feb: Expected 45.9; Prior 42.9

1000 U Mich Sentiment Final for Feb: Expected 100.9; Prior 100.9

1000 U Mich Conditions Final for Feb: Expected 114.0; Prior 113.8

1000 U Mich Expectations Final for Feb: Prior 92.6

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.33)

Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Ramakrishnan M.

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