February 27, 2020 / 12:28 PM / a month ago

CANADA STOCKS-TSX futures drop as oil prices tank over demand worries

Feb 27 (Reuters) - Canada’s main stock index futures dropped on Thursday, as oil prices plunged 2% on demand worries fueled by the rise in coronavirus cases outside China.

Governments ramped up measures to battle a looming global pandemic of the coronavirus as the number of new infections outside China for the first time surpassed new cases in the country where the outbreak began.

March futures on the S&P/TSX index were down 0.59% at 7:00 a.m. ET.

Current account deficit numbers for the fourth quarter are due at 8:30 a.m. ET

The Toronto Stock Exchange’s TSX closed down 0.79%to 17,041.92 on Wednesday.

Dow Jones Industrial Average e-mini futures were down 0.95% at 7:00 a.m. ET, while S&P 500 e-mini futures fell 0.94% and Nasdaq 100 e-mini futures were down 0.97%.

TOP NEWS

National Bank of Canada on Thursday beat estimates for quarterly profit, helped by growth in its financial markets and wealth management units.

TD Bank Group reported a 24% rise in quarterly profit on Thursday, as Canada’s second-biggest lender by market value benefited from strong performance in its wholesale banking unit.

ANALYST RESEARCH HIGHLIGHTS

Canadian Imperial Bank of Commerce: Scotiabank raises target price to C$120 from C$119

Northland Power Inc: RBC raises target price to C$33 from C$28

Freshii Inc: CIBC cuts target price to C$2.50 from C$3

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1651.1; +0.49%

US crude: $47.53; -2.46%

Brent crude: $52.13; -2.43%

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Durable goods for Jan: Expected -1.5%; Prior 2.4%

0830 Durables ex-transport for Jan: Expected 0.2%; Prior -0.1%

0830 Durables ex-defense mm for Jan: Prior -2.4%

0830 Nondefense cap ex-air for Jan: Expected 0.1%; Prior -0.8%

0830 GDP 2nd estimate for Q4: Expected 2.1%; Prior 2.1%

0830 GDP sales preliminary for Q4: Prior 3.2%

0830 GDP cons spending preliminary for Q4: Prior 1.8%

0830 GDP deflator preliminary for Q4: Expected 1.4%; Prior 1.5%

0830 Core PCE prices preliminary for Q4: Expected 1.3%; Prior 1.3%

0830 PCE prices preliminary for Q4: Prior 1.6%

0830 Initial jobless claims : Expected 212,000; Prior 210,000

0830 Jobless claims 4-week average : Prior 209,000

0830 Continued jobless claims : Expected 1.715 mln; Prior 1.726 mln

1000 Pending Homes Index for Jan: Prior 103.2

1000 Pending sales change mm for Jan: Expected 2.2%; Prior -4.9%

1100 KC Fed Manufacturing for Feb: Prior -4

1100 KC Fed Composite Index for Feb: Prior -1

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 Pooja Kesavan in Bengaluru; Editing by Bernard Orr

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