March 18 (Reuters) - Canada’s main stock index futures were lower on Wednesday as oil prices hit a 17-year low.
Oil prices fell for the third straight session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus outbreak hurt the outlook for demand.
March futures on the S&P/TSX index were down 4.92% at 7:00 a.m. ET.
Canada’s inflation data is due at 08:30 a.m. ET.
The Toronto Stock Exchange’s TSX ended 2.63% higher at 12,685.21 on Tuesday.
Dow Jones Industrial Average e-mini futures were down 3.92% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 3.69% and Nasdaq 100 e-mini futures were down 4.43%.
Canada and the United States will announce a deal to partially close their borders on Wednesday, which will allow trade and commerce to go on, the Globe and Mail reported, citing sources.
Canadian convenience store operator Alimentation Couche-Tard Inc beat quarterly revenue and profit estimates on Tuesday, helped in part by higher fuel sales in the United States.
ANALYST RESEARCH HIGHLIGHTS
Altagas Ltd: CIBC cuts target price to C$19 from C$23
Inter Pipeline Ltd: CIBC cuts rating to “underperformer” from “neutral”
Whitecap Resources: National Bank of Canada cuts target price to C$2.50 from C$4.00
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1500; -1.69 %
US crude: $25.26; -6.27 %
Brent crude: $27.68; -3.65 %
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Building permits: number for Feb: Expected 1.500 mln; Prior 1.550 mln
0830 Building permits: change mm for Feb: Prior 9.2%
0830 Housing starts number for Feb: Expected 1.500 mln; Prior 1.567 mln
0830 Housing starts mm: change for Feb: Prior -3.6%
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$1= C$1.43 Reporting by Swathi Nair in Bengaluru; Editing by Shounak Dasgupta
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