May 4, 2020 / 11:39 AM / 24 days ago

CANADA STOCKS-Futures slip on rising U.S.-China tensions

May 4 (Reuters) - Canada’s stock futures edged lower on Monday due to heightening tensions between United States and China over the origin of the coronavirus.

U.S. Secretary of State Mike Pompeo said on Sunday there was “a significant amount of evidence” that the new coronavirus emerged from a Chinese laboratory, but did not dispute U.S. intelligence agencies’ conclusion that it was not man-made.

Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease.

June futures on the S&P/TSX index were down 0.33% at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index fell 1.09% to 14,620.34 on Friday.

Dow Jones Industrial Average e-mini futures fell 1.25% at 7:00 a.m. ET. S&P 500 e-mini futures dropped 1% and Nasdaq 100 e-mini futures declined 0.95%.

TOP STORIES

Air Canada on Monday posted a bigger-than-expected quarterly loss and warned of an about 75% drop in third-quarter capacity, as the COVID-19 pandemic-triggered lockdowns kept people at home.

Canada said on Sunday it was giving privately held Canadian firm AbCellera Biologics Inc C$176 million to help it find naturally produced antibodies that could be used to battle the coronavirus outbreak.

Corona beer maker Constellation Brands Inc’s <STZ.N > subsidiary has exercised warrants to buy shares of Canopy Growth Corp, increasing its stake to 38.6% in the Canadian marijuana producer.

ANALYST RESEARCH HIGHLIGHTS

Endeavour Mining Corp: Berenberg raises target price to C$34 from C$31

Toromont Industries Ltd: Canaccord Genuity raises target price to C$71 from C$66

Whitecap Resources Inc: Eight Capital raises target price to C$3.10 from C$2.75

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1714.1; +0.78%

US crude: $18.75; -5.21%

Brent crude: $25.83; -2.31%

U.S. ECONOMIC DATA DUE ON MONDAY

0945 ISM-New York Index for Apr: Prior 849.3

0945 ISM New York Business Conditions for Apr: Prior 12.9

1000 Durables ex-defense, R mm for Mar: Prior -15.8%

1000 Durable goods, R mm for Mar: Prior -14.4%

1000 Factory orders mm for Mar: Expected -9.8%; Prior 0.0%

1000 Durables ex-transport R mm for Mar: Prior -0.2%

1000 Nondefense cap ex-air R mm for Mar: Prior 0.1%

1000 Factory ex-transport mm for Mar: Prior -0.9%

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$1.41 Reporting by Nachiket Tekawade in Bengaluru; Editing by Amy Caren Daniel

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below