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CANADA STOCKS-TSX futures track fall in U.S. crude after rate cuts fail to support markets

March 16 (Reuters) - Canada’s main stock index futures dipped on Monday as U.S. crude prices fell after emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to reassure markets.

The U.S. Federal Reserve and global central banks moved aggressively on Sunday to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the offer of cheap dollar financing.

March futures on the S&P/TSX index were down 5% at 7:00 a.m. ET.

The Toronto Stock Exchange’s TSX ended 9.66% lower at 13,716.33 on Friday.

Dow Jones Industrial Average e-mini futures were down 4.53% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 4.77% and Nasdaq 100 e-mini futures were down 4.54%.

TOP STORIES

Canada’s financial regulator is reducing the amount of capital lenders must hold to guard against risks to the lowest level on record, it said on Friday, as part of a series of measures to help gird against the economic impact of the COVID-19 pandemic.

The Canadian Parliament rushed through ratification of the new U.S.-Mexico-Canada trade pact on Friday before taking a three-week break to help stop the spread of the coronavirus, a top government official said.

Canada’s most populous province of Ontario, which has reported more than 100 new coronavirus cases, on Saturday said it would limit testing for the respiratory illness until it can guarantee a more steady supply of swabs.

ANALYST RESEARCH HIGHLIGHTS

Baytex Energy Corp: RBC cuts rating to sector perform from outperform.

Birchcliff Energy Ltd: RBC cuts rating to sector perform from outperform.

Kirkland Lake Gold: National Bank of Canada raises rating to outperform from sector perform.

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,469.1; -3.14%

US crude: $29.64; -6.59%

Brent crude: $30.7; -9.31%

U.S. ECONOMIC DATA DUE ON MONDAY

0830 NY Fed Manufacturing for Mar: Expected 4.00; Prior 12.90

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$1.39) (Reporting by Nidhi C Sai in Bengaluru; Editing by Vinay Dwivedi)

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