March 18, 2020 / 11:44 AM / 2 months ago

CANADA STOCKS-TSX futures down as oil prices fall

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%.

TOP STORIES

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%

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$1.43 Reporting by Swathi Nair in Bengaluru; Editing by Shounak Dasgupta

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