March 23, 2020 / 11:35 AM / 7 days ago

CANADA STOCKS-TSX futures fall on coronavirus fears

March 23 (Reuters) - Canada’s main stock index futures fell on Monday as the fast-spreading coronavirus forced countries to lock down, raising fears of a global recession and sending oil prices tumbling.

June futures on the S&P/TSX index were down 1.05% at 7:00 a.m. ET.

Canada’s wholesale trade data for January is due at 08:30 a.m. E.T.

The Toronto Stock Exchange’s S&P/TSX closed down 2.6% at 11,851.56 on Friday.

Dow Jones Industrial Average e-mini futures were down 2.55% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 2.57% and Nasdaq 100 e-mini futures were down 2%.

TOP STORIES

Miner Newmont Corp said it was withdrawing its 2020 outlook as some production could be deferred to 2021 due to the ongoing coronavirus outbreak.

The spreading coronavirus outbreak will trigger a short, sharp global recession this year before the world’s economy bounces back in 2021, Canada’s trade financing agency predicted on Monday.

Ecuador said on Sunday that its largest gold and copper mines would reduce the number of workers and scale back operations to a minimum as the country registers a rapid growth of coronavirus infections.

ANALYST RESEARCH HIGHLIGHTS

Altagas Ltd: National Bank of Canada cuts target price to C$17 from C$26

Capstone Mining Corp: National Bank of Canada cuts target price to C$0.45 from C$1

Enbridge Inc: National Bank of Canada cuts target price to C$56 from C$62

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1497.3; +0.86 percent

US crude: $22.26; -1.63 percent

Brent crude: $25.5; -5.49 percent

U.S. ECONOMIC DATA DUE ON MONDAY

0930 National Activity Index for Feb: Prior -0.25

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$1.45) (1 Canadian dollar = $0.6907) (Reporting by Siddharth Athreya V in Bengaluru; Editing by Anil D’Silva)

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