April 1, 2020 / 11:31 AM / 2 months ago

CANADA STOCKS-TSX futures fall on recession fears

April 1 (Reuters) - Canada’s main stock index futures fell on Wednesday on rising evidence that the coronavirus was sending the global economy into a deep recession.

June futures on the S&P/TSX index were down 1.93% at 7:00 a.m. ET.

The IHS Markit Canada Manufacturing Purchasing Managers’ index data is due at 09:30 a.m. ET

The Toronto Stock Exchange’s S&P/TSX composite index closed up 2.61 percent at 13,378.75 on Tuesday.

Dow Jones Industrial Average e-mini futures were down 3.41% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 3.43% and Nasdaq 100 e-mini futures were down 2.88%.

TOP STORIES

Miner Teck Resources Ltd suspended its 2020 financial forecasts and said it expected steelmaking coal production to drop to about 80-85% of normal levels in an initial two-week slowdown from March 25 due to the coronavirus outbreak.

ANALYST RESEARCH HIGHLIGHTS

Airboss of America Corp: TD Securities raises target price to C$15 from C$11

First Quantum Minerals Ltd: CIBC cuts target price to C$10 from C$18

Imperial Oil Ltd: JP Morgan raises target price to C$17 from C$15

TCP Energy Corp: Scotiabank raises target price to C$72 from C$69

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,1599.6; +0.65%

US crude: $20.6; +0.59%

Brent crude: $25.435; -3.49%

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0815 (approx.) ADP national employment for Mar: Expected -150,000; Prior 183,000

0945 Markit Manufacturing PMI Final for Mar: Prior 49.2

1000 Construction spending mm for Feb: Expected 0.5%; Prior 1.8%

1000 ISM Manufacturing PMI for Mar: Expected 45.0; Prior 50.1

1000 ISM Manufacturing Prices Paid for Mar: Expected 41.2; Prior 45.9

1000 ISM Manufacturing Employment Index for Mar: Expected 43.6; Prior 46.9

1000 ISM Manufacturing New Orders Index for Mar: Prior 49.8

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 Priyanka Das in Bengaluru; Editing by Anil D'Silva

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