March 13, 2020 / 11:38 AM / 23 days ago

CANADA STOCKS-Futures rebound as oil prices rise

March 13 (Reuters) - TSX futures gained on Friday as oil prices rose, after the index closed at a record low in the previous session on escalating coronavirus concerns.

March futures on the S&P/TSX index were up 3.45% at 7:00 a.m. ET.

The S&P/TSX composite Index, closed down 12.3% at 12,508.45 on Thursday, its biggest drop according to Refinitiv Eikon data going back to June 1979.

Dow Jones Industrial Average e-mini futures were up 4.55% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 4.86% and Nasdaq 100 e-mini futures were up 5.46%.

However, oil prices and global stock indexes were set for their worst weekly drubbing since the 2008 financial crisis.

TOP STORIES

Canadian oil and gas producer Husky Energy followed rivals and cut its 2020 capital spending budget by C$900 million on Thursday, citing challenging global market conditions.

Canadian Prime Minister Justin Trudeau will be in isolation for two weeks after his wife, Sophie, tested positive for coronavirus on Thursday, and the outbreak prompted the province of Ontario to shutter schools to limit the spread.

ANALYST RESEARCH HIGHLIGHTS

Canadian Pacific Railway Ltd: RBC cuts price target to C$361 from C$391

Premium Brands Holdings: National Bank of Canada cuts price target to C$103 from C$110

Transalta Renewables: National Bank of Canada raises rating to “outperform” from “sector perform”

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1586; -0.27%

US crude: $33.11; +5.11%

Brent crude: $35.1; +5.66%

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Import prices mm for Feb: Expected -0.8%; prior 0.0%

0830 Export prices mm for Feb: Expected -0.4%; prior 0.7%

0830 Import prices yy for Feb: Prior 0.3%

1000 U Mich Sentiment Preliminary for Mar: Expected 95.0; prior 101.0

1000 U Mich Conditions Preliminary for Mar: Expected 112.0; prior 114.8

1000 U Mich Expectations Preliminary for Mar: Expected 88.2; prior 92.1

1000 U Mich 1 year inflation preliminary for Mar: Prior 2.4%

1000 U Mich 5-year inflation preliminary for Mar: Prior 2.3%

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$1.38) (Reporting by Nachiket Tekawade in Bengaluru; Editing by Vinay Dwivedi)

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