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Futures Leap on Hint of Stimulus
Futures for stocks in Canada’s biggest market rose on Tuesday, after oil prices gained on hopes that the world's major central banks may offer financial stimulus to address the impacts of the spreading coronavirus outbreak.
The TSX Composite Index leaped 290.21 points, or 1.8%, to conclude Monday at 16,553.26.
The Canadian dollar docked 0.26 cents early Tuesday to 74.78 cents U.S.
March futures vaulted 0.4% early Tuesday.
GFL Environmental Inc on Monday raised about $1.4 billion in its initial public offering, pricing it below the target range in a conservative step to ride out market volatility in the wake of the coronavirus outbreak.
CIBC cut the rating on Alaris Royalty to neutral from outperform.
National Bank of Canada cut the target price on Empire Company to $37.00 from $38.00
CIBC cut the target price on Husky Energy to $10.50 from $12.00
ON BAYSTREET
The TSX Venture Exchange recovered 15.67 points, or 3.2%, Monday to 513.28.
ON WALLSTREET
U.S. stock index futures didn’t look to sure on Tuesday which direction in which it was headed, after a statement by the G-7 failed to assuage investor concerns over how the biggest global economies will curb the economic impact of the coronavirus.
Futures for the Dow Jones Industrials pointed north 59 points, or 0.2%, early Tuesday to 25,527.
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Futures for the S&P 500 sank 2.25 points, or 0.1%, at 3,062.75.
Futures for the NASDAQ Composite gained 23.75 points, on 0.3%, to 8,815.
The G-7 said in a statement they will use policy tools to curb an economic slowdown. However, the statement contained no specific actions.
Investors have been fretting over a potential economic slowdown as the coronavirus spreads around the world. More than 89,000 coronavirus cases have been confirmed globally along with more than 3,000 deaths related to the virus.
The virus’ fast spread led investors to price in easier monetary policy from the Federal Reserve. Traders are currently pricing in a 50 basis-point rate cut from the Fed. Another 25 basis-point cut is also priced in for April.
Overseas, in Japan, the Nikkei 225 dropped 1.2% Tuesday, while in Hong Kong, the Hang Seng Index fell nearly seven points.
Oil prices gained 97 cents to $47.72 U.S. a barrel.
Gold prices jumped $8.90 to $1,603.70 U.S. an ounce.
