May 23, 2019 (Baystreet.ca via COMTEX) —
Stock futures for Canada’s main equity index fell on Thursday, tracking losses in global stocks over fears that the Sino-U.S. trade spat was fast developing into a technology cold war.
The S&P/TSX Composite Index plunged 99.12 points to end Wednesday at 16,327.35
The Canadian dollar dipped 0.15 cents to 74.28 cents U.S. early Thursday
June futures tumbled 0.6% Thursday.
Royal Bank of Canada reported a 6% rise in adjusted quarterly profit, boosted by loan growth in its retail banking business and higher revenue in its trading business from improved market conditions.
TD Bank Group reported a 6.7% rise in adjusted second-quarter profit, as Canada’s second-biggest lender by market value benefited from strong performance in its retail business.
Canaccord Genuity cut the rating on CIBC to hold from buy
National Bank of Canada cut the price target on Lithium Americas to $6.25 from $8.50
CIBC raised the price target on Neo Performance Materials to $16.00 from $15.00
On the economic slate, Statistics Canada says wholesale trade rose for the fourth consecutive month, up 1.4% to $64.1 billion in March.
The nation’s number crunchers attribute the hike to higher sales in six sub-sectors, accounting for 82% of total wholesale sales. The motor vehicle and motor vehicle parts and accessories sub-sector was the lone subsector to decline.
Elsewhere, the agency says, 436,600 people received regular Employment Insurance benefits in March, down 4,400, or 1%, from February.
The TSX Venture Exchange nudged downward 1.85 points Wednesday to 610.56.
U.S. stock index futures were sharply lower Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.
Futures for the Dow Jones Industrial Average faltered 237 points, or 0.9%, to 25,534
Futures for the S&P 500 collapsed 25.75 points,
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