Futures Skid on Oil Demand Concerns

Oct 14, 2020 (Baystreet.ca via COMTEX) —

Futures for Canada’s main stock index fell on Wednesday, dragged by weakness in oil prices, as rising coronavirus cases around the globe stoked fuel-demand recovery concerns.

The TSX dropped 51.98 points to conclude Tuesday at 16,510.83.

The Canadian dollar nicked up 0.04 cents early Wednesday to 76.13 cents U.S.

December futures docked 0.1% Wednesday.

The biggest shareholder in Air Canada and Transat A.T. Inc said on Tuesday the airline’s revised offer for the Canadian tour operator was “a very reasonable one”, given the turmoil in the aviation industry.

Credit Suisse cut the target price on Centerra Gold to $17.00 from $19.00

PI Financial raised the rating on Fury Gold Mines to buy from neutral

CIBC started coverage on Trisura Group with outperform rating and price target of $110.00.

ON BAYSTREET

The TSX Venture Exchange fell 1.69 points Tuesday to 730.56.

ON WALLSTREET

U.S. stock index futures were flat on Wednesday after the major averages registered their first day of losses in five trading sessions.

Futures for the Dow Jones Industrials eked higher 11 points to 28,596.

Futures for the S&P 500 retreated 2.5 points, or 0.1%, at 3,502.25.

Futures for the NASDAQ Composite gained 29.75 points, or 0.3%, to 12,123.75.

Stocks fell on Tuesday, snapping a four-day winning streak. The Dow Jones Industrial Average slid 157.71 points, or 0.6%, while the S&P 500 declined 0.6%. The Nasdaq Composite was the relative outperformer, dipping 0.1%.

The decline came amid a number of headwinds. Eli Lilly said Tuesday afternoon that it would pause its trial of a coronavirus antibody treatment, news that followed Johnson & Johnson’s earlier announcement that it halted its vaccine trial after an “adverse event” was reported. Additionally, hopes for near-term stimulus have faded as Democrats and Republicans remain at odds.

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