Futures Turfed on Meng Arrest

Dec 06, 2018 (Baystreet.ca via COMTEX) —

Futures for Canada’s main stock index fell on Thursday, as the arrest of a Chinese executive in Canada fueled fears that U.S-China trade relations could worsen.

The S&P/TSX Composite Index grew 119.05 points to close Wednesday at 15,182.64

The Canadian dollar swooned 0.29 cents at 74.55 U.S. early Thursday

December futures plunged 1.4% Thursday.

Meng Wanzhou, CFO of Huawei Technologies, and also the daughter of the Chinese technology giant’s founder, was arrested in Canada and faces extradition to the United States for violation of U.S. sanctions.

Dollarama reported a 2.7% rise in quarterly profit, as customers spent more at its stores.

Plane and train maker Bombardier said it expects to deliver 150 to 155 business aircraft in 2019.

Independent proxy adviser Glass Lewis and hedge fund Livermore Partners on Wednesday joined activist investor Paulson & Co’s call to make changes to the board of Canadian miner Detour Gold.

Cormark Securities cut the rating on Bank of Montreal to market perform from buy.

CIBC cut the price target on Laurentian Bank Of Canada to $43.00 from $47.00.

On the economic calendar, Statistics Canada reported this country’s exports fell 1.2% in October, while imports were down 0.6%. As a result, Canada’s merchandise trade deficit with the world widened from $891 million in September to $1.2 billion in October.

Later this morning (10 a.m. ET) Western University’s IVEY School of Business releases its Purchasing Managers Index for November.


The TSX Venture Exchange faded 9.02 points, or 1.6%, to end Wednesday at 563.11


U.S. stock futures indicated a sharply lower open on Thursday amid lingering anxiety about a possible economic slowdown and continued murkiness around trade relations with China.

Futures for the Dow Jones Industrials sank 399 points, or 1.6%, to 24,647.


Read More Here...

Bookmark the permalink.