March 11, 2020 / 11:46 AM / a month ago

CANADA STOCKS-TSX futures drop as oil prices slump

March 11 (Reuters) - Canada's main stock index futures fell on Wednesday as crude prices dropped sharply after Saudi Arabia said it plans to boost oil production capacity for the first time in more than a decade.

With the collapse of coordinated output cuts by Saudi Arabia, Russia and others, the Saudi energy ministry has directed producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd).

Oil prices were also under pressure after U.S. crude oil inventories rose in the most recent week, while gasoline and distillate stocks fell, American Petroleum Institute data showed.

March futures on the S&P/TSX index were down 2.63% at 7:00 a.m. ET.

The Toronto Stock Exchange's S&P/TSX index ended 3.06% higher at 14,958.09 on Tuesday.

Dow Jones Industrial Average e-mini futures were down 1.99% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 2.15% and Nasdaq 100 e-mini futures were down 1.95%.

TOP STORIES

Toronto-listed Kirkland Lake Gold will shut two gold projects in Australia's Northern Territory by the end of the month, after it deemed their operations surplus, media said on Wednesday.

Canada's Brookfield Asset Management has put the $2 billion sale or potential listing of its coal export terminal in Australia on hold due to travel restrictions amid the spread of coronavirus, two sources said.

ANALYST RESEARCH HIGHLIGHTS

Air Canada: RBC cuts price target to C$46 from C$58

Mullen Group: National Bank of Canada raises rating to "outperform" from "sector perform"

Suncor Energy Inc: JP Morgan cuts target price to C$33 from C$43

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1666.3; +0.36%

US crude: $33.43; -2.71%

Brent crude: $36.24; -2.63%

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Core CPI mm, SA: Expected 0.2%; Prior 0.2%

0830 Core CPI yy, NSA for Feb: Expected 2.3%; Prior 2.3%

0830 CPI Index, NSA for Feb: Expected 258.539; Prior 257.971

0830 Core CPI Index, SA for Feb: Prior 266.48

0830 CPI mm, SA for Feb: Expected 0.0%; Prior 0.1%

0830 CPI yy, NSA for Feb: Expected 2.2%; Prior 2.5%

0830 Real weekly earnings mm for Feb: Prior 0.1%

0830 CPI mm NSA for Feb: Prior 0.390%

0830 CPI Index SA for Feb: Prior 258.820

1100 Cleveland fed CPI for Feb: Prior 0.3%

1200 TR IPSOS PCSI for Mar: Prior 62.90

1400 Federal budget for Feb: Expected -$236.25 bln; Prior -$33.00 bln

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$1.37 Reporting by Nachiket Tekawade in Bengaluru; Editing by Maju Samuel

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