March 24, 2020 / 11:33 AM / 4 days ago

CANADA STOCKS-TSX futures rise on stimulus measures

March 24 (Reuters) - Canada's main stock index futures rose on Tuesday as investors were encouraged after the U.S. Federal Reserve took aggressive measures to prop up the economy, a move which also boosted the price of oil.

June futures on the S&P/TSX index were up 5% at 7:00 a.m. ET.

The Toronto Stock Exchange's S&P/TSX composite index closed down 5.3% at 11,228.49 on Monday.

Dow Jones Industrial Average e-mini futures were up 4.8% at 7:00 a.m. ET, while S&P 500 e-mini futures rose 5.09% and Nasdaq 100 e-mini futures were up 5.02%.

TOP STORIES

Bombardier will suspend Canadian production of its corporate jets to comply with restrictions imposed by provincial governments aimed at curbing the spread of the coronavirus, a source familiar with the matter said on Monday.

Most of Manulife Financial Corp's employees in China have returned to work in its offices, as the spread of the new coronavirus slows, the chief executive of the Toronto-listed insurer said on Monday.

Suncor Energy Inc on Monday cut its 2020 production outlook and suspended share repurchases for the year following the decline in crude oil prices and the economic impact of the coronavirus outbreak.

ANALYST RESEARCH HIGHLIGHTS

Cardiol Therapeutics: Altacorp Capital cuts target price to C$8.15 from C$9

Gildan Activewear: National Bank of Canada cuts target price to C$23 from C$42

Rogers Sugar: National Bank of Canada cuts target price to C$3.75 from C$4.50

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,671; +6.60%

US crude: $24.63; +5.39%

Brent crude: $28.15; -4.14%

U.S. ECONOMIC DATA DUE ON TUESDAY

0800 (approx.) Build permits number for Feb: Prior 1.464 mln

0800 (approx.) Build permits R change mm for Feb: Prior -5.5%

0945 Markit Composite Flash PMI for Mar: Prior 49.6

0945 Markit Manufacturing PMI Flash for Mar: Expected 42.8; Prior 50.7

0945 Markit Services PMI Flash for Mar: Expected 42.0; Prior 49.4

1000 New home sales-units for Feb: Expected 0.750 mln; Prior 0.764 mln

1000 New home sales change mm for Feb: Expected -2.0%; Prior 7.9%

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$1.44) (Reporting by Priyanka Das in Bengaluru; Editing by Bernard Orr)

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