(Reuters) – Canada’s main stock index was set to open lower on Friday, as turmoil in the European banking sector soured the mood in markets, with declining crude oil prices adding to the pressure.
European banks fell sharply, led by Deutsche Bank and UBS, on mounting worries that the crisis in the sector was showing no signs of easing. [MKTS/GLOB]
March futures on the S&P/TSX index were down 0.7% at 7:17 a.m. ET.
Crude oil prices fell on lower demand prospects after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. [O/R]
Among company news, Enbridge Inc said it was “disappointed” by the U.S. Army Corps of Engineers’ decision to extend the federal permitting process for the oil distributor’s proposed Great Lakes Tunnel.
Western Copper and Gold Corp said Mitsubishi Materials Corp has agreed to acquire a 5% stake in the miner for $C2.63 per share.
Investors also await Canada’s retail sales data for January, which is expected to rise 0.7%, as per a Reuters poll, from a 0.5% increase in the previous month.
In the previous session, the Toronto Stock Exchange’s S&P/TSX composite index closed down 0.4% to a six-day low, dragged down by energy and financial stocks. [.TO]
Dow e-minis were down 326 points, or 1.01%, at 7:17 a.m. ET, while S&P 500 e-minis were down 33 points, or 0.83%, and Nasdaq 100 e-minis were down 67.25 points, or 0.52%. [.N]
COMMODITIES AT 7:00 a.m. ET
Gold futures: $2,002; +0.3% [GOL/]
US crude: $67.42; -3.63% [O/R]
Brent crude: $73.4; -3.64% [O/R]
U.S. ECONOMIC DATA DUE ON FRIDAY
Feb Durable Goods due at 8:30 a.m. ET
March S&P Global composite PMI data due at 9:45 a.m. ET
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1 = 1.3769 Canadian dollars)
(Reporting by Johann M Cherian in Bengaluru; Editing by Shweta Agarwal)
