March 19 (Reuters) - Canada's main stock index futures were lower on Thursday as fears of a coronavirus-driven recession offset a bounce in crude oil prices.
The Toronto Stock Exchange Composite Index on Wednesday fell to a near seven-year low and the loonie declined by as much as 3.1% even as Ottawa rolled out economic stimulus.
Oil prices bounced nearly 7% on Thursday after a three-day sell-off drove them to their lowest in almost two decades as demand plummeted due to the coronavirus pandemic and supplies surged in a fight for market share between Russia and Saudi Arabia.
March futures on the S&P/TSX index were down 1.5% at 7:00 a.m. ET.
Canada's new housing price index data is due at 08:30 a.m. ET
The Toronto Stock Exchange's TSX ended 7.6% lower at 11,721.42 on Wednesday.
Dow Jones Industrial Average e-mini futures were down 1.17% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 1.5% and Nasdaq 100 e-mini futures were down 0.05%.
Oil firms Equinor and Husky Energy have decided to postpone the Bay du Nord project off Canada due to the fall in oil prices, the Norwegian firm said on Thursday.
Canadian Natural Resources Ltd on Wednesday slashed its full-year capital expenditure budget by C$1.09 billion due to weakness in oil prices, but maintained its output forecast.
Canadian convenience store chain Alimentation Couche-Tard Inc beat quarterly revenue estimates on Tuesday, helped by its home delivery options and store improvements including technology at checkout and new coffee machines.
ANALYST RESEARCH HIGHLIGHTS
AG Growth International Inc: Scotiabank cuts price target to C$35 from C$53
Boyd Group Services: Altacorp Capital raises rating to "outperform" from "sector perform"
Interfor Corp: Scotiabank cuts price target to C$16 from C$19.50
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1476.9; -0.07 %
US crude: $22.7; +11.44 %
Brent crude: $26.1; +4.9 %
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Current account for Q4: Expected -$109.0 bln; Prior -$124.1 bln
0830 Initial jobless claims : Expected 220,000; Prior 211,000
0830 Jobless claims 4-week average : Prior 214,000
0830 Continued jobless claims : Expected 1.725 mln; Prior 1.722 mln
0830 (approx.) Philly Fed Business Index for Mar: Expected 10.0; Prior 36.7
0830 (approx.) Philly Fed 6M Index for Mar: Prior 45.40
0830 (approx.) Philly Fed Capex Index for Mar: Prior 29.80
0830 (approx.) Philly Fed Employment for Mar: Prior 9.80
0830 (approx.) Philly Fed Prices Paid for Mar: Prior 16.40
0830 (approx.) Philly Fed New Orders for Mar: Prior 33.60
1000 (approx.) Leading index change mm for Feb: Expected 0.1%; Prior 0.8%
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$1.45) (Reporting by Swathi Nair in Bengaluru, Editing by Sherry Jacob-Phillips)