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Futures Slump Ahead of Phase-One Deal

Jan 14, 2020 (Baystreet.ca via COMTEX) --

Canada's main stock index futures fell on Tuesday, as investors remained cautious before the U.S.-China Phase 1 trade deal is signed on Wednesday.

The TSX Composite Index gained 58.93 points Monday to 17,293.42

March futures lost 0.04% early Tuesday.

The Canadian dollar slid 0.07 cents to 76.52 cents U.S. early Tuesday.

Endeavour Mining abandoned its 1.47-billion-pound pursuit of Centamin, saying it did not receive sufficient information on the Egypt-based miner's assets during an assessment.

RBC raised the rating on Canfor Corp. to outperform from sector perform

RBC raised the rating on Conifex Timber to outperform from sector perform

Canacccord Genuity cut the rating on Husky Energy to sell from hold

ON BAYSTREET

The TSX Venture Exchange slid 10.07 points Monday to 572.28

ON WALLSTREET

U.S. stock index futures were little changed on Tuesday as the corporate earnings season kicked off with J.P. Morgan Chase posting stronger-than-forecast quarterly results.

Futures for the Dow Jones Industrials eked ahead eight points, early Tuesday to 28,879.

Futures for the S&P 500 dropped two points, or 0.1%, at 3,287.75.

Futures for the NASDAQ Composite fell 4.25 points, or 0.1%, to 9,084.

J.P. Morgan Chase posted quarterly earnings and revenue that beat analyst expectations, sending the stock up more than 1.5% in the pre-market. The bank's annual profits also reached record levels at $36.4 billion.

J.P. Morgan also had a surge in bond-trading revenues during the fourth quarter. Citigroup and Wells Fargo are due to report quarterly numbers later in the morning.

Delta Air Lines also reported better-than-expected earnings, boosted by lower fuel costs and strong travel demand. The results sent Delta shares higher by nearly 4% before the bell.

Despite the strong results from J.P. Morgan and Delta, expectations for the corporate earnings season were low. S&P 500 profits were forecast to fall 2% in the fourth quarter on a year-over-year basis

On the data calendar, the National Federation of Independent Business will release its latest small business survey, followed by new U.S. inflation figures.

Overseas, in Japan, markets returned from a long weekend, with the Nikkei 225 jumping 0.7% in Tokyo, while in Hong Kong, the Hang Seng Index retreated 0.2%

Oil prices added 50 cents to $58.58 U.S. a barrel.

Gold prices erased seven dollars to $1,543.60 U.S. an ounce.

********************************************************************** As of Friday, 01-10-2020 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 04-20-2012 for JPM @ $43.15. As of Friday, 0

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