TOP NEWS
• Coronavirus spreads in three continents; $5 trillion wiped off markets
Countries on three continents reported their first cases of the
coronavirus as the world prepared for a pandemic and investors dumped
equities in expectation of a global recession.
• OPEC leaning towards larger oil cuts as virus hits prices, demand -sources
Several key OPEC members are leaning towards a bigger than previously
expected oil output cut, four sources with knowledge of the talks said,
as oil prices fell to $50 per barrel on fears the coronavirus outbreak
will hit oil demand badly.
•Ex-Barclays executives cleared over Qatar fees in blow to UK fraud office
Three former Barclays executives were acquitted in London of charges
they helped funnel 322 million pounds in secret fees to Qatar in return
for rescue financing during the credit crisis.
• Wall
Street Week Ahead-Main Street leans toward Sanders, but Wall Street says Trump
Vermont Senator Bernie Sanders may be surging in the polls ahead of
Super Tuesday, but some on Wall Street have made their own conclusions
on what November will bring: four more years of President Donald Trump.
Ninety-five percent of participants in a Deutsche
Bank survey of investors, economists and other market participants
released earlier this month said Trump, a Republican, was either
"extremely likely" or "slightly likely" to win the general election.
• California regulator proposes record $2.14 billion fine on PG&E over wildfires
California's utilities regulator has proposed an increased $2.14 billion
fine on PG&E for its role in causing the devastating 2017 and 2018
wildfires in Northern California.
BEFORE THE BELL
Canada's main stock index futures sank and world
share markets tumbled, as the coronavirus panic sent
markets crashing again, compounding their worst week since the 2008
global financial crisis, wiping out $5 trillion in value terms.
Recession fears resulted in volatility in the euro-dollar
exchange rate surging to its highest in more than a year and safe-haven demand pushed the yen higher. Oil slumped
to their lowest in more than a year as the global spread of the coronavirus stoked demand concerns. Gold prices slid 1%. Canadian GDP and producer prices data are scheduled for release later
in the day.
COLUMN
As
coronavirus spikes, so does global instability: Peter Apps
As the coronavirus outbreak turns global, stock markets and world
populations are waking up to the threat of a global pandemic. That,
though, hasn't been the only disturbing global news this week. In the
Middle East and Asia in particular, military tensions
are on the rise – and major countries seem ever less bothered about
taking off the gloves. Most worrying, arguably, were events over the
last 24 hours in Syria. As that civil war enters its final throes,
Russia and Turkey have been increasingly at loggerheads.
ANALYSTS' RECOMMENDATION
• Maple Leaf Foods Inc (MFI). CIBC cuts target price to C$31 from C$33, following
fourth-quarter results which showed healthy trends in meat protein, but further deterioration in plant margins.
• National Bank of Canada (NA).
Credit Suisse raises target price to C$70 from C$69, after the bank
posted adjusted EPS of C$1.70 in the first quarter, above their estimate
of C$1.62 and consensus
of C$1.66.
• Toronto-Dominion Bank (TD). Canaccord Genuity cuts rating to hold from buy, after TD reported a slight adjusted EPS miss in the first quarter.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 GDP qq for Q4: Prior 0.3%
0830 GDP qq annualized for Q4: Expected 0.3%; Prior 1.3%
0830 GDP implicit price qq for Q4: Expected 0.3%; Prior 0.1%
0830 (approx.) GDP yy for Q4: Prior 1.65%
0830 GDP mm for Dec: Expected 0.1%; Prior 0.1%
0830 Producer prices mm for Jan: Expected 0.1%; Prior 0.1%
0830 Producer prices yy for Jan: Prior 0.3%
0830 Raw materials prices mm for Jan: Prior 2.8%
0830 Raw materials prices yy for Jan: Prior 7.9%
COMPANIES REPORTING RESULTS
February 28:
AltaGas Ltd (ALA). Expected Q4 earnings of 57 Canadian cents per share
Boralex Inc (BLX). Expected Q4 earnings of 23 Canadian cents per share
Laurentian Bank of Canada (LB). Expected Q1 earnings of ₹ C$1.08 per share
Snc-Lavalin Group Inc (SNC). Expected Q4 earnings of 42 Canadian cents per share
March 2:
Equinox Gold Corp (EQX). Expected Q4 earnings of 20 cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
0830 Snc-Lavalin Group Inc (SNC). Q4 earnings conference call
0900 Innergex Renewable Energy Inc (INE). Q4 earnings conference call
0900 Laurentian Bank of Canada (LB). Q1 earnings conference call
1000 Algonquin Power & Utilities Corp (AQN). Q4 earnings conference call
1000 Chartwell Retirement Residences (CSH_u). Q4 earnings conference call
1000 Pembina Pipeline Corp (PPL). Q4 earnings conference call
1100 AltaGas Ltd (ALA). Q4 earnings conference call
1100 Boralex Inc (BLX). Q4 earnings conference call
1100 Onex Corp (ONEX). Q4 earnings conference call
1100 Ritchie Bros. Auctioneers Inc (RBA). Q4 earnings conference call
1300 B2Gold Corp (BTO). Q4 earnings conference call
EX-DIVIDENDS
Pan American Silver Corp (PAAS). Amount $0.05
Sun Life Financial Inc (SLF). Amount C$0.55
TransAlta Corp (TA). Amount C$0.04
(All analysts' estimates are according to I/B/E/S Refinitiv data)
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