Futures tracking Canada’s main stock index fell on Monday, mirroring a risk-averse sentiment globally as investors assessed the fallout from the collapse of Silicon Valley Bank (SVB).
Futures on the S&P/TSX index were down 0.7% at 6:47 a.m. ET (1047 GMT), while their U.S. counterparts came off early highs and were trading near the flatline.
U.S. authorities rolled out emergency measures on Sunday to shore up confidence in the banking system after the failure of SVB (SIVB.O) threatened to trigger a broader financial crisis.
Canada’s benchmark stocks index (.GSPTSE) hit its weakest close in two months on Friday, with financials (.SPTTFS) logging the biggest drag with their worst weekly performance in nearly three years. A Canadian banking regulator on Sunday said it was taking temporary control of SVB’s unit in the country.
Helping cushion the blow, however, a softer dollar aided commodity prices, which tends to benefit the resources-heavy TSX.
In earnings, architectural products distributor Adentra Inc (ADEN.TO) will be reporting its fourth-quarter results before markets open.
This report’s information was first seen on REUTERS; to read more, click this link.
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