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
The TSX thundered lower 311.8 points, or 1.6%, to conclude Friday at 19,774.92. The loss on the week was 806 points, or more than 3.9%.
March futures on the S&P/TSX index dunked 0.7% Monday morning.
The Canadian dollar fell 0.23 cents higher to 72.6 cents U.S.
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 will be reporting its fourth-quarter results before markets open.
ON BAYSTREET
The TSX Venture Exchange lost 5.7 points Friday to 612.04, for a loss on the week of 31 points, or 4.8%.
ON WALLSTREET
Stock futures rose Monday as traders assessed a plan to backstop all the depositors in failed Silicon Valley Bank and make additional funding available for other banks.
Futures for the Dow Jones Industrials gained 51 points, or 0.2%, early Monday to 32,216.
Futures for the S&P 500 nicked higher 1.6 points, or 0.4%, to 3,913.50.
Futures for the NASDAQ Composite shot higher 110.5 points, or 0.9%, to 12,079.75.
Bank stocks were under pressure Monday, with JPMorgan Chase and Citigroup falling. Regional banks fell even more, led by a 60% drop in First Republic.
All Silicon Valley Bank depositors will have access to their money starting Monday, according to a joint statement from the Treasury Department, Federal Reserve and the FDIC.
The Federal Reserve also said it is creating a new Bank Term Funding Program aimed at safeguarding deposits. The facility will offer loans of up to one year to banks, saving associations, credit unions and other institutions.
Elsewhere, investors are watching various economic reports this week. Tuesday’s consumer price index report is the last major inflation data release ahead of the Fed’s next meeting, ending March 22. February retail sales and the producer price index are also on deck.
In Japan, the Nikkei 225 index faded 1.1% Monday, while in Hong Kong, the Hang Seng slumped 2% Monday.
Oil prices dipped $1.03 to $75.65 U.S. a barrel.
Gold prices grabbed $20.30 to $1,887.50 U.S. an ounce.
