Oil slide drags TSX futures to two-month low; election in focus

·2 min read
FILE PHOTO: The facade of the original Toronto Stock Exchange building is seen in Toronto

(Reuters) - Futures for Canada's main stock index slumped to a two-month low on Monday as oil prices dropped, while all eyes were on a federal election where Prime Minister Justin Trudeau could cling to power but looked set to lose his bid for a majority.

September futures on the S&P/TSX index were down 1.5% at 6:44 a.m. ET, near lows last seen in late-July.

The slide set up the main S&P/TSX composite index to extend declines from a four-week low hit on Friday, with investors also dumping global equities on fears of a fallout from regulatory crackdowns in China and signs of slowing economic growth. [.TO]

On Monday, Dow e-minis were down 544 points, or 1.58%, while S&P 500 e-minis were down 58.5 points, or 1.32% and Nasdaq 100 e-minis were down 163.75 points, or 1.07%. [.N]

TOP STORIES [TOP/CAN]

Trudeau may cling to power in Monday's election but looks set to lose his bid for a parliamentary majority after a tough campaign that dashed his hopes for a convincing win.

The Teamsters Union has launched campaigns to organize employees in at least nine Canadian facilities of U.S. e-commerce company Amazon.com, according to Reuters interviews with union officials.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Canadian National Railway Co: National Bank of Canada ups PT to C$151 from C$144

Integra Resources: National Bank of Canada resumes coverage with outperform rating

Lightspeed Commerce Inc: CIBC raises price target to C$195 from C$155

COMMODITIES AT 6:44 a.m. ET

Gold futures: $1,757.5; +0.46% [GOL/]

U.S. crude: $70.55; -1.97% [O/R]

Brent crude: $74.09; -1.66% [O/R]

U.S. ECONOMIC DATA DUE ON MONDAY

1000 NAHB Housing Market Index for Sep: Expected 74; Prior 75

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1=C$1.28)

(Reporting by Sagarika Jaisinghani in Bengaluru; editing by Uttaresh.V)

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