(RTTNews.com) - The Canadian stock market is under pressure Thursday morning, extending its losses from the previous session. Nearly every Canadian sector is trading in the red this morning. Even energy stocks are falling, despite the continued rise in crude oil prices.
Markets in Europe are pulling back Thursday as concerns over global trade persist. Investors are also in a cautious mood as the two-day European Union meeting on migration policy kicks off in Brussels today.
Markets on Wall Street are little changed in early trade Thursday. The downward revision to first quarter GDP has had a negative impact on investor sentiment this morning.
The benchmark S&P/TSX Composite Index is down 96.33 points or 0.59 percent at 16,134.92.
On Wednesday, the index closed down by 48.84 points or 0.30 percent, at 16,231.25. The index scaled an intraday high of 16,344.39 and a low of 16,218.04.
The Capped Materials Index is down 0.92 percent. Franco-Nevada (FNV.TO) is losing 0.12 percent and Nutrien (NTR.TO) is falling 0.47 percent.
The Capped Industrials Index is down 0.87 percent. Canadian Pacific Railway (CP.TO) is losing 0.83 percent and Canadian National Railway (CNR.TO) is falling 0.25 percent. WestJet Airlines (WJA.TO) is declining 3.49 and Air Canada (AC.TO) is surrendering 0.85 percent. Bombardier (BBD-B.TO) is down 1.09 percent and Finning International (FTT.TO) is weakening by 1.81 percent.
The Capped Telecommunication Services Index is down 0.65 percent. BCE (BCE.TO) is losing 0.33 percent and TELUS (T.TO) is falling 0.51 percent. Rogers Communications (RCI-B.TO) is declining 1.07 percent.
The heavyweight Financial Index is decreasing 0.54 percent. Toronto-Dominion Bank (TD.TO) is declining 0.43 percent and Royal Bank of Canada (RY.TO) is losing 0.37 percent. National Bank of Canada (NA.TO) is weakening by 0.57 percent and Canadian Imperial Bank of Commerce (CM.TO) is falling 0.68 percent. Bank of Nova Scotia (BNS.TO) is decreasing 0.89 percent and Bank of Montreal (BMO.TO) is lower by 0.31 percent.
The Capped Information Technology Index is losing 0.49 percent. BlackBerry (BB.TO) is weakening by 2.24 percent and Sierra Wireless (SW.TO) is falling 1.17 percent.
The Energy Index is falling 0.33 percent. Crude oil prices continue to rise Thursday morning, climbing above $73 a barrel.
Crescent Point Energy (CPG.TO) is weakening by 0.61 percent and Cenovus Energy (CVE.TO) is falling 0.61 percent. Encana (ECA.TO) is declining 1.40 percent and Suncor Energy (SU.TO) is decreasing 0.58 percent. Canadian Natural Resources (CNQ.TO) is losing 0.07 percent and Imperial Oil (IMO.TO) is lower by 0.69 percent. Enbridge (ENB.TO) is slipping 0.35 percent.
The Gold Index is decreasing 0.29 percent. Gold prices continue to fall Thursday morning, dropping to their lowest level in over six months.
Barrick Gold (ABX.TO) is down 0.97 percent and Goldcorp (G.TO) is lower by 0.51 percent. Kinross Gold (K.TO) is falling 0.51 percent and Eldorado Gold (ELD.TO) is weakening by 0.78 percent. Yamana Gold (YRI.TO) is forfeiting 0.65 percent.
Sobey's parent Empire Co. (EMP-A.TO) is climbing 2.11 percent after it raised its dividend and reported a better-than-expected fourth-quarter profit.
On the economic front, Eurozone economic confidence deteriorated moderately to a 10-month low in June, while business sentiment remained broadly stable despite trade disputes with the U.S., data from the European Commission showed Thursday.
The economic sentiment index fell to 112.3 in June from 112.5 in May. This was the lowest since last August but remained above the expected score of 112.0.
Germany's consumer confidence is set to remain stable in July, survey data from market research group GfK showed Thursday. The forward-looking consumer sentiment index held steady at 10.7 points in July. This was slightly above the expected level of 10.6.
Germany's consumer prices climbed at a slightly slower pace in June, preliminary data from Destatis showed Thursday. Consumer price inflation slowed slightly to 2.1 percent in June, as expected, from 2.2 percent in May. Final data is due on July 12. The 2.2 percent inflation seen in May was the highest since February 2017.
Reflecting downward revisions to private inventory investment, consumer spending, and exports, the Commerce Department released a report on Thursday showing an unexpected downward revision to the pace of U.S. economic growth in the first quarter.
The Commerce Department said real gross domestic product increased by 2.0 percent in the first quarter compared to the previous estimate of 2.2 percent growth. Economists had expected the pace of GDP growth to be unrevised.
After reporting decreases in first-time claims for U.S. unemployment benefits for four consecutive weeks, the Labor Department released a report on Thursday showing initial jobless claims rebounded by more than expected in the week ended June 23rd.
The report said initial jobless claims rose to 227,000, an increase of 9,000 from the previous week's unrevised level of 218,000. Economists had expected jobless claims to inch up to 220,000.
In commodities, crude oil futures for July delivery are up 0.73 or 1.00 percent at $73.49 a barrel.
Natural gas for July is up 0.033 or 1.11 percent at $3.014 per million btu.
Gold futures for August are down 2.50 or 0.20 percent at $1,253.60 an ounce.
Silver for July is down 0.187 or 1.15 percent at $16.05 an ounce.
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