(RTTNews.com) - The Canadian stock market is logging a triple digit increase Thursday morning, bouncing back from yesterday's loss. The vast majority of the Canadian sectors are trading in positive territory this morning on hopes for a resolution to the trade dispute between China and the United States.
The European markets are logging modest gains Thursday. Easing concerns over Turkey and hopes for a solution to the trade dispute between the U.S. and China have fueled the gains.
Markets on Wall Street are rising this morning after China has accepted an invitation from the U.S. for a new round of trade talks to be held in late August. China'sMinistry of Commerce said that a Chinese delegation led by Vice Commerce Minister Wang Shouwen will travel to the U.S. for trade talks to be held with U.S. Under Secretary of Treasury for International Affairs David Malpass.
The benchmark S&P/TSX Composite Index is up 119.70 points or 0.74 percent at 16,268.20.
On Wednesday, the index closed down by 182.17 points or 1.12 percent, at 16,148.50. The index scaled an intraday high of 16,075.34 and a low of 16,260.30.
The Capped Telecommunication Services Index is up 0.92 percent. BCE Inc. (BCE.TO) is gaining 0.99 percent and TELUS (T.TO) is climbing 1.16 percent.
Rogers Communications (RCI-B.TO) is rising 0.98 percent. The company announced that its Board of Directors declared a quarterly dividend totaling 48 cents per share on each of its outstanding Class B Non-Voting shares and Class A Voting shares.
The Energy Index is rising 0.87 percent. Suncor Energy (SU.TO) is higher by 1.33 percent and Crescent Point Energy (CPG.TO) is advancing 0.75 percent. Enbridge (ENB.TO) is gaining 0.30 percent and Canadian Natural Resources (CNQ.TO) is climbing 0.50 percent. Encana (ECA.TO) is gaining 0.60 percent and Husky Energy (HSE.TO) is up 1.72 percent.
Vermilion Energy Inc. (VET.TO) has announced a cash dividend of $0.23 CDN per share payable on September 17, 2018 to all shareholders of record on August 31, 2018. Shares are rising 0.30 percent.
The Capped Materials Index is up 1.05 percent. Agnico Eagle Mines (AEM.TO) is climbing 0.36 percent and Franco-Nevada (FNV.TO) is higher by 0.99 percent. Nutrien (NTR.TO) is adding 0.28 percent.
The Gold Index is increasing 0.80 percent. IAMGOLD (IMG.TO) is gaining 0.73 percent and Kinross Gold (K.TO) is advancing 1.86 percent. Barrick Gold (ABX.TO) is rising 1.60 percent and Eldorado Gold (ELD.TO) is up 2.44 percent. B2Gold (BTO.TO) is higher by 2.15 percent.
The heavyweight Financial Index is increasing 0.71 percent. Royal Bank of Canada (RY.TO) is rising 0.66 percent and Toronto-Dominion Bank (TD.TO) is gaining 0.72 percent. Bank of Nova Scotia (BNS.TO) is advancing 0.63 percent and Bank of Montreal (BMO.TO) is higher by 0.68 percent. National Bank of Canada (NA.TO) is climbing 0.57 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.66 percent.
The Capped Industrials Index is up 0.67 percent. Canadian Pacific Railway (CP.TO) is advancing 0.28 percent and Canadian National Railway (CNR.TO) is rising 0.77 percent. Air Canada (AC.TO) is climbing 2.39 percent and WestJet Airlines (WJA.TO) is adding 2.20 percent.
The Capped Information Technology Index is gaining 0.86 percent. BlackBerry (BB.TO) is climbing 1.46 percent and Descartes Systems Group (DSG.TO) is rising 0.61 percent. Sierra Wireless (SW.TO) is up 0.44 percent.
On the economic front, a report from Statistics Canada this morning showed that Canadian manufacturing sales climbed 1.1 percent in June. Economists had expected an increase of 0.9 percent.
Euro area trade surplus decreased for a third straight month in June, albeit slightly, preliminary data from Eurostat showed Thursday. The seasonally adjusted trade surplus fell to EUR 16.7 billion from EUR 16.9 billion in May. Economists had expected the figure to remain unchanged at May's level.
Germany's wholesale price inflation accelerated further in July to the highest level in more than a year, data from Destatis showed Thursday. Wholesale prices climbed 3.5 percent year-over-year in July, just above the 3.4 percent increase in June.
UK retail sales increased more than expected in July, data from the Office for National Statistics showed Thursday. Retail sales including auto fuel, rose 0.7 percent month-on-month in July, in contrast to a 0.5 percent fall in June. Sales were forecast to increase by 0.2 percent.
A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended August 11th. The report said initial jobless claims dipped to 212,000, a decrease of 2,000 from the previous week's revised level of 214,000.
Economists had expected jobless claims to inch up to 215,000 from the 213,000 originally reported for the previous week.
Growth in Philadelphia-area manufacturing activity slowed by much more than anticipated in the month of August, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its index for current general activity tumbled to 11.9 in August from 25.7 in July. While a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to show a much more modest drop to 22.0.
New residential construction rebounded by much less than expected in the month of July, the Commerce Department revealed in a report released on Thursday.
The report said housing starts rose by 0.9 percent to an annual rate of 1.168 million in July after plunging by 12.9 percent to a revised rate of 1.158 million in June.
Economists had expected housing starts to soar by 7.4 percent to an annual rate of 1.260 million from the 1.173 million originally reported for the previous month.
The Commerce Department also said building permits climbed by 1.5 percent to an annual rate of 1.311 million in July after dipping by 0.7 percent to a revised rate of 1.292 million in June.
Building permits, an indicator of future housing demand, had been expected to jump by 2.9 percent to a rate of 1.310 million from the 1.273 million originally reported for the previous month.
In commodities, crude oil futures for September delivery are down 0.08 or 0.12 percent at $64.93 a barrel.
Natural gas for September is down 0.007 or 0.24 percent at $2.933 per million btu.
Gold futures for December are down 0.10 or 0.01 percent at $1,184.90 an ounce.
Silver for September is up 0.256 or 1.77 percent at $14.71 an ounce.
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