Quantcast

Canadian Stocks Are Climbing On Trade Deal Optimism - Canadian Commentary


Shutterstock photo


(RTTNews.com) - The Canadian stock market is rising in early trade Wednesday, bouncing back after yesterday's weak performance. Traders have turned optimistic that a trade deal between the U.S. and China can be reached following a report from the New York Times.

Markets in Europe are turning in a mixed performance, but remain little changed overall. Traders are in a cautious mood ahead of a speech by the Federal Reserve's chairman and a critical Trump-Xi meeting at the G20 summit.

Markets on Wall Street got off to a positive start Wednesday, but have since pared their early gains. Optimism about a potential U.S.-China trade deal fueled early gains after a report from the New York Times said President Donald Trump has signaled a new willingness to reach an agreement with Chinese President Xi Jinping.

The benchmark S&P/TSX Composite Index is up 61.11 points or 0.41 percent at 15,005.20.

On Tuesday, the index closed down by 68.56 points or 0.46 percent, at 14,944.09. The index scaled an intraday high of 15,021.73 and a low of 14,907.48.

The Capped Information Technology Index is gaining 1.42 percent. Constellation Software (CSU.TO) is up 2.46 percent and Sierra Wireless (SW.TO) is rising 0.09 percent. Descartes Systems Group (DSG.TO) is climbing 1.59 percent.

The heavyweight Financial Index is increasing 0.90 percent. Bank of Nova Scotia (BNS.TO) is gaining 1.43 percent and Toronto-Dominion Bank (TD.TO) is advancing 1.24 percent. Bank of Montreal (BMO.TO) is rising 1.26 percent and Canadian Imperial Bank of Commerce (CM.TO) is higher by 0.72 percent. National Bank of Canada (NA.TO) is adding 0.20 percent.

Royal Bank of Canada (RY.TO) is up 1.64 percent after it reported a 15% increase in fourth-quarter net income at $3.25 billion, thanks to strong performances in its personal and commercial banking, capital markets, wealth management and insurance. The bank registered a record annual profit of $12.4 billion.

The Capped Industrials Index is up 0.44 percent. Finning International (FTT.TO) is gaining 0.11 percent and WestJet Airlines (WJA.TO) is rising 0.76 percent. Canadian Pacific Railway (CP.TO) is higher by 1.40 percent and Air Canada (AC.TO) is climbing 0.83 percent

Bausch Health Companies Inc. (BHC.TO) is rising 1.02 percent after it announced that it has entered into an incremental term loan facility amendment to its credit agreement, pursuant to which Valeant Pharmaceuticals International, a wholly owned indirect subsidiary of the Company, borrowed $1,500,000,000 of new term B loans.

On the economic front, Germany's consumer confidence is set to slightly weaken at the end of the year as high inflation rates and global economic uncertainty weigh on households' sentiment, survey results from the GfK showed on Wednesday.

The forward-looking consumer confidence indicator is set to drop to 10.4 from 10.6 in November, the Nuremberg-based GfK said in its latest report. Economists had forecast a reading of 10.5.

Economic growth in the U.S. was unrevised in the third quarter, according to the second reading released by the Commerce Department on Wednesday. The report said real gross domestic product jumped by 3.5 percent in the third quarter, unrevised from the initial estimate and in line with economist estimates.

New home sales in the U.S. showed a substantial decrease from an upwardly revised level in the month of October, according to a report released by the Commerce Department on Wednesday. The Commerce Department said new home sales plummeted by 8.9 percent to an annual rate of 533,000 in October from an upwardly revised rate of 597,000 in September.

Economists had expected new home sales to rise to a rate of 575,000 from the 553,000 originally reported for the previous month.

In commodities, crude oil futures for December delivery are down 0.41 or 0.80 percent at $51.15 a barrel.

Natural gas for December is up 0.089 or 2.09 percent at $4.351 per million btu.

Gold futures for December are down 0.90 or 0.07 percent at $1,212.50 an ounce.

Silver for December is up 0.046 or 0.33 percent at $14.13 an ounce.


Read the original article on RTTNews (http://www.rttnews.com/2958413/canadian-stocks-are-climbing-on-trade-deal-optimism-canadian-commentary.aspx)


For comments and feedback: contact editorial@rttnews.com




This article appears in: Insurance , Banking and Loans , Economy , US Markets , Stocks , Retirement
Referenced Symbols: BHC ,



More from RTT News

Subscribe






See All RTT news











Research Brokers before you trade

Want to trade FX?