(RTTNews.com) - The Canadian stock market is trading in the red Wednesday morning, but has come off its early lows. After returning from the New Year's Day holiday, traders are in a cautious mood. Concerns over global growth rose back to the forefront following the release of disappointing manufacturing data from China.
Markets in Europe are turning in a mixed performance Wednesday, after paring early losses.
Markets on Wall Street got off to a weak start this morning, but have also pared their early losses. The partial U.S. government shutdown has entered its twelfth day due to an impasse over funding for Trump's controversial border wall.
The benchmark S&P/TSX Composite Index is down 41.97 points or 0.29 percent at 14,280.89.
On Monday, the index closed up by 100.86 points or 0.71 percent, at 14,322.86. The index scaled an intraday high of 14,349.17 and a low of 14,218.54.
The Capped Industrials Index is down 0.84 percent. Canadian Pacific Railway (CP.TO) is lower by 1.10 percent and Canadian National Railway (CNR.TO) is declining 1.44 percent. WestJet Airlines (WJA.TO) is dipping 0.06 percent and Air Canada (AC.TO) is weakening 0.39 percent. Finning International (FTT.TO) is falling 0.63 percent.
The Capped Information Technology Index is losing 0.56 percent. Constellation Software (CSU.TO) is falling 0.53 percent and Descartes Systems Group (DSG.TO) is slipping 0.19 percent. BlackBerry (BB.TO) is declining 1.13 percent.
The Capped Materials Index is down 0.53 percent. Franco-Nevada (FNV.TO) is losing 0.04 percent and Nutrien (NTR.TO) is declining 1.37 percent.
The Capped Telecommunication Services Index is down 0.38 percent. TELUS (T.TO) is losing 0.55 percent and BCE (BCE.TO) is declining 0.48 percent. Rogers Communications (RCI-B.TO) is falling 0.63 percent.
The Energy Index is falling 0.44 percent. Cenovus Energy (CVE.TO) is decreasing 0.52 percent and Suncor Energy (SU.TO) is losing 0.42 percent. Encana (ECA.TO) is weakening 1.27 percent and Canadian Natural Resources (CNQ.TO) is surrendering 1.1 percent. Husky Energy (HSE.TO) is dropping 0.92 percent and Imperial Oil (IMO.TO) is down 0.29 percent. Enbridge (ENB.TO) is slipping 0.14 percent.
The heavyweight Financial Index is decreasing 0.27 percent. National Bank of Canada (NA.TO) is falling 0.07 percent and Bank of Montreal (BMO.TO) is weakening 0.59 percent. Royal Bank of Canada (RY.TO) is down 0.44 percent and Canadian Imperial Bank of Commerce (CM.TO) is declining 0.29 percent. Bank of Nova Scotia (BNS.TO) is lower by 0.21 percent.
Equitable Group Inc. (EQB.TO) is gaining 0.96 percent. The company has completed its previously announced acquisition of Bennington Financial Services Corp., a profitable and growing privately owned company serving the brokered equipment leasing market in Canada.
Aphria Inc. (APHA.TO) is up 0.64 percent after it announced that its Colombian subsidiary, Colcanna SAS has signed an exclusive agreement with the FederaciÃ³n MÃ©dica Colombiana to jointly develop an academic curriculum on the medicinal use of cannabis.
On the economic front, China's manufacturing activity fell in December, due to a decline in new orders, for the first time since May 2017, survey data from IHS Markit showed on Wednesday. The headline seasonally adjusted Caixin Factory Purchasing Managers' Index, or PMI, fell to 49.7 from 50.2 in November.
Eurozone manufacturing expanded at the weakest pace since early 2016 in December as new orders fell for a third month and business confidence eroded to a six-year low, results of the survey by IHS Markit confirmed on Wednesday.
The final Eurozone Manufacturing Purchasing Managers' Index, or PMI, was 51.4, unchanged from the flash, but lower than November's 51.8.
Germany's employment grew to a record high in 2018 despite a slowdown in the economy, preliminary figures from the Federal Statistical Office showed on Wednesday. The number of employed grew by 562,000 persons or 1.3 percent to an annual average 44.8 million.
UK manufacturing sector expanded at the fastest pace in six months in December, defying expectations for a slowing, as demand strengthened as manufacturers and clients prepared for Brexit. The CIPS UK manufacturing Purchasing Managers' Index, or PMI, climbed to 54.2 from November's 53.6, survey data from IHS Markit showed on Wednesday.
Economists had forecast a lower score of 52.5. A PMI reading above 50 shows growth in the manufacturing sector.
In commodities, crude oil futures for January delivery are up 0.47 or 1.04 percent at $45.88 a barrel.
Natural gas for January is up 0.012 or 0.41 percent at $2.952 per million btu.
Gold futures for February are up 5.20 or 0.41 percent at $1,286.50 an ounce.
Silver for January is up 0.01 or 0.06 percent at $15.55 an ounce.
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