(RTTNews.com) - The Canadian stock market is sinking in early trade Tuesday, adding to the losses of the previous session. Rising geopolitical tensions and trade war worries continue to plague investors. Weakness in global equity markets and falling crude oil prices are also contributing to the pullback.
Markets in Europe are trading solidly in the red Tuesday. Investor sentiment has been impacted by some disappointing corporate financial reports and the weak performance on Wall Street.
Markets on Wall Street are sinking in early trade Tuesday. A negative reaction to earnings reports from companies like Caterpillar and 3M are dragging the markets lower this morning.
The benchmark S&P/TSX Composite Index is down 291.38 points or 1.89 percent at 15,121.32.
On Monday, the index closed down by 57.40 points or 0.37 percent, at 15,412.70. The index scaled an intraday high of 15,492.88 and a low of 15,364.08.
The Energy Index is falling 3.46 percent. Encana (ECA.TO) is down 6.11 percent and Crescent Point Energy (CPG.TO) is losing 7.16 percent. Cenovus Energy (CVE.TO) is forfeiting 3.33 percent and Imperial Oil (IMO.TO) is declining 2.92 percent. Canadian Natural Resources (CNQ.TO) is lower by 2.78 percent and Suncor Energy (SU.TO) is dropping 2.93 percent. Husky Energy (HSE.TO) is decreasing 2.64 percent and Enbridge (ENB.TO) is down 2.30 percent.
The Capped Industrials Index is down 2.79 percent. Canadian National Railway (CNR.TO) is losing 3.47 percent and Canadian Pacific Railway Limited (CP.TO) is falling 2.63 percent. Finning International (FTT.TO) is declining 4.17 percent and Air Canada (AC.TO) is falling 3.89 percent. WestJet Airlines (WJA.TO) is slipping 0.26 percent.
The Capped Information Technology Index is losing 2.85 percent. BlackBerry (BB.TO) is falling 3.39 percent and Constellation Software (CSU.TO) is weakening by 2.49 percent. Sierra Wireless (SW.TO) is down 1.48 percent and Descartes Systems Group (DSG.TO) is lower by 3.09 percent.
The heavyweight Financial Index is decreasing 1.28 percent. Bank of Nova Scotia (BNS.TO) is losing 1.52 percent and Royal Bank of Canada (RY.TO) is weakening by 1.31 percent. Canadian Imperial Bank of Commerce (CM.TO) is down 1.31 percent and Toronto-Dominion Bank (TD.TO) is falling 1.09 percent. National Bank of Canada (NA.TO) is lower by 1.26 percent and Bank of Montreal (BMO.TO) is surrendering 1.03 percent.
The Capped Telecommunication Services Index is down 1.03 percent. BCE (BCE.TO) is lower by 0.90 percent and TELUS (T.TO) is losing 0.64 percent.
Rogers Communications Inc. (RCI.B.TO) is falling 1.37 percent
The Capped Materials Index is down 0.98 percent. Nutrien (NTR.TO) is declining 3.91 percent.
The Gold Index is increasing 2.36 percent. Kinross Gold (K.TO) is higher by 2.71 percent and Goldcorp (G.TO) is gaining 2.89 percent. Barrick Gold (ABX.TO) is advancing 3.38 percent and IAMGOLD (IMG.TO) is up 4.18 percent. B2Gold (BTO.TO) is climbing 2.89 percent and Yamana Gold (YRI.TO) is rising 3.39 percent. Eldorado Gold (ELD.TO) is adding 0.42 percent.
West Fraser Timber Co. Ltd. (WFT.TO) is down 1.23 percent after it reported adjusted earnings of $275 million for the third quarter of 2018, as compared to $397 million in the preceding quarter. Adjusted EPS was $3.76 per share, as compared to $5.19 per share in the preceding quarter.
On the economic front, Germany's producer prices rose the fastest pace in a year in September, figures from Destatis showed Tuesday. Producer prices grew 3.2 percent year-on-year in September, after rising 3.1 percent in the previous month. Economists were looking for a 3.0 percent gain.
British factory orders dropped at the fastest pace in three years in the quarter to October as manufacturers remained worried about the possibility of a disorderly Brexit, a survey by the Confederation of British Industry showed on Tuesday.
The survey among 354 manufacturers showed that a net 6 percent reported a fall in new orders in the quarter to October, which was the weakest balance since October 2015. In July, the balance was +15.
In commodities, crude oil futures for November delivery are down 1.96 or 2.83 percent at $67.40 a barrel.
Natural gas for November is up 0.09 or 2.87 percent at $3.228 per million btu.
Gold futures for December are up 13.10 or 1.07 percent at $1,237.70 an ounce.
Silver for December is up 0.193 or 1.32 percent at $14.78 an ounce.
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