(RTTNews.com) - The Canadian stock market is losing ground in early trade Friday. Energy and gold stocks are under pressure as commodity prices drop at the end of the trading week. Crude oil futures are extending their slide to yet another session amid mounting concerns over near term drop in crude demand due to economic slowdown.
Markets in Europe are trading in the red Friday. Traders are reacting to yesterday's Fed statement as well as data which showed China's producer price inflation slowed for the fourth month in a row.
Markets on Wall Street are declining in early trade Friday. Renewed concerns about the outlook for interest rates are weigh on the markets following the Federal Reserve's monetary policy announcement on Thursday. The Fed left interest rates unchanged as widely expected, but indicated it remains on track to gradually raise rates despite signs of a slowdown in the pace of growth in business investment.
The benchmark S&P/TSX Composite Index is down 135.71 points or 0.88 percent at 15,221.76.
On Thursday, the index closed down by 11.96 points or 0.08 percent, at 15,357.47. The index scaled an intraday high of 15,393.05 and a low of 15,293.29.
The Energy Index is falling 3.45 percent. Suncor Energy (SU.TO) is decreasing 2.09 percent and Enbridge Inc. (ENB.TO) is losing 1.55 percent. Crescent Point Energy (CPG.TO) is weakening by 5.42 percent and Cenovus Energy (CVE.TO) is surrendering 4.30 percent. Encana (ECA.TO) is declining 2.40 percent and Canadian Natural Resources (CNQ.TO) is down 3.90 percent. Imperial Oil (IMO.TO) is forfeiting 2.13 percent and Husky Energy (HSE.TO) is lower by 2.42 percent.
The Gold Index is decreasing 2.38 percent. Kinross Gold (K.TO) is losing 4.40 percent and IAMGOLD (IMG.TO) is falling 3.02 percent. Barrick Gold (ABX.TO) is declining 2.83 percent and Goldcorp (G.TO) is weakening 3.56 percent. Eldorado Gold (ELD.TO) is surrendering 1.10 percent. Yamana Gold (YRI.TO) is down 3.67 percent and B2Gold (BTO.TO) is lower by 2.50 percent.
The Capped Materials Index is down 2.47 percent. Franco-Nevada (FNV.TO) is declining 1.26 percent and Agnico Eagle Mines (AEM.TO) is falling 4.78 percent. Nutrien (NTR.TO) is losing 0.93 percent.
The Capped Information Technology Index is losing 1.89 percent. BlackBerry (BB.TO) is falling 2.86 percent and Sierra Wireless (SW.TO) is sinking 18.65 percent.
The heavyweight Financial Index is decreasing 0.14 percent. Bank of Nova Scotia (BNS.TO) is losing 0.46 percent and Royal Bank of Canada (RY.TO) is down 0.38 percent. National Bank of Canada (NA.TO) is lower by 0.20 percent and Canadian Imperial Bank of Commerce (CM.TO) is surrendering 0.32 percent. Toronto-Dominion Bank (TD.TO) is declining 0.34 percent and Bank of Montreal (BMO.TO) is falling 0.14 percent.
The Capped Telecommunication Services Index is up 0.39 percent. Rogers Communications (RCI-B.TO) is gaining 0.62 percent and TELUS (T.TO) is rising 0.72 percent.
TransCanada (TRP.TO) is falling 2.57 percent after the $10-billion Keystone XL pipeline project has suffered a setback after a U.S. federal judge blocked its construction to allow more time to study the potential environmental impact. The order on Thursday came as the Calgary-based energy giant was preparing to build the first stages of the oil pipeline in northern Montana.
Indigenous and environmental groups had sued TransCanada and the U.S. Department of State after Nebraska authorities approved an alternative route to the one TransCanada had proposed through the state.
MAV Beauty Brands Inc. (MAV.TO) is gaining 2.04 percent after it reported net loss of $5.8 million for the third quarter of current financial year, as compared to net profit of $0.3 million in the year-ago quarter.
Boralex Inc. (BLX.TO) is declining 5.31 percent after it reported EBITDA of $200 million for the third quarter, up 9% from $183 million for the comparative period of 2017.
Enerplus Corporation (ERF.TO) is down 1.93 percent after it reported third quarter net income of $86.9 million or $0.35 per share, an increase of $74.5 million from the previous quarter.
Enghouse Systems Limited (ENGH.TO) is losing 2.46 percent after it announced that it has acquired Capana Sweden AB, a software company specialized in wholesale, interconnect, roaming, broadband billing, internet of things and partner settlements.
On the economic front, China's consumer prices increased at a steady pace in October, while producer price inflation slowed for the fourth consecutive month on weaker manufacturing activity, official data showed Friday. Inflation remained unchanged at 2.5 percent in October, the highest since February, the National Bureau of Statistics reported. The rate also came in line with economists' expectations.
France's industrial production decreased more-than-expected in September, data from the statistical office Insee revealed Friday.
Industrial production logged a monthly drop of 1.8 percent, in contrast to a 0.2 percent rise in August. This was the first fall in five months and the biggest since January. Economists had forecast a marginal 0.3 percent decrease for September.
The UK economy expanded at the fastest pace in nearly two years in the third quarter driven by household spending and exports, despite heightened uncertainty over the Brexit deal.
Gross domestic product advanced 0.6 percent sequentially after expanding 0.4 percent a quarter ago, figures from the Office for National Statistics showed Friday. The growth rate was the fastest since late 2016 and matched economists' expectations.
UK industrial production remained flat, while manufacturing output recovered in September, data from the Office for National Statistics revealed Friday.
Industrial production remained unchanged for the second straight month in September. Economists had forecast a 0.1 percent drop in output.
The UK's visible trade deficit decreased to a seven-month low in September, figures from the Office for National Statistics revealed Friday. The trade in goods showed a shortfall of GBP 9.73 billion compared to a deficit of GBP 11.72 billion in August. This was the smallest deficit since February.
Partly reflecting a jump in prices for trade services, the Labor Department released a report on Friday showing a much bigger than expected increase in U.S. producer prices in the month of October. The Labor Department said its producer price index for final demand climbed by 0.6 percent in October after rising by 0.2 percent in September. Economists had been expecting another 0.2 percent uptick.
In commodities, crude oil futures for December delivery are down 1.01 or 1.66 percent at $59.66 a barrel.
Natural gas for December is up 0.185 or 5.22 percent at $3.728 per million btu.
Gold futures for December are down 13.20 or 1.08 percent at $1,211.90 an ounce.
Silver for December is down 0.288 or 2.00 percent at $14.135 an ounce.
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