Canadian Stocks Are Falling As Crude Prices Drop - Canadian Commentary

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(RTTNews.com) - The Canadian stock market is under pressure at the start of the new trading week. Energy stocks are falling along with crude oil prices after U.S. Treasury Secretary Steve Mnuchin revealed some oil imports could receive waivers to continue buying Iranian crude despite U.S. sanctions.

Markets in Europe have been fluctuating between small gains and losses since the open Monday and are turning in a mixed performance. Traders are in a cautious mood following the release of the Chinese GDP report.

Markets on Wall Street are dipping in early trade Monday. Traders are exercising caution ahead of a slate of corporate earnings from some major U.S. companies this week.

The benchmark S&P/TSX Composite Index is down 73.74 points or 0.45 percent at 16,487.38.

On Friday, the index closed down by 6.30 points or 0.04 percent, at 16,561.12. The index scaled an intraday high of 16,586.46 and a low of 16,539.22.

The Energy Index is falling 2.03 percent. Crude oil prices have dropped below $69 a barrel following comments from the U.S. Treasury Secretary.

Canadian Natural Resources (CNQ.TO) is losing 2.24 percent and Crescent Point Energy (CPG.TO) is weakening by 2.85 percent. Encana (ECA.TO) is down 3.50 percent and Suncor Energy (SU.TO) is lower by 1.85 percent. Husky Energy (HSE.TO) is declining 1.81 percent and Imperial Oil (IMO.TO) is losing 0.96 percent. Cenovus Energy (CVE.TO) is decreasing 2.88 percent and Enbridge (ENB.TO) is surrendering 1.37 percent.

The Capped Healthcare Index is lower by 2.47 percent. Valeant Pharmaceuticals International (VRX.TO) is falling 3.33 percent and ProMetic Life Sciences (PLI.TO) is down 7.50 percent. Concordia International (CXR.TO) is declining 5.56 percent.

The Capped Materials Index is down 0.69 percent. Franco-Nevada (FNV.TO) is declining 0.20 percent and Nutrien (NTR.TO) is falling 0.37 percent.

The Gold Index is decreasing 0.52 percent. Kinross Gold (K.TO) is lower by 0.61 percent and Barrick Gold (ABX.TO) is losing 0.82 percent. IAMGOLD (IMG.TO) is surrendering 0.79 percent and Goldcorp (G.TO) is weakening by 0.69 percent. Eldorado Gold (ELD.TO) is surrendering 0.70 percent.

The Capped Industrials Index is down 0.53 percent. Canadian Pacific Railway (CP.TO) is losing 0.73 percent and Canadian National Railway (CNR.TO) is falling 0.86 percent. Air Canada (AC.TO) is decreasing 0.53 percent.

The heavyweight Financial Index is increasing 0.22 percent. Royal Bank of Canada (RY.TO) is gaining 0.31 percent and National Bank of Canada (NA.TO) is rising 0.28 percent. Bank of Nova Scotia (BNS.TO) is up 0.32 percent and Toronto-Dominion Bank (TD.TO) is adding 0.11 percent. Bank of Montreal (BMO.TO) is climbing 0.26 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.12 percent.

On the economic front, China's economic growth slowed in the second quarter, as the government's efforts to rein in debt damped activity, while production slowed adding fuel to concerns over an escalating trade war with the US.

Gross domestic product expanded 6.7 percent year-on-year in the three months to June after growing 6.8 percent in the first quarter, data from the National Bureau of Statistics showed Monday. Growth was in line with economists' expectations.

Eurozone trade surplus decreased further in May, as imports grew faster than exports, figures from Eurostat showed Monday. The seasonally adjusted trade surplus dropped to EUR 16.9 billion in May from EUR 18.0 billion in April.

The average asking price for a house in the United Kingdom was down 0.1 percent on month in July, property tracking website Rightmove said on Monday, coming in at 309,191 pounds.

On a yearly basis, house prices were up 1.4 percent - slowing from 1.7 percent in the previous month.

Retail sales in the U.S. increased in line with economist estimates in the month of June, according to a report released by the Commerce Department on Monday.

The report said retail sales climbed by 0.5 percent in June after soaring by an upwardly revised 1.3 percent in May. Economists had expected sales to rise by 0.5 percent compared to the 0.8 percent increase originally reported for the previous month.

A report released by the Federal Reserve Bank of New York on Monday showed New York manufacturing activity continued to grow at a fairly brisk pace in July, although the pace of growth slowed from the previous month.

While the New York Fed said its general business conditions index dipped to 22.6 in July from 25.0, a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 22.0.

In commodities, crude oil futures for August delivery are down 2.27 or 3.20 percent at $68.74 a barrel.

Natural gas for August is down 0.009 or 0.33 percent at $2.743 per million btu.

Gold futures for August are up 0.20 or 0.02 percent at $1,241.40 an ounce.

Silver for September is down 0.005 or 0.03 percent at $15.81 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2914089/canadian-stocks-are-falling-as-crude-prices-drop-canadian-commentary.aspx)

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This article appears in: Stocks , World Markets , Oil
Referenced Symbols: ABX ,

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