(RTTNews.com) - The Canadian stock market is down in early trade Friday, with weakness spread across all sectors. Concerns over global trade are overshadowing some positive Canadian economic data.
Data from Statistics Canada showed that consumer prices edged up 0.1 percent on a seasonally adjusted monthly basis in June, the same rate as seen in the previous month. The rate was expected to be flat.
Core inflation rose 0.2 percent on month, after falling 0.1 percent a month earlier.
Separate data showed that retail sales grew more than expected in May. Retail sales rose 2 percent on month in May, following a 1.2 percent drop in the previous month. Economists had expected sales to rise 1 percent.
Core retail sales improved to 1.4 percent, compared to a 0.1 percent slide last month. Core retail sales were expected to climb by 0.5 percent.
Markets in Europe are trading in the red Friday as concerns over a trade war jumped back to the forefront. U.S. President Trump has indicated a willingness to impose tariffs on all Chinese imports to the U.S.
Markets on Wall Street are struggling to find direction in early trade Friday. In addition to Trump's trade threats, he also commented on the Federal Reserve's monetary policy. Trump suggested the Fed's plan to gradually raise interest rates could hurt recent economic progress, claiming the rate hikes penalize the U.S. for doing well.
The benchmark S&P/TSX Composite Index is down 71.31 points or 0.43 percent at 16,471.70.
On Thursday, the index closed up by 65.61 points or 0.40 percent, at 16,543.01. The index scaled an intraday high of 16,564.40 and a low of 16,463.02.
The Capped Healthcare Index is lower by 0.95 percent. ProMetic Life Sciences (PLI.TO) is down 2.60 percent and Concordia International (CXR.TO) is declining 5.88 percent. Extendicare (EXE.TO) is dipping 0.14 percent
The Energy Index is falling 0.56 percent. Crude oil prices are inching higher Friday morning, but remain on track for a weekly drop.
Canadian Natural Resources (CNQ.TO) is losing 0.69 percent and Crescent Point Energy (CPG.TO) is down 0.31 percent. Suncor Energy (SU.TO) is lower by 0.52 percent and Husky Energy (HSE.TO) is declining 0.54 percent. Cenovus Energy (CVE.TO) is decreasing 0.59 percent and Encana (ECA.TO) is falling 1.63 percent. Enbridge (ENB.TO) is weakening by 1.67 percent and Imperial Oil (IMO.TO) is surrendering 0.74 percent.
The Capped Telecommunication Services Index is down 0.43 percent. BCE (BCE.TO) is losing 0.45 percent and Rogers Communications (RCI-B.TO) is declining 0.33 percent. TELUS (T.TO) is decreasing 0.56 percent.
The Capped Industrials Index is down 0.26 percent. Canadian National Railway (CNR.TO) is falling 0.01 percent and Bombardier (BBD-B.TO) is losing 1.30 percent. Air Canada (AC.TO) is weakening by 0.14 percent.
The heavyweight Financial Index is decreasing 0.25 percent. Bank of Montreal (BMO.TO) is falling 0.09 percent and Toronto-Dominion Bank (TD.TO) is losing 0.29 percent. National Bank of Canada (NA.TO) is down 0.03 percent and Bank of Nova Scotia (BNS.TO) is declining 0.14 percent. Canadian Imperial Bank of Commerce (CM.TO) is weakening by 0.07 percent.
The Capped Information Technology Index is losing 0.39 percent. Sierra Wireless (SW.TO) is weakening by 0.59 percent and Constellation Software (CSU.TO) is falling 0.59 percent.
The Gold Index is decreasing 0.14 percent. Gold prices are rising Friday morning as trade concerns reemerge.
IAMGOLD (IMG.TO) is down 0.39 percent and B2Gold (BTO.TO) is declining 0.30 percent. Eldorado Gold (ELD.TO) is gaining 0.71 percent.
Chesswood Group Limited (CHW.TO) announced a cash dividend of $0.07 per share for the month of July and said the dividend will be payable to shareholders of record at the close of business on July 31, 2018. The stock is rising 0.45 percent.
West Fraser Timber Co. Ltd. (WFT.TO) reported a 76% jump in earnings in the June quarter, compared to a quarter earlier, and 137% over the year-ago quarter. Shares are falling 2.33 percent.
On the economic front, the euro area current account surplus declined notably in May, the European Central Bank reported Friday. The current account surplus fell to a seasonally adjusted EUR 22.44 billion from EUR 29.55 billion in April. This was the lowest since March 2015, when it totaled EUR 19.46 billion.
The euro area government deficit continued to narrow in the first quarter as revenue increased amid a fall in expenditure, figures published by Eurostat showed Friday. The general government deficit to GDP fell to 0.1 percent from 0.6 percent in the fourth quarter.
Germany's producer prices climbed at the fastest pace in nine months in June, Destatis reported Friday. Producer prices grew 3 percent year-on-year in June, faster than the 2.7 percent increase logged in May. The annual rate matched economists' expectations and was the fastest since September 2017.
The UK budget deficit narrowed in June on higher revenue and lower expenditure and public borrowing for the quarter ended June reached its lowest level since 2007, the Office for National Statistics reported Friday.
Public sector net borrowing, excluding public sector banks, dropped by GBP 0.8 billion to GBP 5.4 billion. This was the lowest June net borrowing since 2016. Nonetheless, PSNB was bigger than the expected GBP 5 billion.
In commodities, crude oil futures for August delivery are up 0.14 or 0.20 percent at $69.60 a barrel.
Natural gas for August is down 0.001 or 0.04 percent at $2.768 per million btu.
Gold futures for August are up 5.20 or 0.42 percent at $1,229.20 an ounce.
Silver for September is up 0.083 or 0.54 percent at $15.485 an ounce.
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