(RTTNews.com) - The Canadian stock market is under pressure at the start of the new trading week. Global equity markets are falling Monday due to continued concerns over trade.
U.S. President Donald Trump continued his harsh rhetoric on trade in a post on Twitter on Sunday, urging countries to remove "artificial" trade barriers and tariffs on U.S. goods.
"The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!" Trump tweeted.
Markets in Europe are trading solidly in negative territory Monday, as trade concerns weigh on investor sentiment.
Markets on Wall Street are declining at the start of the new trading week. The Wall Street Journal reported that President Trump plans to ban many Chinese companies from investing in U.S. technology firms and block additional technology exports to Beijing.
The benchmark S&P/TSX Composite Index is down 156.11 points or 0.95 percent at 16,294.03.
On Friday, the index closed up by 114.99 points or 0.52 percent, at 16,450.14. The index scaled an intraday high of 16,489.46 and a low of 16,438.13.
The Capped Information Technology Index is losing 2.26 percent. Constellation Software (CSU.TO) is falling 1.58 percent and Descartes Systems Group (DSG.TO) is down 2.17 percent. Sierra Wireless (SW.TO) is decreasing 0.69 percent and BlackBerry (BB.TO) is declining 5.79 percent
The Energy Index is falling 1.88 percent. Crude oil prices are up slightly Monday, adding to gains at the end of the previous trading week.
Crescent Point Energy (CPG.TO) is weakening by 0.83 percent and Cenovus Energy (CVE.TO) is falling 1.14 percent. Encana (ECA.TO) is declining 1.94 percent and Suncor Energy (SU.TO) is decreasing 4.18 percent. Husky Energy (HSE.TO) is down 1.70 percent and Canadian Natural Resources (CNQ.TO) is losing 0.20 percent. Imperial Oil (IMO.TO) is lower by 1.06 percent and Enbridge (ENB.TO) is dipping 0.26 percent.
The Capped Industrials Index is down 1.15 percent. Canadian Pacific Railway (CP.TO) is losing 1.54 percent and Canadian National Railway (CNR.TO) is falling 0.91 percent. Air Canada (AC.TO) is declining 2.19 percent and Bombardier (BBD-B.TO) is down 1.90 percent. Finning International (FTT.TO) is weakening by 1.67 percent.
The Capped Healthcare Index is lower by 1.08 percent. Valeant Pharmaceuticals International (VRX.TO) is falling 4.01 percent and Extendicare (EXE.TO) is down 0.27 percent. ProMetic Life Sciences (PLI.TO) is losing 1.67 percent.
The Capped Materials Index is down 1.15 percent. Franco-Nevada (FNV.TO) is losing 0.54 percent and Agnico Eagle Mines (AEM.TO) is falling 0.20 percent.
The Gold Index is decreasing 0.78 percent. Gold prices are little changed Monday morning, despite the continued escalation of trade tensions between the U.S. and its trade partners.
B2Gold (BTO.TO) is decreasing 1.16 percent and Kinross Gold (K.TO) is falling 0.80 percent. Goldcorp (G.TO) is down 0.88 percent and IAMGOLD (IMG.TO) is losing 1.18percent. Eldorado Gold (ELD.TO) is weakening by 2.67 percent and Barrick Gold (ABX.TO) is down 0.52 percent. Yamana Gold (YRI.TO) is declining 1 percent.
The heavyweight Financial Index is decreasing 0.84 percent. Toronto-Dominion Bank (TD.TO) is declining 0.21 percent and Bank of Montreal (BMO.TO) is down 0.72 percent. Royal Bank of Canada (RY.TO) is weakening by 0.89 percent and Bank of Nova Scotia (BNS.TO) is lower by 0.78 percent. National Bank of Canada (NA.TO) is falling 0.90 percent and Canadian Imperial Bank of Commerce (CM.TO) is surrendering 0.85 percent.
The Capped Telecommunication Services Index is down 1.03 percent. BCE (BCE.TO) is losing 0.80 percent and TELUS (T.TO) is falling 1 percent. Rogers Communications (RCI-B.TO) is declining 1.29 percent.
On the economic front, Germany's business confidence weakened, as expected, in June as trade wars weighed on current assessment of companies, survey data from the Munich-based Ifo Institute showed Monday.
The business climate index dropped to 101.8 in June from revised 102.3 in May. A similar score was last seen in May 2017. The reading also matched economists' expectations.
In commodities, crude oil futures for July delivery are up 0.24 or 0.35 percent at $68.82 a barrel.
Natural gas for July is down 0.039 or 1.32 percent at $2.906 per million btu.
Gold futures for August are down 0.89 or 0.07 percent at $1,269.80 an ounce.
Silver for July is down 0.139 or 0.84 percent at $16.32 an ounce.
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