(RTTNews.com) - The Canadian stock market is up slightly in early trade Tuesday, but remains little changed overall. Gains in energy and financial stocks is being hampered by the losses in the gold and healthcare sectors.
Markets in Europe got off to a positive start Tuesday, but have since pared their early gains and have entered negative territory. Concerns over the turmoil in Turkey eased at the outset and investors reacted positive to the latest batch of European economic data.
Markets on Wall Street are up slightly in early trade Tuesday. Home Depot's solid earnings report has helped to provide an early boost.
The benchmark S&P/TSX Composite Index is up 51.52 points or 0.32 percent at 16,302.27.
On Monday, the index closed down by 75.76 points or 0.46 percent, at 16,250.75. The index scaled an intraday high of 16,371.87 and a low of 16,239.69.
The Energy Index is rising 0.63 percent. Crude oil prices are higher on Tuesday after a report from OPEC confirmed that top exporter Saudi Arabia had cut crude output by 200,000 barrels per day (bpd) to 10.29 million bpd in July.
Imperial Oil (IMO.TO) is rising 1.22 percent and Suncor Energy (SU.TO) is higher by 1.05 percent. Crescent Point Energy (CPG.TO) is advancing 0.91 percent and Enbridge (ENB.TO) is gaining 0.46 percent. Canadian Natural Resources (CNQ.TO) is climbing 0.91 percent and Encana (ECA.TO) is gaining 0.69 percent. Husky Energy (HSE.TO) is up 0.99 percent.
The heavyweight Financial Index is increasing 0.52 percent. Royal Bank of Canada (RY.TO) is rising 0.98 percent and Toronto-Dominion Bank (TD.TO) is gaining 0.83 percent. Bank of Nova Scotia (BNS.TO) is advancing 0.42 percent and Bank of Montreal (BMO.TO) is higher by 0.30 percent. National Bank of Canada (NA.TO) is climbing 0.29 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.63 percent.
The Capped Telecommunication Services Index is up 0.70 percent. BCE Inc. (BCE.TO) is gaining 0.66 percent and TELUS (T.TO) is climbing 1.01 percent. Rogers Communications (RCI-B.TO) is rising 0.36 percent.
The Capped Industrials Index is up 0.43 percent. Canadian Pacific Railway (CP.TO) is advancing 0.42 percent and Canadian National Railway (CNR.TO) is rising 0.64 percent. Air Canada (AC.TO) is climbing 0.51percent and WestJet Airlines (WJA.TO) is adding 1.10 percent.
The Capped Healthcare Index is lower by 2.76 percent. ProMetic Life Sciences (PLI.TO) is losing 0.77 percent.
The Gold Index is decreasing 0.84 percent. Gold prices are rebounding Tuesday from an 18-month low hit in the previous session as the Turkish lira rebounded from historic lows against major currencies.
Goldcorp (G.TO) is weakening 0.99 percent and IAMGOLD (IMG.TO) is losing 1.28 percent. Kinross Gold (K.TO) is declining 0.49 percent.
IPL Plastics Inc. (IPLP.TO) reported adjusted Net Income of $8.7 million for the second quarter, compared to $8.8 million in the year-ago quarter. The stock is climbing 4.73 percent.
Hydro One Limited (H.TO) reported second quarter earnings per share of $0.34 and adjusted EPS of $0.33, compared to $0.20 in the prior year, an increase of 70% and 65%, respectively. Shares are rising 1.57 percent.
CAE Inc. (CAE.TO) is falling 3.95 percent despite reported a better than expected first quarter profit. The company also hiked its quarterly dividend.
On the economic front, China's industrial production and retail sales grew weaker-than-expected in July amid subdued expansion in fixed asset investment, highlighting difficulties in the domestic economy that are over and above the external uncertainties.
Industrial production growth held steady at 6 percent annually in July, data from the National Bureau of Statistics showed Tuesday. Economists had forecast a faster growth of 6.3 percent.
Retail sales grew at a slower pace of 8.8 percent year-on-year in July, slower than the 9 percent increase in June. Sales were forecast to climb 9.1 percent in July.
The euro area economy expanded more than initially estimated in the second quarter, flash estimate published by Eurostat showed Tuesday. Gross domestic product climbed 0.4 percent sequentially, the same pace of increase as seen in the first quarter, but revised up from the initial estimate of 0.3 percent.
Germany's economic confidence improved more than expected in August, survey data from the Centre for European Economic Research showed Tuesday. The ZEW Indicator of Economic Sentiment climbed notably to -13.7 in August from -24.7 in July, the Mannheim-based think tank said.
The expected score was -21.3. Nonetheless, the indicator remained significantly below its long-term average of +23.0.
Germany's economic growth exceeded expectations in the second quarter on domestic demand and optimism among financial market experts strengthened notably despite escalating trade tensions between the U.S. and China.
The largest euro area economy grew 0.5 percent sequentially, following the 0.4 percent increase in the first quarter, Destatis reported Tuesday. The growth rate was expected to remain unchanged at 0.4 percent.
Germany's consumer price inflation slowed as initially estimated in July, latest figures from Destatis showed Tuesday. Inflation moderated to a 3-month low of 2.0 percent in July from 2.1 percent in June. That was in line with the flash data published on July 30.
France's consumer price inflation accelerated in July as expected initially, latest data from INSEE showed Tuesday. Consumer prices rose 2.3 percent year-on-year after a 2 percent increase in June. Higher energy prices led the acceleration.
France's unemployment rate dropped marginally in the second quarter, data published by the statistical office Insee showed Tuesday. The unemployment rate in metropolitan France dropped to 8.7 percent from 8.9 percent in the first quarter.
The UK unemployment rate dropped to a new low in the second quarter, the Office for National Statistics reported Tuesday.
The ILO jobless rate came in at 4 percent in the second quarter, the lowest since February 1975. The rate was expected to remain unchanged at 4.2 percent.
With a jump in prices for fuel imports offset by a drop in prices for non-fuel imports, the Labor Department released a report on Tuesday showing import prices in the U.S. came in unchanged in the month of July.
The Labor Department said import prices were unchanged in July after edging down by a revised 0.1 percent in June.
Economists had expected import prices to inch up by 0.1 percent compared to the 0.4 percent decrease originally reported for the previous month.
Meanwhile, the report said export prices fell by 0.5 percent in July after rising by a downwardly revised 0.2 percent in June.
Export prices had been expected to rise by 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.
In commodities, crude oil futures for September delivery are up 0.78 or 1.16 percent at $67.98 a barrel.
Natural gas for September is up 0.034 or 1.16 percent at $2.964 per million btu.
Gold futures for December are up 5.00 or 0.42 percent at $1,203.90 an ounce.
Silver for September is up 0.068 or 0.45 percent at $15.05 an ounce.
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