(RTTNews.com) - The Canadian stock market is up slightly in early trade Thursday. Energy stocks are on the rise this morning, after crude oil prices rebounded from early losses. Crude prices slid below $50 a barrel this morning for the first time in over a year.
Markets in Europe are trading in the green Thursday. Yesterday's rally on Wall Street and dovish comments from Federal Reserve Chair Jerome Powell provided a boost to investor sentiment.
Markets on Wall Street are heading lower in early trade Thursday. Profit taking appears to be playing a role, following yesterday's rally. Lingering uncertainty about the trade dispute between the U.S. and China is also contributing to the weakness ahead of this weekend's meeting between President Donald Trump and Chinese President Xi Jinping.
The benchmark S&P/TSX Composite Index is up 14.50 points or 0.10 percent at 15,185.75.
On Wednesday, the index closed up by 227.16 points or 1.52 percent, at 15,171.25. The index scaled an intraday high of 15,171.25 and a low of 14,981.69.
The Energy Index is rising 1.04 percent. Imperial Oil (IMO.TO) is gaining 0.63 percent and Cenovus Energy (CVE.TO) is increasing 1.63 percent. Canadian Natural Resources (CNQ.TO) is climbing 2.16 percent and Crescent Point Energy (CPG.TO) is adding 0.51 percent. Suncor Energy (SU.TO) is advancing 0.62 percent and Husky Energy (HSE.TO) is higher by 1.85 percent.
The Capped Materials Index is up 0.43 percent. Nutrien (NTR.TO) is gaining 1.20 percent.
The Capped Information Technology Index is losing 0.31 percent. Sierra Wireless (SW.TO) is falling 0.89 percent and Descartes Systems Group (DSG.TO) is weakening 0.81 percent. BlackBerry (BB.TO) is declining 0.93 percent.
The heavyweight Financial Index is decreasing 0.26 percent. Bank of Montreal (BMO.TO) is falling 0.25 percent and National Bank of Canada (NA.TO) is dipping 0.05 percent.
Toronto-Dominion Bank (TD.TO) is down 0.42 percent after it earned $2.96 billion in its fourth quarter, up from $2.71 billion in the same quarter a year ago. The bank says the profit amounted to $1.58 per diluted share for the three months ended Oct. 31, up from $1.42 per diluted share a year ago. On an adjusted basis, the group said it earned $1.63 per share for the quarter, up from an adjusted profit of $1.36 per share a year ago.
Canadian Imperial Bank of Commerce (CM.TO) is weakening 3.41 percent after it reported an 8% increase in fourth-quarter earnings. Growth at the bank's retail banking and wealth management divisions contributed to the surge in earnings.
CIBC reported adjusted net income of $1,364 million for the fourth quarter, as compared to $1,263 million in the year-ago quarter. Adjusted diluted EPS was up at $3.00, from $2.59 a year ago.
On the economic front, Eurozone's economic sentiment weakened for an eleventh straight month in November, but the pace of decline was less than expected, helped by an improvement in morale in the industrial sector. The economic sentiment indicator fell to 109.5, which was the weakest reading since May 2017, when the score was 109, survey data from the European Commission showed on Thursday.
The October reading was revised to 109.7 from 109.8. Economists had forecast a score of 109.1 for November.
Germany's consumer price inflation slowed more-than-expected in November, preliminary data from the Federal Statistical Office showed on Thursday.
The consumer price index rose 2.3 percent year-on-year following a 2.5 percent increase in October, which was the highest in over a decade. Economists had expected 2.4 percent inflation for November. In September, inflation was 2.3 percent.
Germany's unemployment rate unexpectedly fell to a record low in November and the number of unemployed decreased more than expected, despite a weaker economy.
The seasonally adjusted jobless rate dropped to 5 percent from 5.1 percent in October, figures from the Federal Employment Agency showed on Thursday. Economists had expected the rate to remain unchanged.
Germany's employment level in October hit a record high since reunification and the ILO jobless rate eased from the previous month, data from the Federal Statistical Office showed on Thursday. The employment grew by 1.2 percent or 556,000 persons year-on-year to over 45.1 million.
After reporting an unexpected uptick in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing another unexpected increase in initial jobless claims in the week ended November 24th.
The report said initial jobless claims climbed to 234,000, an increase of 10,000 from the previous week's unrevised level of 224,000. Economists had expected jobless claims to edge down to 220,000.
Personal income and spending in the U.S. both increased by more than anticipated in the month of October, according to a report released by the Commerce Department on Thursday.
The Commerce Department said personal income climbed by 0.5 percent in October after edging up by 0.2 percent in September. Economists had expected income to rise by 0.4 percent.
Additionally, the report said personal spending advanced by 0.6 percent in October after rising by a revised 0.2 percent in the previous month. Spending had also been expected to climb by 0.4 percent, matching the increase originally reported for September.
Pending home sales in the U.S. unexpectedly showed a substantial decrease in the month of October, according to a report released by the National Association of Realtors on Thursday.
NAR said its pending home sales index plunged by 2.6 percent to 102.1 in October after climbing by 0.7 percent to an upwardly revised 104.8 in September. With the steep drop, the index fell to its lowest level since mid-2014.
The sharp pullback surprised economists, who had expected pending home sales to rise by 0.5 percent, matching the increase originally reported for the previous month.
In commodities, crude oil futures for December delivery are up 0.66 or 1.31 percent at $50.95 a barrel.
Natural gas for December is down 0.16 or 3.40 percent at $4.539 per million btu.
Gold futures for December are up 1.80 or 0.15 percent at $1,225.40 an ounce.
Silver for December is down 0.07 or 0.49 percent at $14.255 an ounce.
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