(RTTNews.com) - The Canadian stock market is modestly higher in early trade Thursday. Energy stocks are leading the way higher this morning, due to rising crude oil prices. Meanwhile, gold stocks are struggling as the price of the precious metal dips.
The majority of the European markets are logging modest gains Thursday. Traders are in a cautious mood after the Italian government announced a delay of the country's budget.
Markets on Wall Street are climbing in early trade Thursday. Traders are reacting to several U.S. economic reports this morning and continue to digest yesterday's monetary policy announcement from the Federal Reserve. As expected, the Fed hiked interest rates by a quarter point.
The benchmark S&P/TSX Composite Index is up 55.02 points or 0.34 percent at 16,224.30.
On Wednesday, the index closed up by 9.78 points or 0.06 percent, at 16,169.28. The index scaled an intraday high of 16,241.41 and a low of 16,146.93.
The Energy Index is rising 1.03 percent. Canadian Natural Resources (CNQ.TO) is advancing 0.75 percent and Crescent Point Energy (CPG.TO) is increasing 1.34 percent. Cenovus Energy (CVE.TO) is climbing 5.25 percent and Suncor Energy (SU.TO) is gaining 1.01 percent. Encana (ECA.TO) is up 0.80 percent and Imperial Oil (IMO.TO) is higher by 0.37 percent. Husky Energy (HSE.TO) is adding 1.83 percent.
The Capped Telecommunication Services Index is up 0.72 percent. BCE Inc. (BCE.TO) is gaining 0.34 percent and TELUS (T.TO) is rising 1.03 percent. Rogers Communications (RCI-B.TO) is higher by 0.83 percent.
The Capped Information Technology Index is gaining 0.80 percent. Constellation Software (CSU.TO) is up 0.90 percent and Sierra Wireless (SW.TO) is climbing 1.49 percent. Descartes Systems Group (DSG.TO) is rising 1.42 percent.
The Capped Industrials Index is up 0.48 percent. Canadian National Railway (CNR.TO) is climbing 0.46 percent and Canadian Pacific Railway (CP.TO) is rising 0.94 percent.
The heavyweight Financial Index is increasing 0.33 percent. Bank of Montreal (BMO.TO) is higher by 0.60 percent and Bank of Nova Scotia (BNS.TO) is gaining 0.50 percent. National Bank of Canada (NA.TO) is advancing 0.12 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.28 percent. Royal Bank of Canada (RY.TO) is climbing 0.58 and Toronto-Dominion Bank (TD.TO) is adding 0.78 percent.
The Gold Index is decreasing 0.19 percent. Kinross Gold (K.TO) is falling 0.55 percent and IAMGOLD (IMG.TO) is down 3.80 percent. Yamana Gold (YRI.TO) is weakening by 2.94 percent. Eldorado Gold (ELD.TO) is slipping 0.44 percent and B2Gold (BTO.TO) is declining 3.58 percent.
The Capped Materials Index is down 0.15 percent. Nutrien (NTR.TO) is falling 0.20 percent.
Hydro One Inc. (H.TO) is falling 0.81 percent after it announced that it has filed a new application with the Ontario Energy Board to acquire Orillia Power Distribution Corp. The company had announced in mid August about reaching an agreement to acquire Orillia Power subject to approval by the OEB.
Canopy Growth Corporation (WEED.TO) is sinking 4.17 percent after it announced that its shareholders have approved the previously-announced $5B CAD private placement of 104 million common shares and about 140 million common share purchase warrants of the Company to CBG Holdings LLC, an affiliate of Constellation Brands, Inc.
On the economic front, Eurozone economic confidence weakened further in September, survey data from European Commission showed Thursday. The economic sentiment index dropped to 110.9 in September from 111.6 in August. The score was forecast to fall to 111.2.
German consumer confidence is set to improve in October despite political turbulence, survey data from market research group GfK showed Thursday. The forward-looking consumer sentiment index rose 0.1 points to 10.6 in September. The score was forecast to remain unchanged at 10.5 points.
Germany's consumer price inflation accelerated more-than-expected in September to its highest level in nearly seven years, initial estimates from the Federal Statistical Office showed Thursday. The consumer price index rose 2.3 percent year-on-year following a 2 percent increase, each in July and August. Economists had expected the rate to remain unchanged.
A report released by the Commerce Department on Thursday showed the pace of U.S. economic growth in the second quarter was unrevised from the previous estimate.
The report said gross domestic product increased at an annual rate of 4.2 percent in the second quarter, unchanged from the estimate released last month. The unrevised growth also matched economist estimates.
First-time claims for U.S. unemployment benefits showed a modest rebound in the week ended September 22nd, according to a report released by the Labor Department on Thursday. The report said initial jobless claims rose to 214,000, an increase of 12,000 from the previous week's revised level of 202,000.
Economists had expected jobless claims to rise to 210,000 from the 201,000 originally reported for the previous week.
Reflecting a substantial rebound in orders for transportation equipment, the Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods jumped much more than expected in the month of August.
The Commerce Department said durable goods orders surged up by 4.5 percent in August after falling by a revised 1.2 percent in July. Economists had expected durable goods orders to climb by 2.0 percent compared to the 1.7 percent slump that had been reported for the previous month.
In commodities, crude oil futures for October delivery are up 0.34 or 0.48 percent at $71.91 a barrel.
Natural gas for October is up 0.037 or 1.24 percent at $3.017 per million btu.
Gold futures for December are down 9.29 or 0.78 percent at $1,189.80 an ounce.
Silver for December is down 0.121 or 0.84 percent at $14.28 an ounce.
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