(RTTNews.com) - The Canadian stock market is trading modestly to the upside Wednesday morning, as it attempts to rebound from two days of losses. Energy stocks are rising this morning despite a pullback in crude prices. Meanwhile, gold stocks are under pressure as the price of the precious metal falls ahead of today's Federal Reserve decision.
Markets on Wall Street are nearly flat Wednesday morning. Traders are in a cautious mood ahead of today's announcement from the Federal Reserve. The Fed is widely expected to hike interest rates by a quarter point when it wraps its 2-day policy meeting this afternoon.
Markets in Europe are have been locked in a sideways pattern throughout Wednesday's session. The markets are turning in a mixed performance, but remain little changed overall.
The benchmark S&P/TSX Composite Index is up 29.37 points or 0.18 percent at 16,188.87.
On Tuesday, the index closed down by 47.82 points or 0.30 percent, at 16,159.50. The index scaled an intraday high of 16,300.67 and a low of 16,159.50.
The Capped Telecommunication Services Index is up 0.83 percent. BCE Inc. (BCE.TO) is gaining 1.06 percent and TELUS (T.TO) is rising 1.60 percent. Rogers Communications (RCI-B.TO) is higher by 0.70 percent.
The Energy Index is rising 0.64 percent. Canadian Natural Resources (CNQ.TO) is advancing 1.86 percent and Crescent Point Energy (CPG.TO) is increasing 0.37 percent. Cenovus Energy (CVE.TO) is climbing 0.99 percent and Suncor Energy (SU.TO) is gaining 1.41 percent. Imperial Oil (IMO.TO) is higher by 0.64 percent.
The heavyweight Financial Index is increasing 0.47 percent. Bank of Montreal (BMO.TO) is higher by 0.73 percent and Bank of Nova Scotia (BNS.TO) is gaining 0.66 percent. National Bank of Canada (NA.TO) is advancing 0.37 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.58 percent. Royal Bank of Canada (RY.TO) is climbing 0.50 and Toronto-Dominion Bank (TD.TO) is adding 0.24 percent.
The Gold Index is decreasing 1.00 percent. Goldcorp (G.TO) is lower by 1.11 percent and Kinross Gold (K.TO) is falling 3.24 percent. IAMGOLD (IMG.TO) is down 0.98 percent and Yamana Gold (YRI.TO) is weakening by 1.50 percent. Barrick Gold (ABX.TO) is losing 0.55 percent and Eldorado Gold (ELD.TO) is slipping 0.44 percent. B2Gold (BTO.TO) is declining 1.34 percent.
The Capped Materials Index is down 0.73 percent. Agnico Eagle Mines (AEM.TO) is losing 2.39 percent.
Ceres Global Ag Corp. (CRP.TO) is rising 3.72 percent after its fourth quarter gross profit increased by $1.9 million to $2.0 compared to the fourth quarter fiscal year 2017.
NFI Group (NFI.TO) is down 0.42 percent after its U.S. subsidiary New Flyer of America Inc. announced that Community Transit in Everett, Washington has exercised options for 26 heavy-duty, sixty-foot Xcelsior clean-diesel transit buses.
On the economic front, France's consumer confidence weakened to the lowest level in more than two years in September, survey results from the statistical office Insee showed Wednesday. The consumer sentiment index fell to 94 in September from revised 96 in August. This was the lowest since April 2016. The score was forecast to remain unchanged at August's initially estimated value of 97.
UK mortgage approvals decreased in August, while credit card spending of consumers increased from last year, figures from UK Finance revealed Wednesday. The number of mortgages approved for house purchases in August decreased to 39,402 from 39,619 in July. In the same period last year, approvals totaled 41,141.
UK retailers reported a slower pace of growth in sales volumes in September and expect it to remain so again next month, the latest Distributive Trades Survey from the Confederation of British Industry showed Wednesday.
The retail sales balance fell to 23 percent in September from 29 percent in August. Retailers forecast sales growth to slow slightly next month, with the balance easing to 19 percent.
After reporting an unexpected decrease in new home sales in the U.S. in the previous month, the Commerce Department released a report on Wednesday showing new home sales rebounded much more than expected in the month of August.
The Commerce Department said new home sales soared by 3.5 percent to an annual rate of 629,000 in August after slumping by 1.6 percent to a revised rate of 608,000 in July. Economists had expected new home sales to rise by 0.5 percent.
In commodities, crude oil futures for October delivery are down 0.38 or 0.53 percent at $71.90 a barrel.
Natural gas for October is down 0.007 or 0.23 percent at $3.075 per million btu.
Gold futures for December are down 5.60 or 0.46 percent at $1,199.50 an ounce.
Silver for December is down 0.073 or 0.50 percent at $14.42 an ounce.
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