(RTTNews.com) - After breaking a six day losing streak yesterday, the Canadian stock market has slipped back into negative territory Wednesday morning. Traders remain in a cautious mood due to concerns over a global trade war. Commodity prices are also turning in a rather lackluster performance this morning.
The majority of the European markets are trading modestly to the upside Wednesday. The markets have been stuck in a sideways pattern throughout the day. Traders are looking ahead to policy decisions from both the European Central Bank and the Bank of England on Thursday.
Markets on Wall Street are struggling in early trade Wednesday. The S&P 500 and the Dow are relatively flat this morning, while the tech-heavy Nasdaq is falling. Traders appear reluctant to make significant moves amid lingering concerns about the ongoing trade dispute between the U.S. and China.
The benchmark S&P/TSX Composite Index is down 55.16 points or 0.34 percent at 16,039.09.
On Tuesday, the index closed up by 37.16 points or 0.23 percent, at 16,094.25. The index scaled an intraday high of 16,111.65 and a low of 15,975.75.
The Capped Industrials Index is down 0.65 percent. Canadian Pacific Railway (CP.TO) is losing 0.92 percent and Canadian National Railway (CNR.TO) is weakening 0.42 percent. Finning International (FTT.TO) is lower by 0.17 percent.
The Capped Information Technology Index is losing 0.58 percent. Descartes Systems Group (DSG.TO) is weakening 0.73 percent and BlackBerry (BB.TO) is falling 1.63 percent. Constellation Software (CSU.TO) is decreasing 0.26 percent.
The heavyweight Financial Index is decreasing 0.52 percent. Bank of Montreal (BMO.TO) is lower by 0.75 percent and Toronto-Dominion Bank (TD.TO) is dropping 0.52 percent. National Bank of Canada (NA.TO) is falling 0.39 percent and Royal Bank of Canada (RY.TO) is declining 0.61 percent. Bank of Nova Scotia (BNS.TO) is losing 0.67 percent and Canadian Imperial Bank of Commerce (CM.TO) is down 0.63 percent.
The Energy Index is falling 0.23 percent. Suncor Energy (SU.TO) is lower by 0.73 percent and Canadian Natural Resources (CNQ.TO) is declining 0.19 percent. Cenovus Energy (CVE.TO) is losing 0.25 percent and Encana (ECA.TO) is weakening by 0.87 percent. Husky Energy (HSE.TO) is down 0.28 percent and Enbridge (ENB.TO) is surrendering 1 percent.
The Capped Telecommunication Services Index is down 0.19 percent. BCE Inc. (BCE.TO) is losing 0.38 percent and TELUS (T.TO) is falling 0.37 percent. Rogers Communications (RCI-B.TO) is lower by 0.29 percent.
The Gold Index is increasing 0.47 percent. Yamana Gold (YRI.TO) is advancing 1.26 percent and Goldcorp (G.TO) is adding 0.30 percent. Barrick Gold (ABX.TO) is higher by 0.23 percent and Kinross Gold (K.TO) is gaining 0.56 percent. Eldorado Gold (ELD.TO) is up 0.91 percent and B2Gold (BTO.TO) is surrendering 1.37 percent. IAMGOLD (IMG.TO) is climbing 1.04 percent.
The Capped Materials Index is up 0.22 percent. Franco-Nevada (FNV.TO) is increasing 0.71 percent and Agnico Eagle Mines (AEM.TO) is adding 0.16 percent.
Roots (ROOT.TO) is sinking 11.25 percent after it reported adjusted EBITDA of $32,000 for the second quarter, compared to $1.3 million in the year-ago quarter. Net Loss per share was $0.06 in the second quarter, compared to $0.03 per share last year.
New Gold Inc. (NGD.TO) announced that it has appointed Renaud Adams as the new President and Chief Executive Officer of the Company, effective September 12, 2018. The stock is climbing 17.48 percent.
Canada Goose (GOOS.TO) opened its third manufacturing facility in Winnipeg on Tuesday, the company's largest to date, which will employ more than 700 new employees over the next three years. Shares are weakening by 2.29 percent.
On the economic front, a report from Statistics Canada this morning showed that Canadian industrial capacity utilization rose to 85.5 percent in the second quarter. Economists had expected a rate of 86.9 percent.
Eurozone industrial production decreased for the second straight month in July, Eurostat reported Wednesday. Industrial output slid 0.8 percent month-on-month in July, the same pace of decline as seen in June. Economists had forecast a moderate drop of 0.5 percent.
Producer prices in the U.S. unexpectedly saw a modest decrease in the month of August, according to a report released by the Labor Department on Wednesday. The Labor Department said its producer price index for final demand edged down by 0.1 percent in August after coming in unchanged in July. Economists had expected prices to rise by 0.2 percent.
In commodities, crude oil futures for October delivery are up 0.92 or 1.33 percent at $70.17 a barrel.
Natural gas for October is up 0.026 or 0.92 percent at $2.854 per million btu.
Gold futures for December are down 1.00 or 0.08 percent at $1,201.20 an ounce.
Silver for December is down 0.003 or 0.02 percent at $14.15 an ounce.
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