The Canadian stock market is nearly flat in early trade Thursday, following yesterday's slight gain. Gold stocks are under pressure this morning after rising yesterday. The price of the precious metal climbed Wednesday following the release of some subdued U.S. inflation data.
The majority of the European markets are trading to the downside Thursday. The European Central Bank, the Bank of England and the Swiss National Bank have all maintained their respective interest rates. The ECB raised the euro area growth forecasts for next year and for 2019.
Markets on Wall Street are up slightly in early trade Thursday. Traders have reacted positively to the better than expected increase in retail sales for November and the unexpected decrease in weekly jobless claims.
The benchmark S&P/TSX Composite Index is up 3.13 points or 0.02 percent at 16,139.72.
On Wednesday, the index closed up 22.56 points or 0.14 percent, at 16,136.59. The index scaled an intraday high of 16,187.85 and a low of 16,131.61.
The Gold Index is decreasing 1.10 percent. Gold prices are rising Thursday morning, extending yesterday's gains.
Goldcorp (G.TO) is declining 0.81 percent and Kinross Gold (K.TO) is down 1.34 percent. Barrick Gold (ABX.TO) is decreasing 0.66 percent and Eldorado Gold (ELD.TO) is weakening by 1.23 percent. Yamana Gold (YRI.TO) is lower by 0.90 percent and B2Gold (BTO.TO) is losing 0.28 percent. IAMGOLD (IMG.TO) is surrendering 1.00 percent.
The Capped Healthcare Index is lower by 1.00 percent. Valeant Pharmaceuticals International (VRX.TO) is weakening by 5.02 percent.
The Capped Materials Index is down 0.50 percent. Agrium (AGU.TO) is losing 0.13 percent and Potash Corp. of Saskatchewan (POT.TO) is decreasing 0.23 percent. Agnico Eagle Mines (AEM.TO) is weakening by 1.12 percent and Franco-Nevada (FNV.TO) is falling 0.89 percent.
The Capped Telecommunication Services Index is down 0.45 percent. TELUS (T.TO) is falling 0.34 percent and BCE (BCE.TO) is losing 0.12 percent.
The heavyweight Financial Index is decreasing 0.15 percent. Royal Bank of Canada (RY.TO) is losing 0.21 percent and Toronto-Dominion Bank (TD.TO) is falling 0.08 percent. Bank of Nova Scotia (BNS.TO) is lower by 0.23 percent and Bank of Montreal (BMO.TO) is down 0.17 percent.
The Capped Information Technology Index is gaining 0.43 percent. Blackberry (BB.TO) is rising 0.15 percent.
The Energy Index is rising 0.33 percent. Crude oil prices are slipping Thursday morning, but are holding above $56 a barrel.
Canadian Natural Resources (CNQ.TO) is up 0.85 percent and Cenovus Energy (CVE.TO) is gaining 0.93 percent. Suncor Energy (SU.TO) is higher by 0.32 percent and Encana (ECA.TO) is adding 0.47 percent. Husky Energy (HSE.TO) is climbing 4.02 percent.
The Capped Industrials Index is up 0.14 percent. Canadian Pacific Railway (CP.TO) is gaining 0.49 percent and Canadian National Railway (CNR.TO) is rising 0.62 percent. WestJet Airlines (WJA.TO) is higher by 0.36 percent.
Bombardier (BBD-B.TO) is falling 1.44 percent. The company provided 2018 guidance and confirmed that its five-year turnaround plan remains on track. The company also affirmed its 2017 guidance, as revised with the announcement of its third quarter 2017 results.
On the economic front, a report from Statistics Canada this morning showed that the Canadian new housing price index increased by 0.1 percent in October. Economists had expected an increase of 0.2 percent.
Retail sales in China were up 10.2 percent on year in November, the National Bureau of Statistics said on Thursday. That missed forecasts for 10.3 percent but was still up from 10.0 percent in October.
Eurozone private sector activity expanded at the fastest pace in nearly seven years in December, flash survey data from IHS Markit showed Thursday. The headline composite output index climbed to an 82-month high of 58.0 in December from 57.5 in November. Meanwhile, the index was expected to fall to 57.2.
Germany's private sector activity expanded at the fastest pace in over six-and-a-half years in December, flash survey results from IHS Markit showed Thursday. The flash composite output index rose to an 80-month high of 58.7 in December from 57.3 in November.
France's private sector maintained strong growth momentum in December, driven by solid expansion in manufacturing activity, flash survey data from IHS Markit showed Thursday. The composite output index dropped to a 2-month low of 60.0 in December. Economists had expected the index fall to 59.6.
France's consumer price inflation accelerated slightly as initially estimated in November, final figures from the statistical office Insee showed Thursday. Inflation rose to 1.2 percent in November from 1.1 percent in October. That was in line with the flash data published on November 30.
UK retail sales grew the most in seven months in November, figures from the Office for National Statistics showed Thursday.
Retail sales volume climbed 1.1 percent on a monthly basis in November, with strong contribution from households goods stores. This was the biggest increase since April, when sales advanced 1.9 percent.
Sales were forecast to grow marginally by 0.4 percent after expanding 0.5 percent in October.
First-time claims for U.S. unemployment benefits unexpectedly decreased in the week ended December 9th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dropped to 225,000, a decrease of 11,000 from the previous week's unrevised level of 236,000. Economists had expected jobless claims to inch up to 239,000.
Retail sales in the U.S. increased by much more than anticipated in the month of November, the Commerce Department revealed in a report released on Thursday. The report said retail sales climbed by 0.8 percent in November after rising by an upwardly revised 0.5 percent in October.
Economists had expected retail sales to increase by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.
A report released by the Labor Department on Thursday showed U.S. import prices increased in line with economist estimates in the month of November, while export prices rose by much more than anticipated.
The Labor Department said its import price index climbed by 0.7 percent in November after inching up by 0.1 percent in October.
Export prices rose by 0.5 percent in November after ticking up by 0.1 percent in the previous month. Economists had expected export prices to edge up by 0.2 percent.
A report released by the Commerce Department on Thursday showed a modest decrease in U.S. business inventories in the month of October. The Commerce Department said business inventories edged down by 0.1 percent in October after showing no change in September. The slight drop in inventories matched economist estimates.
In commodities, crude oil futures for January delivery are down 0.02 or 0.04 percent at $56.58 a barrel.
Natural gas for January is down 0.019 or 0.70 percent at $2.696 per million btu.
Gold futures for February are up 5.60 or 0.45 percent at $1,254.20 an ounce.
Silver for March is up 0.026 or 0.16 percent at $15.895 an ounce.
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