The Canadian stock market began Monday's session with a slight increase, but has since slipped into negative territory. Gold stocks are among the weakest performers at the start of the new trading week, as gold prices begin to ease back after their recent rally.
The majority of the European markets are logging modest gains Monday. Investors shrugged off a weak reading on German factory orders after the release of some solid Eurozone retail sales and investor confidence data.
Markets on Wall Street are struggling in early trade Monday. Profit taking appears to be playing a role, as investors lock in some profits following the upward move seen in recent sessions. The lack of U.S. economic data is also keeping some investors on the sidelines.
The benchmark S&P/TSX Composite Index is down 17.49 points or 0.11 percent at 16,331.95.
On Friday, the index closed down 63.50 points or 0.39 percent, at 16,349.44. The index scaled an intraday high of 16,370.26 and a low of 16,309.93.
The Capped Materials Index is down 0.39 percent. Nutrien (NTR.TO) is declining 1.96 percent.
The Gold Index is decreasing 0.29 percent. Gold prices are slightly lower Monday morning, following ten consecutive days of gains.
Kinross Gold (K.TO) is losing 0.36 percent and Barrick Gold (ABX.TO) is falling 0.57 percent. B2Gold (BTO.TO) is decreasing 2.15 percent and IAMGOLD (IMG.TO) is declining 1.08 percent. Yamana Gold (YRI.TO) is surrendering 1.24 percent and Eldorado Gold (ELD.TO) is weakening by 2.84 percent.
The Energy Index is falling 0.31 percent. Crude oil prices are slightly higher Monday morning after industry data showed a surprising decrease in the U.S. rig count.
Encana (ECA.TO) is weakening by 0.18 percent and Crescent Point Energy (CPG.TO) is dropping 1.68 percent. Cenovus Energy (CVE.TO) is losing 1.67 percent and Enbridge (ENB.TO) is down 0.18 percent.
The Capped Industrials Index is down 0.17 percent. Canadian National Railway (CNR.TO) is lower by 0.28 percent and WestJet Airlines (WJA.TO) is weakening by 2.04 percent. Air Canada (AC.TO) is declining 2.07 percent and Finning International (FTT.TO) is lower by 0.34 percent.
The heavyweight Financial Index is decreasing 0.10 percent. National Bank of Canada (NA.TO) is weakening by 0.38 percent and Royal Bank of Canada (RY.TO) is losing 0.13 percent. Bank of Montreal (BMO.TO) is falling 0.06 percent and Canadian Imperial Bank of Commerce (CM.TO) is declining 0.44 percent.
TD Bank (TD.TO) said U.S. tax changes will reduce earnings by 400 million dollars this quarter. The stock is rising 0.16 percent.
The Capped Healthcare Index is higher by 3.81 percent. Concordia International (CXR.TO) is rising 17.02 percent and ProMetic Life Sciences (PLI.TO) is climbing 4.17 percent.
On the economic front, Eurozone investor confidence strengthened more than expected in January, survey data from think tank Sentix showed Monday. The investor sentiment index climbed to 32.9 in January from 31.1 in December. The reading was forecast to rise moderately to 31.2.
Eurozone economic confidence improved further in December, survey results from European Commission showed Monday. The economic confidence index rose more-than-expected to 116 from 114.6 in November. This was the highest score since October 2000 and above the forecast of 114.7.
Eurozone retail sales rebounded strongly in November, surpassing economists' expectations, preliminary data from Eurostat showed Monday. Retail sales grew a calendar and seasonally-adjusted 1.5 percent from October, when they fell 1.1 percent. Economists had expected 1.2 percent growth.
Germany's factory orders declined for the first time in four months in November as both domestic and foreign demand deteriorated.
Factory orders decreased by a larger-than-expected 0.4 percent month-on-month, reversing a revised 0.7 percent rise in October, data from Destatis revealed Monday. Orders were forecast to drop 0.2 percent and this was the first decrease in orders since July.
UK house price growth slowed sharply in December and prices declined from the previous month, preliminary data from the Lloyds bank subsidiary Halifax and IHS Markit showed Monday. The house price index rose 2.7 percent year-on-year following 3.9 percent increase in the previous month. The latest increase was the smallest since August, when prices grew 2.6 percent.
In commodities, crude oil futures for February delivery are up 0.21 or 0.34 percent at $61.65 a barrel.
Natural gas for February is up 0.039 or 1.40 percent at $2.834 per million btu.
Gold futures for February are down 2.80 or 0.21 percent at $1,319.50 an ounce.
Silver for March is down 0.11 or 0.64 percent at $17.175 an ounce.
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