The Canadian stock market is losing ground Monday morning, as traders await a crucial U.S. interest rate decision later this week. Energy and gold stocks are under pressure this morning, as well as the financial stocks.
Markets in Europe are trading firmly in the red Monday. Trade-war fears continue to weigh on sentiment and investors are in a cautious mood ahead of Wednesday's Federal Reserve meeting, as well as the Bank of England policy meeting on Thursday.
Markets on Wall Street are under pressure in early trade Monday. Traders are in a cautious mood ahead of Wednesday's Fed decision. The Fed is widely expected to raise interest rates by 25 basis points and traders are likely to keep an eye on the accompanying statement for clues about the outlook for future rate hikes.
The benchmark S&P/TSX Composite Index is down 85.72 points or 0.55 percent at 15,625.61.
On Friday, the index closed up 40.71 points or 0.26 percent, at 15,711.33. The index scaled an intraday high of 15,791.15 and a low of 15,694.32.
The Capped Materials Index is down 1.05 percent. Agnico Eagle Mines (AEM.TO) is decreasing 0.54 percent and Franco-Nevada (FNV.TO) is lower by 0.33 percent. Nutrien (NTR.TO) is also falling 2.05 percent.
The Energy Index is falling 0.87 percent. Crude oil prices are dipping Monday morning, holding around $62 a barrel.
Imperial Oil (IMO.TO) is decreasing 0.78 percent and Cenovus Energy (CVE.TO) is weakening by 0.54 percent. Suncor Energy (SU.TO) is down 1.07 percent and Crescent Point Energy (CPG.TO) is falling 1.32 percent. Canadian Natural Resources (CNQ.TO) is declining 1.13 percent and Husky Energy (HSE.TO) is losing 1.10 percent. Encana (ECA.TO) is surrendering 1.10 percent and Enbridge Inc. (ENB.TO) is dropping 2.28 percent.
The Capped Telecommunication Services Index is down 0.53 percent. BCE (BCE.TO) is lower by 0.25 percent and TELUS (T.TO) is falling 0.88 percent. Rogers Communications (RCI-B.TO) is decreasing 0.73 percent.
The heavyweight Financial Index is decreasing 0.40 percent. Royal Bank of Canada (RY.TO) is down 0.33 percent and Toronto-Dominion Bank (TD.TO) is falling 0.37 percent. Bank of Nova Scotia (BNS.TO) is weakening by 0.64 percent and National Bank of Canada (NA.TO) is losing 0.11 percent. Canadian Imperial Bank of Commerce (CM.TO) is dipping 0.04 percent.
The Gold Index is decreasing 0.41 percent. Gold prices are flat Monday morning in quiet dealing ahead of this week's interest rate decision from the Federal Reserve.
Yamana Gold (YRI.TO) is falling 0.29 percent and B2Gold (BTO.TO) is weakening by 3.15 percent. IAMGOLD (IMG.TO) is surrendering 0.31 percent and Goldcorp (G.TO) is declining 1.20 percent. Barrick Gold (ABX.TO) is decreasing 0.50 percent.
Alio Gold Inc (ALO.TO) is sinking 12.62 percent after it agreed to acquire Rye Patch Gold Corp. (RPM.V).
The Capped Information Technology Index is losing 0.31 percent. Sierra Wireless (SW.TO) is down 1.57 percent and BlackBerry (BB.TO) is falling 1.06 percent.
The Capped Industrials Index is down 0.23 percent. WestJet Airlines (WJA.TO) is losing 0.69 percent and Canadian Pacific Railway (CP.TO) is falling 0.74 percent. Canadian National Railway (CNR.TO) is declining 0.52 percent and Air Canada (AC.TO) is weakening by 1.14 percent.
The Capped Healthcare Index is higher by 0.12 percent. ProMetic Life Sciences (PLI.TO) is climbing 2.17 percent.
On the economic front, the Eurozone trade surplus declined to a three-month low in January as exports declined amid an increase in imports, data from Eurostat showed Monday. The trade surplus came in at seasonally adjusted EUR 19.9 billion versus a EUR 23.2 billion surplus in December. This was the lowest since October 2017.
Eurozone construction output decreased for the first time in seven months in January, data from Eurostat showed Monday. Construction output fell a seasonally adjusted 2.2 percent month-over-month in January, reversing a 0.7 percent rise in December, which was revised up from a 0.1 percent increase reported earlier.
In commodities, crude oil futures for April delivery are down 0.32 or 0.51 percent at $62.02 a barrel.
Natural gas for April is down 0.032 or 1.19 percent at $2.656 per million btu.
Gold futures for April are up 0.299 or 0.02 percent at $1,312.60 an ounce.
Silver for May is up 0.003 or 0.02 percent at $16.275 an ounce.
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