The Canadian stock market is up modestly again Tuesday morning, adding to yesterday's small gains. Commodity prices are little changed this morning, despite the strong GDP report from China. Information technology stocks are logging the biggest gains in early trade, while healthcare stocks are struggling.
Markets in Europe are broadly higher Tuesday, recovering from yesterday's weakness as concerns over Syria continue to ease.
Markets on Wall Street are rising Tuesday morning. Traders have reacted positively to better than expected earnings reports from companies like Johnson & Johnson, Goldman Sachs and UnitedHealth.
The benchmark S&P/TSX Composite Index is up 46.94 points or 0.31 percent at 15,347.32.
On Monday, the index closed up 26.41points or 0.17 percent, at 15,300.38. The index scaled an intraday high of 15,326.05 and a low of 15,266.92.
The Capped Information Technology Index is gaining 1.86 percent. BlackBerry (BB.TO) is up 1.59 percent and Sierra Wireless (SW.TO) is rising 2.24 percent. Constellation Software (CSU.TO) is climbing 1.51 percent and Descartes Systems Group (DSG.TO) is adding 1.33 percent.
The Capped Materials Index is up 0.78 percent. Agnico Eagle Mines (AEM.TO) is rising 0.49 percent and Franco-Nevada (FNV.TO) is higher by 0.73 percent. Nutrien (NTR.TO) is adding 0.39 percent.
The Gold Index is increasing 0.31 percent. Gold prices are lower Tuesday morning as rising U.S. stocks dented the precious metal's safe haven appeal.
Kinross Gold Corp. (K.TO) is climbing 2.08 percent and Goldcorp (G.TO) is adding 0.33 percent. Barrick Gold (ABX.TO) is advancing 0.31 percent and B2Gold (BTO.TO) is rising 1.25 percent. IAMGOLD (IMG.TO) is increasing 0.14 percent.
The Energy Index is rising 0.16 percent. Crude oil prices have stabilized Tuesday morning after a significant pull-back in the previous session.
Crescent Point Energy (CPG.TO) is rising 0.10 percent and Suncor Energy (SU.TO) is up 0.72 percent. Husky Energy (HSE.TO) is gaining 0.55 percent and Encana (ECA.TO) is adding 0.33 percent. Enbridge (ENB.TO) is climbing 1.59 percent.
The Capped Telecommunication Services Index is up 0.13 percent. TELUS (T.TO) is gaining 0.18 percent and Rogers Communications (RCI-B.TO) is adding 0.38 percent.
On the economic front, Canadian manufacturing sales increased 1.9% to C$55.8 billion in February, following two consecutive monthly decreases. The growth was due mainly to higher sales in the transportation equipment industry. Analysts expected only 0.8% growth.
China's economy expanded at a steady pace in the first quarter of 2018, helped by consumer spending amid moderation in industrial output and fixed asset investment growth.
Gross domestic product expanded 6.8 percent year-on-year, the same pace of growth as seen in the fourth quarter, data from the National Bureau of Statistics showed Tuesday. The rate also matched economists' expectations.
German economic confidence declined sharply in April, survey data from the Mannheim-based think tank ZEW showed Tuesday. The ZEW Indicator of Economic Sentiment dropped to -8.2 in April from +5.1 in March. The score was forecast to fall to -1.
The UK unemployment rate declined to a fresh low in three months to February and earnings of employees increased at the fastest pace in nearly three years, signaling easing squeeze on consumer spending.
The ILO jobless rate came in at 4.2 percent in the three months to February, which was below the 4.3 percent logged in the three months to January, data from the Office for National Statistics showed Tuesday. This was the lowest rate since comparable data began in 1971.
After reporting a sharp pullback in new residential construction in the U.S. in the previous month, the Commerce Department released a report on Tuesday showing housing starts rebounded in the month of March.
The report said housing starts jumped by 1.9 percent to an annual rate of 1.319 million in March after tumbling by 3.3 percent to a revised 1.295 million in February. Economists had expected housing starts to increase by 2.1 percent to a rate of 1.262 million from the 1.236 million originally reported for the previous month.
The Commerce Department also said building permits surged up by 2.5 percent to an annual rate of 1.354 million in March after slumping by 4.1 percent to a revised 1.321 million in February. Building permits, an indicator of future housing demand, had been expected to climb by 1.9 percent to a rate of 1.323 million from the 1.298 million originally reported for the previous month.
Partly reflecting a substantial rebound in utilities output, the Federal Reserve released a report on Tuesday showing a slightly bigger than expected increase in U.S. industrial production in the month of March.
The report said industrial production climbed by 0.5 percent in March after surging up by a revised 1.0 percent in February. Economists had expected production to increase by 0.4 percent compared to the 1.1 percent jump originally reported for the previous month.
In commodities, crude oil futures for May delivery are up 0.05 or 0.08 percent at $66.27 a barrel.
Natural gas for May is up 0.006 or 0.22 percent at $2.758 per million btu.
Gold futures for June are down 5.29 or 0.39 percent at $1,345.40 an ounce.
Silver for May is up 0.068 or 0.41 percent at $16.745 an ounce.
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