The Canadian stock market got off to a positive start Tuesday, but has since pared its early gains. Energy stocks are falling this morning as crude oil prices tumble after U.S. President Donald Trump criticized OPEC for output cuts to prop up oil prices.
The majority of the European markets are trading modestly higher on Tuesday. Traders were encouraged by the resumption of trade talks between the U.S. and China, but remain cautious ahead of today's deadline for Italy to submit a revised 2019 budget to the European Union.
Markets on Wall Street got off to a positive start Tuesday, but have since pared their early gains. The Wall Street Journal reported that U.S. Treasury Secretary Steven Mnuchin has resumed discussions with his Chinese counterpart, Vice Premier Liu He.
Traders are also looking forward to a speech by Federal Reserve Chairman Jerome Powell on Wednesday, as they look for additional clues about the outlook for interest rates.
The benchmark S&P/TSX Composite Index is down 36.91points or 0.24 percent at 15,119.49.
On Monday, the index closed down by 118.04 points or 0.77 percent, at 15,156.40. The index scaled an intraday high of 15,263.74 and a low of 15,145.64.
The Energy Index is falling 1.14 percent. Suncor Energy (SU.TO) is decreasing 1.06 percent and Enbridge Inc. (ENB.TO) is losing 0.83 percent. Crescent Point Energy (CPG.TO) is weakening 1.81 percent and Cenovus Energy (CVE.TO) is declining 1.91 percent. Imperial Oil (IMO.TO) is surrendering 1.61 percent and Canadian Natural Resources (CNQ.TO) is down 0.94 percent. Encana (ECA.TO) is lower by 1.53 percent.
The Gold Index is decreasing 1.16 percent. Kinross Gold (K.TO) is losing 0.60 percent and IAMGOLD (IMG.TO) is falling 2.00 percent. Barrick Gold (ABX.TO) is declining 1.38 percent and Goldcorp (G.TO) is weakening 0.76 percent. Eldorado Gold (ELD.TO) is surrendering 1.22 percent. Yamana Gold (YRI.TO) is down 2.54 percent and B2Gold (BTO.TO) is lower by 2.27 percent.
The Capped Materials Index is down 0.73 percent. Franco-Nevada (FNV.TO) is declining 0.74 percent and Agnico Eagle Mines (AEM.TO) is falling 1.16 percent. Nutrien (NTR.TO) is losing 0.37 percent.
The Capped Telecommunication Services Index is up 0.70 percent. Rogers Communications (RCI-B.TO) is gaining 1.95 percent and TELUS (T.TO) is rising 0.43 percent. BCE (BCE.TO) is higher by 0.55 percent.
The heavyweight Financial Index is increasing 0.44 percent. Bank of Nova Scotia (BNS.TO) is gaining 0.65 percent and Royal Bank of Canada (RY.TO) is up 0.24 percent. National Bank of Canada (NA.TO) is higher by 0.62 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 0.54 percent. Toronto-Dominion Bank (TD.TO) is advancing 0.55 percent and Bank of Montreal (BMO.TO) is rising 0.66 percent.
The Capped Information Technology Index is gaining 0.27 percent. BlackBerry (BB.TO) is rising 0.17 percent and Constellation Software (CSU.TO) is up 0.75 percent. Sierra Wireless (SW.TO) is advancing 2.53 percent.
Bausch Health Companies Inc. (BHC.TO) is rising 1.07 percent after it announced it will invest to expand contact lens manufacturing capacity at its Bausch + Lomb sites in Rochester, N.Y. and Waterford, Ireland.
Cargojet Inc. (CJT.TO) is surging 6.79 percent after it reported adjusted EBITDA of $31.5 million for the third quarter, an increase of $6.1 million or 24.0% compared to the year-ago quarter.
Cronos Group Inc. (CRON.TO) is falling 4.71 percent after it announced that its third quarter 2018 revenues totaled $3.8 million, as compared to $1.3 million for the third quarter of 2017, representing an increase of $2.4 million, or 186%, thanks to increased production capacity and increased sales volumes.
On the economic front, German investor confidence improved in November, defying expectations for further weakness, survey data from the ZEW showed on Tuesday.
The ZEW Indicator of Economic Sentiment for Germany rose to -24.1 from -24.7 in October, the Mannheim-based think tank said. Economists had forecast a score of -25.9. In September, the score was -10.6.
Germany's consumer price inflation in October was the highest in over a decade, final figures from the Federal Statistical Office showed on Tuesday. The consumer price index rose 2.5 percent year-on-year following a 2.3 percent increase in September.
France's non-farm employment grew at a faster rate in the third quarter than in the previous three months, preliminary estimates from the statistical office INSEE showed on Tuesday. Private payroll employment rose 0.2 percent from the second quarter, when it rose 0.1 percent. In terms of net job creation, the increase was 30,200 jobs versus 22,400 jobs in the previous three months.
Britain's unemployment increased during the three months to September, preliminary data from the Office for National Statistics showed on Tuesday.
The UK unemployment rate rose slightly in the three months to September to 4.1 percent. In the past two months, the ILO jobless rate was steady at 4 percent, which was the lowest level since early 1975. Economists had forecast the rate to remain unchanged.
In commodities, crude oil futures for December delivery are down 2.04 or 3.40 percent at $57.89 a barrel.
Natural gas for December is up 0.257 or 6.78 percent at $4.045 per million btu.
Gold futures for December are down 3.30 or 0.27 percent at $1,200.20 an ounce.
Silver for December is down 0.046 or 0.33 percent at $13.965 an ounce.
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