The Canadian stock market is posting a modest decrease in early trade Friday, after snapping a 3-session losing streak yesterday. Financial, energy and mining stocks are among the weakest performers this morning.
The majority of the European markets have slipped into negative territory Friday. The markets were up in early trade, after ECB President Mario Draghi stated that the stimulus efforts would remain in place until inflation picks up and companies and consumers gain confidence.
Markets in the United States are also trading slightly to the downside, following the release of some disappointing economic data.
Industrial production in the U.S. showed a continued decrease in the month of April, according to a report released by the Federal Reserve on Friday, with the drop reflecting declines in mining and utilities output. The report said industrial production fell by 0.3 percent in April, matching the upwardly revised decrease seen in March.
Economists had expected production to come in unchanged compared to the 0.6 percent drop originally reported for the previous month.
Reflecting decreases in the assessment of current conditions and the economic outlook, the University of Michigan released a report on Friday showing a substantial decrease in U.S. consumer sentiment in the month of May.
The report said the consumer sentiment index tumbled to 88.6 in May from 95.9 in April, while economists had expected the index to edge down to 95.8.
Business conditions for New York manufacturers have improved slightly in the month of May, according to a report released by the Federal Reserve Bank of New York on Friday. The New York Fed said its general business conditions index climbed to a positive 3.1 in May from a negative 1.2 in April, with a positive reading indicating growth in regional manufacturing activity.
However, economists had been expecting the index to show a somewhat more significant improvement to a reading of positive 5.0.
The benchmark S&P/TSX Composite Index is down 3.20 points or 0.02 percent at 15,024.92.
On Thursday, the index closed up 47.40 points or 0.32 percent, at 15,028.12. The index scaled an intraday high of 15,036.82 and a low of 14,983.97.
The Energy Index is decreasing by 0.23 percent. Crude oil prices turned lower Friday but remain on track for a weekly gain as the dollar rebounded against major rivals.
Encana (ECA.TO) is declining by 2.06 percent and Crescent Point Energy (CPG.TO) is lower by 0.61 percent and Cenovus Energy (CVE.TO) is down 0.39 percent and Canadian Oil Sands (COS.TO) is losing 0.09 percent. Canadian Natural Resources (CNQ.TO) is dipping by 0.08 percent and Legacy Oil + Gas (LEG.TO) is falling by 1.09 percent. Pacific Rubiales Energy (PRE.TO) is surrendering 2.66 percent.
The heavyweight Financial Index is lower by 0.46 percent. Bank of Nova Scotia (BNS.TO) decreasing by 0.52percent and Bank of Montreal (BMO.TO) is declining by 0.54 percent. Toronto-Dominion Bank (TD.TO) is down 0.67 percent and Canadian Imperial Bank of Commerce (CM.TO) is lower by 0.34 percent. Royal Bank of Canada (RY.TO) losing 0.43 percent.
The Diversified Metal and Mining Index is falling by 0.80 percent. Sherritt International (S.TO) is declining by 3.97 percent and Lundin Mining (LUN.TO) is losing 0.97 percent. First Quantum Minerals (FM.TO) is losing 0.70 percent.
The Gold Index is rising by 0.39 percent. Gold prices fell Friday morning, trimming recent gains as the dollar bounced back against the euro.
IAMGOLD (IMG.TO) is climbing by 1.07 percent and Royal Gold (RGL.TO) is up 0.63 percent. Eldorado Gold (ELD.TO) is gaining 0.97 percent and Kinross Gold (K.TO) is adding 1.98 percent.
B2Gold (BTO.TO) is higher by 3.88 percent. The company reported breakeven results for the first quarter, compared to the loss of $0.04 per share last year.
The Capped Materials Index is also up 0.27 percent. Silver Wheaton (SLW.TO) is advancing by 0.04 percent and Potash Corp. of Saskatchewan (POT.TO) is gaining 0.98 percent.
Agnico Eagle Mines (AEM.TO) is falling by 0.49 percent, after it has agreed to subscribe for 62.50 million common shares of Belo Sun Mining Corp. (BSX.TO) in a non-brokered private placement at a price of C$0.24 per Belo Sun Share for total consideration of C$15 million.
The Capped Industrials Index is climbing by 0.46 percent. Canadian Pacific Railway (CP.TO) and Canadian National Railway are both rising by 0.72 percent each. Air Canada (AC.TO) is up 1.28 percent and Canadian Tire (CTC-A.TO) is gaining 2.49 percent.
The Capped Telecommunication Services Index is rising by 0.23 percent. BCE (BCE.TO) is higher by 0.17 percent and Rogers Communication (RCI-A.TO) is gaining 1.08 percent. Manitoba Telecom Services (MBT.TO) is up 0.55 percent.
DirectCash Payments (DCI.TO) is sinking by 7.93 percent, after its first-quarter net loss widened to C$2.91 million from C$1.69 million in the prior year.
Absolute Software (ABT.TO) is down 1.22 percent. The company reported first quarter EPS of $0.06, compared to $0.03 in the prior year period.
Aimia (AIM.TO) is gaining 2.00 percent, after it posted a first quarter profit of C$0.10 per share.
Webtech Wireless (WEW.TO) is climbing by 23.83 percent, after a Brazilian court ruled in favor of the company.
On the economic front, Canadian existing home sales climbed by 2.3 percent in April, according to a report this morning from the Canadian Real Estate Association.
U.K. construction output recovered strongly in March, data from the Office for National Statistics showed Friday. Construction output grew 3.9 percent in March from February when it fell 0.3 percent. Economists had forecast a 4 percent growth for March.
Germany's manufacturing employment increased in March, data from Destatis showed Friday. The number of people worked in manufacturing units advanced 1.2 percent or 63,000 from the prior year.
In commodities, crude oil futures for June delivery are down $0.87 or 1.45 percent at $59.01 a barrel.
Natural gas for June is down $0.007 or 0.23 percent at $3.001 per million btu.
Gold futures for June are down $3.60 or 0.29 percent at $1,221.60 an ounce.
Silver for July is up $0.075 or 0.43 percent at $17.54 an ounce.
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