The Canadian stock market is down in early trade Friday, extending its losses from the previous two sessions. Nearly every sector of the market is trading in the red this morning. The largest decliners are the mining and energy stocks, due to weakness in commodity prices.
Markets in Europe are turning in a mixed performance at the end of the trading week. Geopolitical concerns are lingering, but optimism has emerged that the conflict in Yemen would have little effect on oil supplies. Economic data was viewed positively, after German import prices declined at a slower-than-expected pace in February.
Markets in the U.S. are struggling to find direction this morning. The S&P 500 and the Dow Jones are modestly lower Friday, but the Nasdaq is holding on to slight gains. U.S. economic data was mixed today, with fourth quarter GDP unrevised and a better than expected consumer sentiment report.
Economic activity in the U.S. grew at an unrevised rate in the fourth quarter of 2014, according to the final estimate released by the Commerce Department on Friday. The report said gross domestic product increased by 2.2 percent in the fourth quarter, unchanged from the growth estimated last month.
Economists had been expecting the pace of GDP growth to be upwardly revised to 2.4 percent, which would still reflect a notable slowdown from the 5.0 percent growth seen in the third quarter.
Consumer sentiment in the U.S. deteriorated by less than previously estimated in the month of March, according to a report released by the University of Michigan on Friday. The report showed that the final reading on the consumer sentiment index for March came in at 93.0 compared to the mid-month reading of 91.2.
The final reading came in above economist estimates for 92.1 but was still below the final February reading of 95.4.
The benchmark S&P/TSX Composite Index is down 47.91 points or 0.32 percent at 14,821.89. The index is off its early low of 14,717.68.
On Thursday, the index closed down 59.57 points or 0.40 percent, at 14,869.80. The index scaled an intraday high of 14,996.74 and a low of 14,848.99.
The Energy Index is falling by 0.63 percent. Crude oil prices have slipped back below $50 a barrel, after rising to over $51 a barrel yesterday.
Canadian Natural Resources (CNQ.TO) is lower by 0.87 percent and Canadian Oil Sands is declining by 1.11 percent. Legacy Oil + Gas (LEG.TO) is sinking by 9.20 percent and Pacific Rubiales Energy (PRE.TO) is losing 0.96 percent.
Crescent Point Energy (CPG.TO) is decreasing by 1.06 percent and Cenovus Energy (CVE.TO) is down 2.18 percent. Encana (ECA.TO) is surrendering 1.21 percent and Gibson Energy (GEI.TO) is lower by 2.84 percent.
Savanna Energy Services (SVY.TO) is sinking by 6.47 percent, after it eliminated its dividend.
CNOOC (CNU.TO) is climbing by 5.28 percent, after it announced 6.6 percent increase in full year 2014 net profit.
The Gold Index is declining by 0.59 percent, after gold prices have slipped back below $1200 an ounce.
Goldcorp (G.TO) is decreasing by 0.82 percent and Eldorado Gold (ELD.TO) is losing 0.98 percent. Yamana Gold (YRI.TO) is declining by 1.84 percent and IAMGOLD (IMG.TO) is falling by 0.78 percent. Barrick Gold (ABX.TO) is dipping by 0.35 percent and Kinross Gold (K.TO) is down 0.34 percent.
The Capped Materials Index is also down 1.08 percent. Franco-Nevada (FNV.TO) is lower by 1.81 percent and Agnico Eagle Mines (AEM.TO) is losing 0.22 percent. Silver Wheaton (SLW.TO) is down 0.08 percent and Potash Corp. of Saskatchewan (POT.TO) is falling by 1.44 percent.
The Diversified Metal and Mining Index is decreasing by 2.28 percent. First Quantum (FM.TO) is declining by 2.54 percent and Capstone Mining (CS.TO) is losing 1.61 percent. Lundin Mining (LUN.TO) is falling by 0.78 percent and HudBay Minerals (HBM.TO) is dropping by 1.75 percent. Finning International (FTT.TO) is surrendering 0.69 percent and Sherritt International (S.TO) is weaker by 2.73 percent.
The heavyweight Financial Index is down 0.76 percent. Canadian Imperial Bank of Commerce (CM.TO) is falling by 0.56 percent and National Bank of Canada (NA.TO) is decreasing by 0.83 percent. Bank of Montreal (BMO.TO) is down 0.80 percent and Royal Bank of Canada (RY.TO) is lower by 0.69 percent. Bank of Nova Scotia (BNS.TO) is declining by 0.62 percent and Toronto-Dominion Bank (TD.TO) is losing 0.63 percent.
The Capped Industrials Index is lower by 0.52 percent. Canadian Pacific Railway (CP.TO) is dropping by 0.67 percent and Canadian National Railway (CNR.TO) is losing 0.75 percent. Bombardier (BBD-A.TO) is also down 0.37 percent.
The Capped Information Technology Index is rising by 0.33 percent. Descartes Systems Group (DSG.TO) is higher by 1.25 percent.
BlackBerry (BB.TO) is surging by 3.53 percent. The company reported fourth quarter adjusted EPS of $0.04, which topped the consensus estimate of a loss of $0.05 per share.
The Capped Health Care Index is up 0.26 percent. Extendicare (EXE.TO) is gaining 0.27 percent.
Valeant Pharmaceuticals International (VRX.TO) is climbing by 0.43 percent, after it closed a registered offering of common shares in the United States.
DirectCash Payments (DCI.TO) is advancing by 4.18 percent. The company reported fourth quarter EPS of $0.06, compared to the loss of $0.07 a year ago. The company also announced an ATM branding deal with the Bank of Montreal.
Baylin Technologies (BYL.TO) is falling by 4.48 percent. The company's Board has appointed Randy Dewey as Interim President and CEO, effective immediately, following the departure of Ephraim Ulmer.
Alter NRG (NRG.TO) is soaring by 149.22 percent, after it agreed to be acquired by Harvest International New Energy.
On the economic front, Germany's import prices declined at a slower-than-expected pace in February, figures from Destatis showed Friday. The import price index fell 3.0 percent year-over-year in February, below economists' expectations for a 3.9 percent decrease.
At the same time, export price index climbed at a faster pace of 0.7 percent annually in February, following a 0.4 percent rise in the prior month. It was the sixth successive monthly increase.
French consumer confidence improved as expected to the highest level since 2010, survey data from the statistical office Insee showed Friday. The households' consumer confidence index came in at 93 in March versus 92 in February. This was the highest score since November 2010 and came in line with expectations.
U.K. house price growth softened for the seventh consecutive month to an 18-month low in March, the Nationwide Building Society reported Friday.
House prices advanced 5.1 percent year-on-year in March, slower than February's 5.7 percent increase and a 5.3 percent rise forecast by economists. This was the slowest rate of growth since September 2013.
However, house prices rose 0.1 percent on a monthly basis offsetting a 0.1 percent drop seen in February. Economists had forecast a steeper 0.2 percent rise for March.
In commodities, crude oil futures for April delivery are down $1.52 or 2.96 percent at $49.91 a barrel.
Natural gas for April is down $0.05 or 1.87 percent at $2.622 per million btu.
Gold futures for April are down $6.50 or 0.54 percent at $1,198.30 an ounce.
Silver for May is down $0.18 or 1.05 percent at $16.96 an ounce.
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