The Canadian stock market is under pressure in early trade Friday, adding to the losses of the previous session. Continued concern over the impasse in the Greek debt negotiations is weighing on the market this morning, as well as the continued pressure on commodity prices.
The majority of the European markets have turned positive, after reports that Greece's creditors have proposed a five-month extension of its current bailout programme if the government agrees to a set of reforms. Talks between creditors and Greek Prime Minister Alexis Tsipras failed to produce any deal on Thursday and a Eurogroup meeting later on apparently saw proposals from both sides.
Markets in the United States are trading modestly to the upside. Investors remain largely focused on the developments in Greece. Meanwhile, U.S. consumer sentiment for June came in better than expected.
Consumer sentiment in the U.S. has improved by even more than previously estimated in the month of June, according to a report released by the University of Michigan on Friday. The report said the consumer sentiment index for June was upwardly revised to 96.1 from the mid-month reading of 94.6.
Economists had expected the index to be unrevised from the preliminary reading, which was already up sharply from the final May reading of 90.7.
The benchmark S&P/TSX Composite Index is down 40.85 points or 0.27 percent at 14,856.65.
On Thursday, the index closed down 50.01 points or 0.33 percent, at 14,897.50. The index scaled an intraday high of 14,957.24 and a low of 14,861.68.
The Capped Health Care Index is down 0.73 percent. Concordia Healthcare (CXR.TO) is falling by 0.38 percent and Valeant Pharmaceuticals International (VRX.TO) is declining by 1.77 percent.
The Energy Index is decreasing by 0.67 percent. Crude oil prices fell Friday morning, extending losses from the previous session amid mounting concerns about the health of the global economy.
Suncor Energy (SU.TO) is falling by 0.14 percent and Canadian Natural Resources (CNQ.TO) is losing 0.40 percent. Cenovus Energy (CVE.TO) is decreasing by 1.47 percent and Enbridge (ENB.TO) is declining by 1.11 percent. Encana (ECA.TO) is lower by 1.33 percent and Pacific Rubiales Energy (PRE.TO) is weakening by 2.25 percent. Legacy Oil + Gas (LEG.TO) is surrendering 0.79 percent.
The Diversified Metal and Mining Index is losing 0.57 percent. First Quantum Minerals (FM.TO) is decreasing by 0.87 percent and HudBay Minerals (HBM.TO) is down 1.50 percent. Lundin Mining (LUN.TO) is losing 0.19 percent and Teck Resources (TCK-A.TO) is declining by 1.40 percent.
The Capped Materials Index is also down 0.16 percent. Agnico Eagle Mines (AEM.TO) is declining by 0.36 percent and Silver Wheaton (SLW.TO) is losing 0.05 percent. Agrium (AGU.TO) is dropping by 1.19 percent.
Potash Corp. of Saskatchewan (POT.TO) is decreasing by 0.46 percent, after it offered to acquire German potash maker K+S Group.
The Gold Index is rising by 0.28 percent. Gold was flat yet again Friday, having seen little movement since mid-week.
B2Gold (BTO.TO) is decreasing by 1.01 percent and IAMGOLD (IMG.TO) is losing 0.36 percent. Goldcorp (G.TO) is down 0.10 percent.
Royal Gold (RGL.TO) is up 0.62 percent and Kinross Gold (K.TO) is rising by 0.70 percent.
The heavyweight Financial Index is higher by 0.23 percent. Royal Bank of Canada (RY.TO) is higher by 0.35 percent and Bank of Nova Scotia (BNS.TO) is advancing by 0.65 percent. Toronto-Dominion Bank (TD.TO) is rising by 0.59 percent.
Bank of Montreal (BMO.TO) is climbing by 0.41 percent. OneAmerica has agreed to acquire BMO's Milwaukee-based, U.S. retirement services business, BMO Retirement Services.
The Capped Industrials Index is climbing by 0.17 percent. Canadian Pacific Railway (CP.TO) is gaining 0.66 percent and Canadian National Railway (CNR.TO) is up 0.38 percent.
Air Canada (AC.TO) is down 0.58 percent. The company announced that the members of the Canadian trade union Unifor have ratified an agreement on a new collective agreement for five years.
The Capped Telecommunication Services Index is climbing by 0.32 percent. TELLUS (T.TO) is up 0.40 percent and BCE (BCE.TO) is advancing by 0.26 percent.
INSCAPE Corp. (INQ.TO) is falling by 6.34 percent, after its fourth quarter loss widened to $0.24 per share, from $0.10 per share last year.
Metro (MRU.TO) is up 0.62 percent, after it announced that it intends to purchase for cancellation up to 450,000 of its Common Shares through private agreements.
On the economic front, France's consumer confidence held steady for the second straight month in June, survey data from the statistical office INSEE showed Friday. The consumer confidence came in at 94 in June, the same reading as in the previous two months. The May figure was revised from 93. Economists had expected the index to remain same at 93.
Germany's import prices dropped at a faster-than-expected pace in May, figures from Destatis showed Friday. Import prices slid 0.8 percent year-over-year in May, faster than previous month's 0.6 percent decrease. Economists had expected a 0.4 percent fall for the month.
The eurocoin indicator, which measures the current economic situation in the euro area, rose for the seventh consecutive month in June, a survey by the Bank of Italy and the Centre for Economic Policy Research showed Friday. The eurocoin indicator increased to 0.39 in June from 0.38 in the previous month. In April, the score was 0.33.
House prices in England and Wales climbed at the slowest annual pace in seventeen months in May, figures from the Land Registry revealed Friday. The house price index rose 4.6 percent year-on-year following 5.1 percent gain in April. The latest increase was the smallest since December 2013, when prices increased 4.3 percent. House price inflation eased for the ninth successive month in May.
In commodities, crude oil futures for July delivery are down $0.68 or 1.14 percent at $59.02 a barrel.
Natural gas for July is down 0.073 or 2.56 percent at $2.777 per million btu.
Gold futures for August are down $1.90 or 0.16 percent at $1,169.90 an ounce.
Silver for July is down $0.103 or 0.65 percent at $15.705 an ounce.
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