The Canadian stock market is rising in early trade Wednesday, extending its gains from the previous three sessions. The increase in commodity prices is giving a boost to energy and gold stocks.
Markets in Europe are trading with mixed results, following yesterday's rally. Concerns over Greece continue to weigh on investor sentiment. The European Central Bank's Governing Council meets today to discuss whether to raise the collateral requirements for the emergency loans it gives to the Bank of Greece.
Markets in the United States are under pressure in early trade Wednesday. Traders have been reluctant to make any significant moves ahead of the release of the minutes of the Federal Reserve's latest monetary policy meeting this afternoon. Following the April meeting, the central bank did not provide any specific guidance about the timing of the first interest rate hike.
The benchmark S&P/TSX Composite Index is 50.87 points or 0.34 percent at 15,171.89.
On Tuesday, the index closed up 12.90 points or 0.09 percent, at 15,121.02. The index scaled an intraday high of 15,159.08 and a low of 15,063.32.
The Energy Index is increasing by 1.12 percent. Crude oil prices rose Wednesday morning, trimming this week's losses amid an escalation of fighting in Yemen.
A 24-inch pipeline, owned by Houston-based Plains All American Pipeline, broke along the Santa Barbara coast Tuesday, leaking about 21,000 gallons of crude oil near a beach in California.
The Energy Information Administration also reported the inventories of commercial crude fell by 2.7 million barrels.
Encana (ECA.TO) is advancing by 0.56 percent and Crescent Point Energy (CPG.TO) is higher by 0.90 percent. Cenovus Energy (CVE.TO) is up 2.34 percent and Canadian Oil Sands (COS.TO) is gaining 0.18 percent. Canadian Natural Resources (CNQ.TO) is rising by 2.01 percent. Pacific Rubiales Energy (PRE.TO) is climbing by 4.47 percent and Suncor Energy (SU.TO) is adding 1.38 percent.
The Gold Index is rising by 0.66 percent. Gold prices were up slightly Wednesday morning ahead of potential clues on interest rates by the Federal Reserve.
IAMGOLD (IMG.TO) is advancing by 0.75 percent and Eldorado Gold (ELD.TO) is gaining 0.84 percent. Barrick Gold (ABX.TO) is higher by 0.20 percent and Kinross Gold (K.TO) is up 0.67 percent. B2Gold (BTO.TO) is climbing by 3.43 percent and Royal Gold (RGL.TO) is adding 0.29 percent.
The Capped Materials Index is also up 0.40 percent. Agnico Eagle Mines (AEM.TO) is rising by 1.23 percent and Franco-Nevada (FNV.TO) is gaining 1.03 percent. Silver Wheaton (SLW.TO) is advancing by 0.62 percent and Agrium (AGU.TO) is up 0.28 percent. Potash Corp. of Saskatchewan (POT.TO) is also higher by 0.15 percent.
The Diversified Metal and Mining Index is falling by 0.18 percent. Sherritt International (S.TO) is declining by 0.39 percent and Lundin Mining (LUN.TO) is losing 0.17 percent. First Quantum Minerals (FM.TO) is down 0.34 percent and Teck Resources (TCK-A.TO) is decreasing by 0.52 percent.
The heavyweight Financial Index is higher by 0.32 percent. Bank of Montreal (BMO.TO) is advancing by 0.68 percent and Toronto-Dominion Bank (TD.TO) is up 0.34 percent. Canadian Imperial Bank of Commerce (CM.TO) is higher by 0.39 percent and Royal Bank of Canada (RY.TO) gaining 0.31 percent. National Bank of Canada (NA.TO) is adding 1.07 percent.
The Capped Information Technology Index is advancing by 0.47 percent. BlackBerry (BB.TO) is gaining 0.97 percent and Descartes Systems Group (DSG.TO) is climbing by 0.95 percent. Avigilon (AVO.TO) is higher by 0.63 percent.
Constellation Software (CSU.TO) is rising by 2.01 percent, after it agreed to acquire Picis clinical applications.
The Capped Telecommunication Services Index is climbing by 0.81 percent. BCE (BCE.TO) is higher by 0.90 percent and Manitoba Telecom Services (MBT.TO) is up 0.40 percent. TELUS (T.TO) is gaining 0.63 percent.
The Capped Health Care Index is down 0.07 percent. Valeant Pharmaceuticals International (VRX.TO) is declining by 0.15 percent. The company is reportedly in talks to acquire Amoun Pharmaceutical Co., one of the largest drug makers in Egypt.
The Capped Industrials Index is lower by 0.20 percent. Canadian National Railway (CNR.TO) is down 0.15 percent and Bombardier (BBD-A.TO) is falling by 1.13 percent. Air Canada (AC.TO) is declining by 3.34 percent and AutoCanada (ACQ.TO) is lower by 1.02 percent.
Sears Canada (SCC.TO) is gaining 2.38 percent. The company reported a first-quarter net loss of C$0.58 per share compared to a loss of C$0.74 per share last year.
Velan (VLN.TO) is climbing by 3.15 percent, after Tom Velan was appointed Chairman of the Board and CEO of the company.
On the economic front, Canadian wholesale sales rose by 0.8 percent in March, according to a report from Statistics Canada this morning. This was the first increase since the month of December. Economists had expected an increase of 0.9 percent.
Japan's gross domestic product climbed 0.6 percent on quarter in the first quarter of 2015, the Cabinet Office said in Wednesday's preliminary reading. That topped expectations for an increase of 0.4 percent, and it was up from the downwardly revised 0.3 percent rate of growth in the fourth quarter.
Eurozone construction output increased in March, after declining in the previous month, data from Eurostat showed Wednesday. Construction output rose 0.8 percent month-over-month in March, reversing a 1.6 percent decrease in February, which was revised from a 1.8 percent drop reported earlier.
Germany's producer prices declined at a slightly faster-than-expected pace in April, figures from Destatis showed Wednesday. The producer price index fell 1.5 percent year-over-year in April, just above economists' expectations for a 1.4 percent decrease.
UK households' finance outlook worsened for the first time in eight months in May, while their financial woes eased to a record low, results of a survey by Markit Economics and financial information provider Ipsos Mori revealed Wednesday. The seasonally adjusted Markit Household Finance Index rose slightly to 45.8 in May from 45.7 in the previous month.
In commodities, crude oil futures for June delivery are up $0.82 or 1.41 percent at $58.81 a barrel.
Natural gas for June is up $0.03 or 1.02 percent at $2.978 per million btu.
Gold futures for June are up $4.10 or 0.34 percent at $1,210.80 an ounce.
Silver for July is up $0.164 or 0.96 percent at $17.235 an ounce.
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