The Canadian stock market is off to a slow start Monday morning. Weakness in gold and energy stocks is weighing on the overall market at the start of the trading week. Crude oil prices are heading lower after Iraq said it does not intend to join OPEC members in cutting oil supplies.
Markets in Europe are mostly positive at the start of the new trading week. Investors are reacting positively to a report which showed that the Eurozone private sector expanded at the fastest pace thus far this year.
Markets in the United States are also trading modestly to the upside this morning. Corporate earnings reports and M&A action are driving the markets higher this morning. However, a lack of US economic data is keeping some traders on the sidelines.
The benchmark S&P/TSX Composite Index is down 39.11 points or 0.26 percent at 14,899.93.
On Friday, the index closed up 91.12 points or 0.61 percent, at 14,939.04. The index scaled an intraday high of 14,958.86 and a low of 14,838.368.
The Gold Index is falling 0.82percent. Gold prices are slightly lower Monday morning ahead of a flurry of Federal Reserve speeches.
Barrick Gold (ABX.TO) is declining 0.98 percent and Kinross Gold (K.TO) is weakening by 1.25 percent. Eldorado Gold (ELD.TO) is decreasing 1.61 percent and Yamana Gold (YRI.TO) is losing 0.98 percent. Goldcorp (G.TO) is surrendering 0.87 percent and B2Gold (BTO.TO) is lower by 1.36 percent.
The Capped Healthcare Index is lower by 0.74 percent. Valeant Pharmaceuticals International (VRX.TO) is down 1.09 percent.
Concordia International Corp. (CXR.TO) chief executive Mark Thompson will step down following the appointment of a successor. The stock is sinking 7.69 percent.
The Capped Materials Index is down 0.39 percent. Franco-Nevada (FNV.TO) is falling 1.63 percent and Agnico Eagle Mines (AEM.TO) is slipping 0.49 percent. Silver Wheaton (SLW.TO) is decreasing 0.19 percent.
The Energy Index is down 0.32 percent. Crude oil prices are lower Monday morning after Iraq said it does not intend to join OPEC members in cutting oil supplies.
Encana (ECA.TO) is falling 1.02 percent and Canadian Natural Resources (CNQ.TO) is weakening by 0.34 percent. Cenovus Energy (CVE.TO) is declining 1.44 percent and Enbridge (ENB.TO) is decreasing 1.14 percent. Crescent Point Energy (CPG.TO) is forfeiting 0.74 percent and Suncor Energy (SU.TO) is lower by 0.27 percent.
Husky Energy (HSE.TO) is losing 0.13 percent. The company is asking for more time to report the cause of a pipeline leak in Saskatchewan.
The Capped Telecommunication Services Index is weakening by 0.16 percent. BCE (BCE.TO) is falling 0.18 percent and Rogers Communication (RCI-B.TO) is decreasing 0.44 percent. TELUS (T.TO) is also losing 0.13 percent.
The heavyweight Financial Index is decreasing 0.11 percent. Royal Bank of Canada (RY.TO) is down 0.01 percent
Toronto-Dominion Bank (TD.TO) is climbing 0.27 percent. TD Ameritrade Holding Corp. (AMTD) and its largest stakeholder, Toronto-Dominion Bank, will acquire online brokerage Scottrade Financial in a cash and stock transaction valued at $4 billion.
The Capped Industrials Index is dipping 0.01 percent. Canadian Pacific Railway (CP.TO) is falling 0.25 percent and Finning International (FTT.TO) is down 0.32 percent.
The Capped Information Technology Index is rising 0.44 percent. BlackBerry (BB.TO) is up 0.10 percent and Sierra Wireless (SW.TO) is climbing 1.37 percent.
On the economic front, Canadian wholesale sales climbed 0.8 percent on a month over month basis in August. Economists had been expecting an increase of 0.6 percent.
Eurozone private sector expanded at the fastest pace thus far this year, led by a strong rebound in Germany, while the pace of growth eased in France.
The Composite Output Index, which combines manufacturing and services, rose to 53.7 from 52.6 in September, preliminary results of the purchasing managers' survey by IHS Markit showed Monday. The outcome exceeded the 52.8 score economists had predicted.
In Germany, private sector growth recovered sharply to a three-month high in October, on the back of a strong rebound in the service sector and faster expansion in manufacturing.
The flash Germany Composite PMI rose to 55.1 from a 16-month low of 52.8 in September. The Services PMI also climbed to a three-month high of 54.1 from 50.9 in September. Economists had forecast a score of 51.8.
French private sector growth slowed in October as a rebound in manufacturing failed to offset the weaker expansion in services, preliminary results of the latest purchasing managers' survey by IHS Markit revealed Monday.
The flash France Composite Output Index, which combines manufacturing and services, fell to a two-month low of 52.2 from a 15-month peak of 52.7 in September.
In commodities, crude oil futures for November delivery are down 0.71 or 1.40 percent at $50.14 a barrel.
Natural gas for November is down 0.132 or 4.41 percent at $2.861 per million btu.
Gold futures for December are down $2.40 or 0.19 percent at $1,265.30 an ounce.
Silver for December is up $0.177 or 1.01 percent at $17.67 an ounce.
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