The Canadian stock market is gaining ground in early trade Friday, bouncing back from yesterday's pullback. Rising commodity prices are providing a boost on Bay Street this morning, as the U.S. dollar has weakened following the release of tame inflation data.
Markets in Europe are turning in a mixed performance Friday. They have been stuck in a sideways patter throughout the session and remain little changed overall.
Markets in the United States are up slightly in early trade Friday, after ending the previous session slightly lower. Retail sales and consumer prices both increased slightly less than expected this morning.
The benchmark S&P/TSX Composite Index is up 85.42 points or 0.54 percent at 15,827.63.
On Thursday, the index closed down 58.20 points or 0.37 percent, at 15,742.20. The index scaled an intraday high of 15,793.73 and a low of 15,742.20.
The Energy Index is rising 0.88 percent. Crude oil prices are rising Friday morning and has climbed back above $51 a barrel.
Encana (ECA.TO) is up 0.91 percent and Crescent Point Energy (CPG.TO) is climbing 0.96 percent. Husky Energy (HSE.TO) is advancing 1.20 percent and Canadian Natural Resources (CNQ.TO) is higher by 0.98 percent. Imperial Oil (IMO.TO) is adding 0.59 percent. Cenovus Energy (CVE.TO) is increasing 2.27 percent and Suncor Energy (SU.TO) is gaining 0.19 percent.
The Capped Telecommunication Services Index is up 0.67 percent. TELUS (T.TO) is increasing 0.42 percent and Rogers Communications (RCI-B.TO) is rising 0.98 percent. BCE (BCE.TO) is climbing 0.75 percent.
The Capped Materials Index is down 0.14 percent. Agrium (AGU.TO) is decreasing 0.87 percent and Potash Corp. of Saskatchewan (POT.TO) is losing 0.59 percent.
The Capped Materials Index is up 0.67 percent. Agrium (AGU.TO) is increasing 1.56 percent and Potash Corp. of Saskatchewan (POT.TO) is gaining 1.69 percent. Agnico Eagle Mines (AEM.TO) is rising 0.74 percent and Franco-Nevada (FNV.TO) is adding 0.81 percent.
The Capped Information Technology Index is gaining 0.66 percent. Sierra Wireless (SW.TO) is climbing 0.61 percent and BlackBerry (BB.TO) is rising 2.09 percent. Constellation Software (CSU.TO) is up 0.31 percent and Descartes Systems Group (DSG.TO) is adding 0.56 percent.
The Capped Industrials Index is up 0.44 percent. Canadian National Railway (CNR.TO) is climbing 0.57 percent and Finning International (FTT.TO) is rising 0.85 percent.
Bombardier (BBD.B.TO) is higher by 0.22 percent. The company announced that it will miss another Toronto transit street car delivery target.
The heavyweight Financial Index is increasing 0.41 percent. Bank of Montreal (BMO.TO) is up 0.37 percent and Royal Bank of Canada (RY.TO) is climbing 0.58 percent. National Bank of Canada (NA.TO) is gaining 0.57 percent and Bank of Nova Scotia (BNS.TO) is advancing 0.70 percent. Toronto-Dominion Bank (TD.TO) is higher by 0.13 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 0.32 percent.
The Gold Index is increasing 0.37 percent. Gold prices are rising Friday morning, after relatively tame U.S. inflation data fueled speculation the Federal Reserve will delay raising interest rates.
Goldcorp (G.TO) is climbing 0.81 percent and B2Gold (BTO.TO) is up 1.60 percent. Eldorado Gold (ELD.TO) is rising 0.72 percent and Barrick Gold (ABX.TO) is up 0.48 percent. Kinross Gold (K.TO) is increasing 0.18 percent and Yamana Gold (YRI.TO) is adding 0.15 percent.
The Capped Healthcare Index is lower by 0.83 percent. Valeant Pharmaceuticals International (VRX.TO) is losing 2.90 percent and Concordia International (CXR.TO) is falling 2.03 percent. Extendicare (EXE.TO) is also dipping 0.21 percent.
ProMetic Life Sciences (PLI.TO) is climbing 5.45 percent after the U.S. FDA has accepted its BLA for Plasminogen.
On the economic front, China's exports expanded at a slower than expected pace but remained robust in September. At the same time, imports growth exceeded expectations on improving domestic demand.
Exports climbed 8.1 percent year-over-year in September, data from the General Administration of Customs showed Friday. Economists had forecast exports to climb 10.0 percent, following August's 5.5 percent increase.
At the same time, imports surged 18.7 percent in September from a year ago, faster than the expected growth of 15.0 percent.
As result, the trade surplus totaled $28.47 billion in September versus the expected level of $38.0 billion.
Germany's inflation held steady, as initially estimated, in September, final data from Destatis showed Friday. Consumer prices advanced 1.8 percent year-on-year in September, the same rate as seen in August. The rate also matched the estimate published on September 28.
With gasoline prices showing a substantial increase, the Commerce Department released a report on Friday showing a significant jump in retail sales in the U.S. in the month of September. The Commerce Department said retail sales surged up by 1.6 percent in September after edging down by a revised 0.1 percent in August.
Economists had expected retail sales to spike by 1.7 percent compared to the 0.2 percent drop originally reported for the previous month.
Consumer prices in the U.S. increased by slightly less than expected in the month of September, according to a report released by the Labor Department on Friday. The Labor Department said its consumer price index climbed by 0.5 percent in September after rising by 0.4 percent in August. Economists had expected prices to increase by 0.6 percent.
In commodities, crude oil futures for November delivery are up 0.67 or 1.32 percent at $51.27 a barrel.
Natural gas for November is up 0.032 or 1.07 percent at $3.021 per million btu.
Gold futures for December are up 5.40 or 0.42 percent at $1,301.90 an ounce.
Silver for December is up 0.064 or 0.37 percent at $17.33 an ounce.
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