The Canadian stock market is climbing in early trade Wednesday, extending its gains from the previous two sessions. The bulk of the Canadian sectors are trading in the green this morning, led by the energy sector. Energy stocks remain strong as crude oil prices continue to hold above $50 a barrel.
Markets in Europe are turning in a mixed performance Wednesday, but there are more red arrows than green. The markets are little changed overall, as investors await today's announcement from the Federal Reserve.
Markets on Wall Street are little changed Wednesday morning. Traders appear reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement this afternoon. The Fed is widely expected to leave interest rates unchanged, although traders will pay close attention to the accompanying statement for clues about the outlook for policy.
The benchmark S&P/TSX Composite Index is up 48.19 points or 0.32 percent at 15,341.16.
On Tuesday, the index closed up 56.30 points or 0.37 percent, at 15,292.97. The index scaled an intraday high of 15,315.27 and a low of 15,258.03.
The Energy Index is rising 1.12 percent. Crude oil prices are rising Wednesday morning amid hopes that OPEC will extend its supply quota plan in an effort to end the global supply glut.
Crescent Point Energy (CPG.TO) is climbing 2.86 percent and Enbridge (ENB.TO) is adding 0.40 percent. Encana (ECA.TO) is advancing 1.98 percent and Imperial Oil (IMO.TO) is gaining 0.21 percent. Canadian Natural Resources (CNQ.TO) is higher by 1.66 percent and Cenovus Energy (CVE.TO) is increasing 1.92 percent. Suncor Energy (SU.TO) is also rising 0.46 percent.
The Capped Industrials Index is up 0.70 percent. Canadian Pacific Railway (CP.TO) is higher by 0.59 percent and WestJet Airlines (WJA.TO) is increasing 0.76 percent. Air Canada (AC.TO) is surging 7.50 percent and Finning International (FTT.TO) is rising 1.43 percent.
The Capped Healthcare Index is higher by 0.48 percent. Valeant Pharmaceuticals (VRX.TO) is rising 2.66 percent and Extendicare (EXE.TO) is adding 0.44 percent. ProMetic Life Sciences (PLI.TO) is climbing 0.68 percent.
The Gold Index is increasing 0.39 percent. Gold prices are inching higher Wednesday morning amid speculation the Federal Reserve will signal concerns over stubbornly low inflation when it concludes its 2-day policy meeting this afternoon.
B2Gold (BTO.TO) is climbing 0.61 percent and Yamana Gold (YRI.TO) is rising 0.29 percent. Goldcorp (G.TO) is advancing 0.57 percent and Barrick Gold (ABX.TO) is adding 0.05 percent. Eldorado Gold (ELD.TO) is gaining 0.36 percent.
The Capped Materials Index is up 0.36 percent. Agnico Eagle Mines (AEM.TO) is rising 0.86 percent and Franco-Nevada (FNV.TO) is advancing 0.63 percent. Potash Corp. of Saskatchewan (POT.TO) is gaining 0.08 percent.
The heavyweight Financial Index is increasing 0.16 percent. Royal Bank of Canada (RY.TO) is rising 0.39 percent and Toronto-Dominion Bank (TD.TO) is adding 0.06 percent. National Bank of Canada (NA.TO) is gaining 0.14 percent and Bank of Nova Scotia (BNS.TO) is adding 0.63 percent.
The Capped Telecommunication Services Index is up 0.04 percent. Rogers Communications (RCI-B.TO) is gaining 0.39 percent.
The Capped Information Technology Index is losing 0.11 percent. Descartes Systems Group (CSU.TO) is down 0.53 percent and Constellation Software (CSU.TO) is falling 0.17 percent. BlackBerry (BB.TO) is declining 0.54 percent and Sierra Wireless (SW.TO) is dropping 1.19 percent.
On the economic front, Germany's producer prices increased at the fastest pace in three months in August, Destatis reported Wednesday. Producer prices increased 2.6 percent year-on-year in August, faster than the 2.3 percent rise seen in July.
UK retail sales grew the most in four months in August as consumers spend more despite higher inflation, vindicating a possible stimulus withdrawal in the months ahead.
According to data published by the Office for National Statistics, the retail sales volume including auto fuel advanced 1 percent in August from July, the biggest growth in four months, exceeding the expected rate of 0.2 percent and July's increase of 0.6 percent.
With strained supply levels continuing to subdue overall activity, the National Association of Realtors released a report on Wednesday showing an unexpected decrease in existing home sales in the U.S. in the month of August.
NAR said existing home sales slumped by 1.7 percent to an annual rate of 5.35 million in August after tumbling by 1.3 percent to a rate of 5.44 million in July.
The continued decrease surprised economists, who had expected existing home sales to edge up to an annual rate of 5.46 million.
In commodities, crude oil futures for October delivery are up 0.67 or 1.35 percent at $50.15 a barrel.
Natural gas for October is up 0.008 or 0.26 percent at $3.13 per million btu.
Gold futures for December are up 4.30 or 0.33 percent at $1,314.90 an ounce.
Silver for December is up 0.26 or 0.15 percent at $17.305 an ounce.
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