The Canadian stock market is climbing in early trade Thursday in an attempt to bounce back from yesterday's triple digit decline. Trade war concerns have eased slightly and crude oil prices are showing signs of stabilization around $70 a barrel. Prices suffered their worst daily decline in a year after the larger than expected drop in U.S. crude inventories.
Markets in Europe are trading modestly to the upside Thursday as they attempt to bounce back from yesterday's drop. Traders remain hopeful that the U.S. and China will eventually partake in trade talks.
Markets on Wall Street are also up slightly in early trade Thursday.
The benchmark S&P/TSX Composite Index is up 90.86 points or 0.55 percent at 16,508.18.
On Wednesday, the index closed down by 131.40 points or 0.79 percent, at 16,417.32. The index scaled an intraday high of 16,464.03 and a low of 16,390.06.
The Capped Information Technology Index is gaining 1.74 percent. BlackBerry (BB.TO) is rising 1.73 percent and Sierra Wireless (SW.TO) is adding 0.23 percent. Constellation Software (CSU.TO) is advancing 1.58 percent and Descartes Systems Group (DSG.TO) is up 1.77 percent.
The Capped Healthcare Index is higher by 0.87 percent. Valeant Pharmaceuticals International (VRX.TO) is rising 0.19 percent and Concordia International (CXR.TO) is up 1.96 percent.
The Gold Index is increasing 0.80 percent. Gold prices are inching higher Thursday morning.
Kinross Gold (K.TO) is higher by 1.41 percent and Goldcorp (G.TO) is climbing 1.09 percent. Barrick Gold (ABX.TO) is gaining 0.71 percent and B2Gold (BTO.TO) is adding 0.31 percent. IAMGOLD (IMG.TO) is rising 0.13 percent.
The Capped Materials Index is up 0.79 percent. Franco-Nevada (FNV.TO) is advancing 1.23 percent and Agnico Eagle Mines (AEM.TO) is rising 1.67 percent.
The Capped Telecommunication Services Index is up 0.95 percent. BCE (BCE.TO) is gaining 0.72 percent and TELUS (T.TO) is rising 1.12 percent. Rogers Communications (RCI-B.TO) is advancing 0.96 percent.
The Capped Industrials Index is up 0.63 percent. Canadian Pacific Railway (CP.TO) is gaining 0.96 percent and Canadian National Railway (CNR.TO) is rising 0.85 percent. WestJet Airlines (WJA.TO) is advancing 1.06 percent and Air Canada (AC.TO) is increasing 1.83 percent.
The Energy Index is rising 0.73 percent. Crude oil prices are holding around $70 a barrel Thursday morning, after plunging yesterday. The larger than expected drop in U.S. crude inventories sparked Wednesday's sell-off.
Cenovus Energy (CVE.TO) is rising 0.35 percent and Canadian Natural Resources (CNQ.TO) is gaining 0.52 percent. Crescent Point Energy (CPG.TO) is climbing 1.51 percent and Encana (ECA.TO) is up 0.47 percent. Suncor Energy (SU.TO) is higher by 0.83 percent. Husky Energy (HSE.TO) is advancing 0.81 percent and Imperial Oil (IMO.TO) is gaining 0.86 percent.
The heavyweight Financial Index is increasing 0.49 percent. Royal Bank of Canada (RY.TO) is gaining 0.60 percent and Bank of Montreal (BMO.TO) is higher by 0.59 percent. National Bank of Canada (NA.TO) is rising 0.28 percent and Bank of Nova Scotia (BNS.TO) is adding 0.64 percent. Toronto-Dominion Bank (TD.TO) is advancing 0.37 percent and Canadian Imperial Bank of Commerce (CM.TO) is rising 0.10 percent.
Hydro One (H.TO) is weakening by 3.77 percent after Doug Ford has followed through on his promise to oust the board and CEO of the utility.
"I gave my word that the CEO and Board of Hydro One would be gone. Today, I kept my promise to the people. The CEO and the Board are done," Ford tweeted. "We're going to reduce hydro prices by 12%, so people don't have to choose between heating their homes or putting food on the table."
Cogeco Communications Inc. (CGO.TO) is climbing 6.92 percent. The company says its earnings fell by about 15 percent in the third quarter, due in part to financial costs.
On the economic front, a report from Statistics Canada this morning showed that Canadian new home prices for the month of May were flat.
Eurozone industrial production increased at a faster-than-expected pace in May, after falling in the previous month, data from Eurostat showed Thursday.
Industrial output climbed a seasonally adjusted 1.3 percent month-over-month in May, reversing a 0.8 percent fall in April, revised from a 0.9 percent decline reported earlier. That was just above the 1.2 percent rise economists had forecast.
Germany's consumer price inflation slowed as initially estimated in June, though slightly, final data from Destatis showed Thursday. Consumer prices climbed 2.1 percent year-over-year in June, just below the 2.2 percent rise in May. That was in line with the flash published on June 28.
France's consumer price inflation held steady in June instead of an acceleration reported initially, final figures from the statistical office Insee showed Thursday. Consumer prices climbed 2.0 percent year-over-year in June, the same rate of increase as in May. The preliminary estimate for June was 2.1 percent.
Consumer prices in the U.S. edged slightly higher in the month of June, the Labor Department revealed a closely watched report released on Thursday. The Labor Department said its consumer price index inched up by 0.1 percent in June after rising by 0.2 percent in May. Economists had expected consumer prices to increase by 0.2 percent.
First-time claims for U.S. unemployment benefits fell by more than expected in the week ended July 7th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dropped to 214,000, a decrease of 18,000 from the previous week's revised level of 232,000.
Economists had expected jobless claims to edge down to 225,000 from the 231,000 originally reported for the previous week.
In commodities, crude oil futures for August delivery are down 0.26 or 0.37 percent at $70.12 a barrel.
Natural gas for August is down 0.015or 0.53 percent at $2.814 per million btu.
Gold futures for August are up 2.00 or 0.16 percent at $1,246.40 an ounce.
Silver for September is up 0.123 or 0.78 percent at $15.94 an ounce.
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