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Canada’s main stock index fell on Friday, putting it on course for its first weekly loss in five, as shares in miners dropped due to a 1 per cent decline in gold prices.
The materials sector, which includes precious and base metals miners, lost 1.5 per cent after gold prices fell amid a strengthening U.S. dollar. Silver also fell more than 1 per cent.
Shares of Kinross Gold Corp. and Yamana Gold Inc. were among the top losers on the main index, down about 6 per cent each, while shares in First Majestic Silver Corp and Pan American Silver Corp fell about 4 per cent.
At 12 p.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 50.79 points, or 0.3 per cent, at 16,739.61.
Canadian stocks were set for their worst weekly declines since mid-August as worries about the U.S.-China trade war, an impeachment probe of U.S. President Donald Trump and weak economic data in Europe and China all fed into fears of a global recession.
Shares in First Quantum recovered from their worst one-day percentage fall in a month on Thursday, becoming the top gainer on the TSX with a 6.8 per cent gain.
The S&P 500 and Nasdaq slipped on Friday, pulled lower by a slide in Micron shares after the chipmaker blamed U.S.-China trade tensions for its downbeat first-quarter profit forecast, but gains in financials kept the Dow in positive territory.
Shares in Wells Fargo & Co rose 4.4 per cent and were among the top gainers on the S&P 500 after the lender named banking veteran Charles Scharf as chief executive officer.
The news boosted the bank sub-sector, which rose 1.43 per cent, while the broader financial sector was up 0.65 per cent.
The chip sector, however, came under pressure after Micron Technology Inc tumbled 9.8 per cent and drove a 1.2 per cent fall in Philadelphia semiconductor index.
Upbeat comments on trade from China’s foreign minister Wang Yi offset some of the shock from the launching of an impeachment inquiry into President Donald Trump and helped stem losses in late Thursday session.
Markets now await high-level trade talks between Washington and Beijing next month.
Yet analysts and traders say the volatility of the day-to-day messages from both sides in a conflict that dates back over a year has left investors with little faith that a full-scale resolution is in prospect any time soon.
“Could we get a positive headline on trade? Yes. But it will be optics at best,” said Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York. “I don’t expect anything that happens before the elections to be a comprehensive deal.”
The Dow Jones Industrial Average was up 26.83 points, or 0.10 per cent, at 26,917.95 and the S&P 500 was down 2.66 points, or 0.09 per cent, at 2,974.96. The Nasdaq Composite was down 30.05 points, or 0.37 per cent, at 8,000.62.
All three main indexes are set to end the week slightly lower.
Data showed U.S. consumer spending barely rose in August, suggesting that the economy’s main growth engine was slowing after accelerating sharply in the second quarter.
New orders for key U.S.-made capital goods also unexpectedly fell in August but the so-called core PCE price index, the Fed’s preferred inflation measure, rose to 1.8 per cent in August, the biggest rise in prices since January.
Oil prices steadied on Friday but were heading for a weekly loss on a faster-than-expected recovery in Saudi output, while investors also worried about global crude demand amid slowing Chinese economic growth.
During a volatile session, Brent crude futures lost 32 cents to $62.42 a barrel, after dropping to a session low of $60.76 a barrel.
U.S. West Texas Intermediate (WTI) crude futures rose 3 cents to $56.44 a barrel, after falling to $54.75 a barrel.
Brent was on track to fall nearly 3 per cent for the week, its biggest weekly loss since early August, while WTI was set to fall 2.8 per cent.
Earlier in the session, futures fell after Iranian President Hassan Rouhani said the United States offered to remove all sanctions on Iran in exchange for talks. However, prices pared losses after U.S. President Donald Trump then said he had refused the request by Tehran.
“We’ve really been following headline to headline,” said Phil Flynn, an analyst with Price Futures Group in Chicago.
Crude futures were also earlier hit by a Wall Street Journal report citing unnamed sources saying that Saudi Arabia had agreed a partial ceasefire in Yemen, said analysts in the Reuters Global Oil Forum.
Brent is just above its level before attacks on Saudi facilities on Sept. 14, which initially halved the kingdom’s production.
Sources told Reuters this week that Saudi Arabia had restored capacity to 11.3 million barrels per day. Saudi Aramco has yet to confirm it is fully back online.
Reuters
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September 27, 2019 at 04:20PM
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