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Canada’s main stock index dipped on Thursday, as conflicting cues on U.S.-China trade discussions dampened sentiment, but gains in shares of energy and cannabis producers kept losses at bay.
At 12:24 p.m. ET, the Toronto Stock Exchange’s S&P/TSX Composite index was down 40.22 points, or 0.23 per cent, at 16,966.20.
Political tensions between the United States and China after a U.S. bill supporting Hong Kong protests dulled the mood.
Eight of the index’s 11 major sectors were lower with only the energy, financial and healthcare sectors trading in the black.
Energy stocks climbed 0.9 per cent as oil prices rose following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020.
Healthcare stocks jumped over 7 per cent as cannabis producers rallied after reports that the U.S. House Judiciary Committee approved a bill to legalize cannabis on a federal level in the United States.
Canopy Growth Corp., Aurora Cannabis Inc. and Hexo Corp. led advancers on the TSX.
The U.S. dollar and global equity markets edged lower on Thursday as efforts by China to smooth the path forward in U.S.-Sino trade talks was offset by concerns tensions between the world’s two largest economies were too large to quickly overcome.
Oil prices rose after Reuters reported the Organization of the Petroleum Exporting Countries and its allies are likely to extend existing output cuts until mid-2020.
Yields on U.S. Treasury debt rose, snapping three sessions of declines, bolstered by China saying it was willing to work with the United States to resolve core trade concerns, rekindling some hopes for a bilateral deal.
Also lifting sentiment was a Wall Street Journal report that said China had invited top U.S. trade negotiators for a new round of face-to-face talks in Beijing.
Germany’s trade-sensitive DAX index pared most losses to end 0.02 per cent lower.
“This just shows that the trade deal is not dead and that we will get some sort of an extended truce, which is a positive,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
“What we’re going through now is a market beginning to realize the daily rhetoric of the trade news – one day positive, one day negative – is beginning to wear off,” he said, adding he would not be surprised to see stocks end the day higher.
MSCI’s gauge of stocks across the globe shed 0.33 per cent, while the pan-European STOXX 600 index lost 0.44 per cent.
The Dow Jones Industrial Average fell 77.77 points, or 0.28 per cent, to 27,743.32. The S&P 500 lost 7.37 points, or 0.24 per cent, to 3,101.09 and the Nasdaq Composite dropped 20.75 points, or 0.24 per cent, to 8,505.98.
The latest news on the trade deal came after a series of headlines earlier this week that suggested ongoing talks were unraveling.
Reuters reported on Wednesday negotiations to finalize a deal may extend into next year as Beijing presses for more extensive tariff rollbacks and the Trump administration counters with heightened demands of its own.
Benchmark German bond yields also ended a three-day streak of declines to nudge higher.
German 10-year bond yields, considered a euro zone benchmark, rose nearly 2 basis points to -0.3340 per cent.
The benchmark 10-year U.S. Treasury note fell 8/32 in price to push yields higher to 1.7637 per cent.
The dollar edged lower against other major currencies.
The dollar index fell 0.01 per cent, with the euro down 0.03 per cent to $1.1069. The Japanese yen strengthened 0.03 per cent versus the greenback at 108.59 per dollar.
Brent crude rose $1.10 to $63.50 a barrel, while West Texas Intermediate (WTI) crude gained 92 cents to $57.93.
Both benchmarks had fallen earlier in the session.
Reuters
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November 21, 2019 at 05:14PM
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