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12.08.2015 23:14:25

TSX Ends Lower As China Roils Global Markets -- Canadian Commentary

(RTTNews) - Canadian stocks ended lower for a second straight session Wednesday, even as global equity markets dropped after China devalued its currency in an effort to help prop up its slowing economy.

China's currency devaluation raises concern over demand for commodities, with a weaker yuan making Canadian exports such as oil and metal more expensive for Chinese buyers. China is Canada's second largest trading partner after the United States.

Meanwhile, China's industrial production and retail sales growth eased in July, providing broad signals that measures taken so far prove insufficient to achieve its GDP growth target of about 7 percent.

European stocks ended firmly in the red, with German shares getting hammered by news that China has devalued its currency. Shares with exposure to China, mainly auto stocks and luxury goods, retreated in response to the move. Nevertheless, there was some relief after Greece early Tuesday reached an agreement with its creditors over the terms of the third bailout.

Markets in the U.S. pulled back, having trended lower in the morning session. The major averages climbed off their worst levels to end in the green, although the Global Dow ended in the red.

The benchmark S&P/TSX Composite Index closed Wednesday at 14,339.53, down 75.14 points or 0.52 percent. The index scaled an intraday high of 14,359.62 and a low of 14,182.46.

On Tuesday, the index dropped 51.72 points or 0.36 percent, at 14,414.67. The index scaled an intraday high of 14,414.67 and a low of 14,264.32.

Gold futures ended higher after investors sought its safe haven appeal, even as European and Asian equity markets continued to tumble in the aftermath of China's devaluation of its currency yesterday.

The Gold Index jumped 5.49 percent, with gold for August delivery gaining $15.90 or 1.4 percent, to settle at $1,123.60 an ounce on the New York Mercantile Exchange Tuesday.

Among gold stocks, Yamana Gold Inc. (YRI.TO) jumped 9.06 percent, Kinross Gold Corp. (K.TO) added 1.83 percent, Barrick Gold Corp. (ABX.TO) gained 4.98 percent, and Eldorado Gold (ELD.TO) jumped 6.04 percent. Goldcorp Inc. (G.TO) moved up 4.16 percent.

The Capped Materials Index gained 1.69 percent, as Potash Corporation of Saskatchewan Inc. (POT.TO) shed 2.05 percent, Agnico Eagle Mines Limited (AEM.TO) surged 7.78 percent and Agrium Inc. (AGU.TO) shed 2.45 percent.

Silver Wheaton Corp. (SLW.TO) gained 5.84 percent after reporting a 15 percent fall in profit, hurt by lower commodity prices.

Crude oil futures ended higher as China devalued its currency for a second day and official data from the Energy Information Administration showed crude stockpiles in the U.S. to have declined last week, albeit less than expected.

The Energy Index dropped 0.52 percent, with U.S. crude oil futures for September delivery, the most actively traded contract, gained $0.22 or 0.5 percent, to settle at $43.30 a barrel on the New York Mercantile Exchange Wednesday.

A weekly report from the U.S. Energy Information Administration said U.S. crude oil inventories declined 1.7 million barrels in the week ended August 7, while analysts expected stocks to decline 1.9 million barrels. The report showed total U.S. crude oil inventories at 453.6 million barrels end last week.

Suncor Energy Inc. (SU.TO) fell 0.69 percent, while Encana Corp. (ECA.TO) fell 0.53 percent

Among other energy stocks, Canadian Natural Resources Limited (CNQ.TO) dipped 2.98 percent, Crescent Point Energy Corp. (CPG.TO) fell 0.83 percent, Canadian Oil Sands (COS.TO) fell 0.56 percent, and Baytex Energy Corp. (BTE.TO) declined 2.96 percent.

The Diversified Metals & Mining Index inched up 0.16 percent, as Teck Resources Limited (TCK-B.TO) added 1.06 percent, Lundin Mining Corp. (LUN.TO) gained 0.64 percent, and First Quantum Minerals Ltd. (FM.TO) dipped 0.15 percent.

The heavyweight Financial Index dropped 0.88 percent, as National Bank of Canada (NA.TO) dropped 0.68 percent, Bank of Montreal (BMO.TO) shed 0.57 percent, and Royal Bank of Canada (RY.TO) surrendered 1.01 percent.

Canadian Imperial Bank of Commerce (CM.TO) fell 0.37 percent, Bank of Nova Scotia (BNS.TO) dropped 0.77 percent, and Toronto-Dominion Bank (TD.TO) dipped 0.70 percent.

The Capped Health Care Index fell 1.36 percent as Valeant Pharmaceuticals International, Inc. (VRX.TO) dropped 1.96 percent, Concordia Healthcare Corp. (CXR.TO) dropped 0.80 percent, and Extendicare Inc. (EXE.TO) gained 0.86 percent.

The Capped Information Technology Index fell 0.76 percent, as BlackBerry Limited (BB.TO) gained 1.31 percent, Descartes Systems Group (DSG.TO) added 0.18 percent, and Constellation Software Inc. (CSU.TO) shed 1.29 percent.

The Capped Telecommunication Index gained 0.46 percent, as Rogers Communication (RCI-B.TO) gained 1.40 percent, TELUS Corp. (TU.TO) added 0.68 percent, BCE Inc. (BCE.TO) fell 0.39 percent and Manitoba Telecom Services Inc. (MBT.TO) inched up 0.11 percent.

The Capped Industrials Index declined 1.43 percent, as Bombardier (BBD.B.TO) fell 0.66 percent and Finning International Inc. (FTT.TO) dropped 2.01 percent.

Air Canada (AC.TO) plummeted 6.36 percent, despite its quarterly profit soaring 33 percent, helped by low fuel costs.

Canadian food retailer Metro, Inc. (MRU.TO) gained 0.19 percent after having reported earnings that improved 18.5 percent to C$0.64 per share from last year's C$0.54 per share.

On the economic front, China's industrial production and retail sales growth eased in July, data from the National Bureau of Statistics showed. Industrial production in China expanded 6 percent year-on-year in July, slower than June's 6.8 percent increase and the 6.6 percent rise forecast by economists. At the same time, retail sales growth slowed marginally to 10.5 percent from 10.6 percent in June. The growth rate was expected to remain unchanged at 10.6 percent.

Eurozone industrial production declined more than expected in June, data from Eurostat revealed Wednesday. Industrial production dropped 0.4 percent in June from May, when it decreased by revised 0.2 percent. This was the second consecutive fall in production. The decline for May was revised from the initial estimate of 0.4 percent drop. Economists has forecast a 0.1 percent fall.

U.K. unemployment increased and wage growth slowed in the second quarter, supporting the assessment that the interest rate need not be raised quickly this year. In the second quarter, the ILO unemployment rate edged up to 5.6 percent from 5.5 percent in the three months to March, but fell notably from 6.3 percent in the same period of last year, the Office for National Statistics reported Wednesday. The rate was in line with expectations.

U.K. jobless claims declined unexpectedly in July, data from the Office for National Statistics showed Wednesday. The number of people claiming unemployment benefits in July declined by 4,900 from June, while it was expected to rise by 1,000. The claimant count rate held steady at 2.3 percent as expected by economists.

France's current account surplus increased notably in June as the deficit on goods trade declined from May, the Bank of France said Wednesday. The current account surplus rose to EUR 1 billion in June from EUR 0.2 billion in May.

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