TSX set for weekly losses on commodities weakness
April retail sales up 0.7%, a drop likely for May
May producer prices flat
Lassonde announces agreement to acquire Zidian Group
TSX down 0.1%
Updated at 10:20 a.m. ET
By Nikhil Sharma
June 21 (Reuters) -Toronto stocks were set for their fifth weekly decline as mining shares fell on Friday, while investors assessed the latest batch of domestic and U.S. economic data for more clues on the Bank of Canada's interest-rate trajectory.
At 10:20 a.m. ET (14:20 GMT), the S&P/TSX composite index .GSPTSE was down 18.07 points, or 0.08%, at 21,563.28.
Material shares .GSPTTMT were the top losers, with a 1.5% fall, as sluggish demand from China dented base metal prices. Prices of precious metals were also down. MET/L GOL/
"Canadian markets tend to move more with commodities and weakness in the U.S. dollar," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
Canada's retail sales expanded 0.7% in April as expected, bucking a trend of decline in the past three months as sales at gasoline pumps boosted the overall numbers, data showed on Friday.
Separately, producer prices were unchanged in May from April as lower prices for energy and petroleum products were offset by higher prices for primary non-ferrous metal products.
Traders are currently pricing in a 72.2% chance of another 25-basis point rate cut by the Canadian central bank.
"If we see Canadian CPI come in again lower than expected, we are going to start to hear talks about another cut in July." Small added.
The S&P 500 and the Nasdaq fell on Friday weighed down by chip stocks. U.S. business activity crept up to a 26-month high in June amid a rebound in employment, but price pressures subsided considerably.
Food and beverage company Lassonde Industries LASa.TO rose 1.6% following an agreement to acquire U.S.-based specialty food manufacturer Zidian Group for $235 million.
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
