Canada’s main stock index tried gamely to keep an eight-day winning streak rolling on Wednesday, as a much awaited speech by U.S. President Donald Trump offered no new details on negotiations with China, raising uncertainty about a deal between Washington and Beijing.
The TSX Composite Index added 16.15 points to open Wednesday at 16,925.53
The Canadian dollar slid 0.05 cents to 75.49 cents U.S.
Loblaw reported better-than-expected quarterly profit on Wednesday, as consumers shopped more at its pharmacies and food stores. Loblaw shares took on 98 cents, or 1.4%, to $71.29.
Canada Goose Holdings reported quarterly earnings above Wall Street estimates on Wednesday, lifted by higher orders from department stores for its parkas and jackets. Goose shares tumbled $5.08, or 9.8%, to $46.70.
First Cobalt Corp is in advanced talks with Canada’s Ontario province to finance the $37.5 million required to restart its idled cobalt refinery. Cobalt gained half a cent, or 3.9%, to 13.5 cents.
Cronos Group and Tilray both reported selling prices that nearly halved, while expenses for both the Canadian pot producers soared in the third quarter.
What’s more, Canaccord Genuity has cut target price on Cronos to $12.00 from $13.00. Cronos teetered 31 cents, or 4%, to $7.52.
CIBC raised the target price on Kinaxis to $110.00 from $108.00. Kinaxis lost 43 cents to $99.43.
Canaccord Genuity cut the target price on Terago to $12.00 from $12.50. Shares in Terago were unchanged at $8.95.
ON BAYSTREET
The TSX Venture Exchange dropped 3.29 points at 536.32
All but three of the 12 Toronto subgroups were in positive country, as gold shone 1.5%, utilities were 0.8% stronger, and materials were 0.5% better.
The three laggards were health-care, sinking 0.6%, while consumer discretionary and financials each shed 0.3%.
ON WALLSTREET
Stocks slipped on Wednesday as investors digested mixed news around U.S.-China trade talks along with testimony from the highest-ranking Federal Reserve official.
The Dow Jones Industrial Average gave back 13.25 points to 27,678.24.
The S&P 500 dipped 2.67 points to 3,089.17 from Tuesday’s all-time high.
The NASDAQ subsided 9.96 points from Tuesday’s peak to 8,476.13
NetApp is among a number of firms reporting earnings today.
The U.S. and China are reportedly at loggerheads over tariffs as they seek to conclude phase one of their trade deal. The Wall Street Journal reported Tuesday night, citing people familiar with the talks, that the impasse is on whether the U.S. should remove existing tariffs or would only cancel duties that are set to take effect on Dec. 15.
The report comes a day after President Donald Trump told the Economic Club of New York that China was "dying" to make a trade deal.
However, Trump offered no detail about how talks have evolved. Trump also blamed previous U.S. administrations for letting China "cheat" on trade.
Meanwhile, Fed Chairman Jerome Powell will address the Congressional Joint Economic Committee later in the day. In prepared remarks, he said the path of Fed interest rates is unlikely to change as long as the economy keeps growing.
On the data front, the U.S. consumer price index rose more than expected in October. The index increased by 0.4% last month, the U.S. Labor Department said. Economists expected a gain of 0.3%.
Prices for the 10-Year U.S. Treasury gained ground, lowering yields to 1.87% from Tuesday’s 1.91%. Treasury prices and yields move in opposite directions
Oil prices added 54 cents to $57.34 U.S. a barrel.
Gold prices acquired 10 dollars to $1,463.70 U.S. an ounce.
