Canadian Market Up On Trade Deal Hopes

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(RTTNews) - The Canadian market hit a fresh record high Wednesday morning, and amid selective buying, remains in positive territory around noon, thanks to rising optimism about several nations striking trade deals with the U.S. before the August 1 deadline.

Prospects of trade deals between U.S. and several countries have increased after U.S. President Donald Trump announced trade deals with Japan and the Philippines.

The "largest ever" U.S. trade deal with Japan features a 15 percent tariff on Japanese exports and includes a commitment from Tokyo to invest $550 billion in the United States and open its markets for American vehicles, rice, and other agricultural goods.

Energy, technology and financials stocks are finding fairly good support. A few stocks from utilities, consumer discretionary and healthcare sectors are also up in positive territory with notable gains. Industrials are a bit weak.

The benchmark S&P/TSX Composite Index, which climbed to 27,4672.27, a new high, was up 81.72 points or 0.3% at 27,446.15 at noon.

Terravest Capital is up 2.3%, topping the list of gainers in the Energy Index. Advantage Oil & Gas, Enerflex, Cenovus Energy, Paramount Resources, Athabasca Oil Corp and Suncor Energy are gaining 1.3 to 2%.

Celestica, up nearly 7%, is the top gainer in the technology section. Computer Modelling Group is up 1.85%, while Tecsys, Open Text Corp., BlackBerry and Kinaxis are gaining 1.2 to 1.6%.

Among financials, Brookfield Asset Management is up 2.5% and Brookfield Corporation is up nearly 2%. Manulife Financial, Onex Corp, Igm Financial, Power Corporation of Canada and Trisura Group are up 1.3 to 1.75%.

Capital Power Corp (up 7%), TransAlta Corp (up 2.7%), Bausch Health Companies (up 1.2%), Gildan Activewear (up 1.6%), Linamar Corp (up 1.5%) and Magna International (up 1.4%) are some of the other notable gainers.

Orla Mining and Canadian National Railway are down 4.7% and 4.2%, respectively. Novagold is down 2.3%, while Torex Gold Resources, Iamgold Corp, Centerra Gold, New Gold, Shopify, Wesdome Gold Mines and Lundin Gold are down 1.7 to 2.3%.

In economic news, data from Statistics Canada showed new home prices in Canada fell 0.2% in June, marking the third consecutive monthly decline.

Australia GDP Data Due On Wednesday

Australia will on Wednesday release Q2 figures for gross domestic product, highlighting a modest day for Asia-Pacific economic activity. GP is expected to rise 0.5 percent on quarter and 1.6 percent on year, up from 0.2 percent on quarter and 1.3 percent on year in the three months prior.

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U.S. Dollar Climbs Amid Rising Treasury Yields

The U.S. dollar strengthened against its major counterparts in the New York session on Tuesday, as investors awaited upcoming nonfarm payrolls data.

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The Swiss stock market closed under pressure again on Tuesday, stretching its losing streak to three sessions while giving up more than 130 points or 1.1 percent in that span.

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European Markets Finish In The Red On Tuesday

The major European markets finished firmly under water on Tuesday after Eurostat data showed Eurozone inflation rose to 2.1 percent last month, climbing above the European Central Bank's 2 percent target for the first time since April driven by higher prices for food, alcohol and tobacco.

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U.S. Construction Spending Unexpectedly Edges Lower In July

A report released by the Commerce Department on Tuesday showed construction spending in the U.S. unexpectedly edged slightly lower in the month of July. The Commerce Department said construction spending slipped by 0.1 percent to an annual rate of $2.139 trillion in July after falling by 0.4 to a revised rate of $2.141 trillion in June.

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Domino's Launches Two New Delectable Bread Bites Flavors

Domino's Pizza, the largest pizza company in the world, announced the launch of two new Bread Bite flavors: Cinnamon and Garlic, to join Domino's Parmesan Bread Bites, adding to its line of oven-baked mouthwatering options for customers to enjoy.

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U.S. Manufacturing Index Inches Up In Line With Estimates In August

The Institute for Supply Management released a report on Tuesday showing a slight increase by its reading on U.S. manufacturing activity in the month of August, although the index still indicated the sixth consecutive month of contraction.

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