TSX Fails To Hold Early Gains, Ends Slightly Down

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(RTTNews) - The Canadian market ended slightly lower on Thursday, as losses posted by stocks from energy, materials and consumer staples sectors offset a good show by technology, real estate and industrials stocks.

Investors digested the interest rate moves by the Bank of England and the European Central Bank. The BoE and the ECB, both raised their interest rates by 50 basis points and signaled more hikes in the coming months.

The Federal Reserve had raised interest rate by 25 basis points on Wednesday, and indicated more hikes, saying inflation is still at elevated levels.

The benchmark S&P/TSX Composite Index ended down 10.61 points or 0.05% at 20,740.44. The index scaled a low of 20,696.86 and a high of 20,843.21 intraday.

AutoCanada (AC.TO) climbed more than 8%. Shopify Inc (SHOP.TO) rallied nearly 7%. Colliers International (CIGI.TO) surged 4.5%.

TFI International (TFII.TO), goeasy (GSY.TO), Cargojet (CJT.TO), FirstService Corporation (FSV.TO), WSP Global (WSP.TO), BRP Inc (DOO.TO), Kinaxis Inc (KXS.TO), Fairfax Financial Holdings (FFH.TO) and Boyd Group Services (BYD.TO) gained 1.2 to 3.4%.

Canada Goose Holdings (GOOS.TO) plunged nearly 24% after the company reported revenues and earnings that fell short of expectations.

Precision Drilling Corporation (PD.TO), First Quantum Minerals (FM.TO) and Filo Mining (FIL.TO) lost 7.7%, 6/8% and 5.7%, respectively.

Suncor Energy (SU.TO), Agnico Eagle Mines (AEM.TO), Methanex Corporation (MX.TO), Imperial Oil (IMO.TO) and Teck Resources (TECK.A.TO), Canadian Natural Resources (CNQ.TO), Franco-Nevada Corporation (FNV.TO) and George Weston (WN.TO) lost 1 to 4%.

Lightspeed Commerce (LSPD.TO) ended 6% down. The company reported adjusted net loss of $814.8 million for the quarter ended December 2022, compared with adjusted net loss of $65.5 million in the corresponding quarter of the previous financial year. Net loss includes a non-cash goodwill impairment charge of $748.7 million.

On the economic front, the total value of building permits in Canada decreased by a bigger than expected 7.3% from a month earlier to C$ 10.3 billion in December of 2022, data from Statistics Canada showed.

U.S. Retail Sales Inch Up In Line With Estimates In April

A report released by the Commerce Department on Thursday showed a slight increase by U.S. retail sales in the month of April. The Commerce Department said retail sales crept up by 0.1 percent in April after surging by an upwardly revised 1.7 percent in March. Economists had expected retail sales to inch up by 0.1 percent compared to the 1.4 percent jump originally reported for the previous month.

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U.S. Producer Prices Unexpectedly Decrease In April

Producer prices in the U.S. unexpectedly decreased in the month of April, according to a report released by the Labor Department on Thursday. The Labor Department said its producer price index for final demand fell by 0.5 percent in April following a revised unchanged reading in March. Economists had expected producer prices to rise by 0.2 percent.

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Eurozone GDP Expands 0.3% In Q1; Employment Growth Improves

Euro area economic growth accelerated less than estimated in the first quarter and employment logged a faster increase, flash estimate from Eurostat showed on Thursday. Gross domestic product expanded 0.3 percent on a quarterly basis, which was revised down from the 0.4 percent growth estimated on April 30. This followed the fourth quarter's 0.2 percent expansion.

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U.S. Weekly Jobless Claims Unchanged From Upwardly Revised Level

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in unchanged in the week ended May 10th The report said initial jobless claims came in at 229,000 last week, unchanged from the previous week's revised level. Economists had expected jobless claims to tick up to 229,000 from the 228,000 originally reported for the previous week.

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U.S. Industrial Production Unexpectedly Unchanged In April

With a rebound by utilities output offset by decreases by manufacturing and mining output, the Federal Reserve released a report on Thursday showing industrial production in the U.S. came in unchanged in the month of April.

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ThyssenKrupp Shares Hit On Weak Adj. Earnings, Orders In Q2; Backs Outlook

Shares of ThyssenKrupp AG were losing around 14 percent in German trading after the industrial conglomerate reported Thursday sharply lower adjusted operating profit in its second quarter amid weak revenues and orders due to market conditions, even as it truned around to a net profit. Further, the company maintained its fiscal 2025 forecast.

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New York Manufacturing Index Dips Further Into Negative Territory In May

A report released by the Federal Reserve Bank of New York said regional manufacturing activity continued to decline modestly in the month of May.

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Philly Fed Index Jumps More Than Expected In May

Philadelphia-area manufacturing activity remained weak in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

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EURUSD	1.11959	GBPUSD	1.32868	AUDUSD	0.64076
USDJPY	145.763	USDCAD	1.39907	USDCHF	0.83633

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TSX Fails To Hold Early Gains, Ends Slightly Down