Canadian Stocks Are Down Again, But Off Lows -- Canadian Commentary

(RTTNews) - The Canadian stock market is trading in the red again Tuesday, following the sharp losses of the previous session. However, the market has come off its lows and has recovered some ground. Crude oil prices are attempting to stabilize this morning, after falling below $30 a barrel yesterday.

Markets in Europe are also down Tuesday, but have similarly come off their session lows. Concerns about global growth prospects and banks' profitability persist.

Markets in the United States were down at the start of Tuesday's session, but have since clawed their way into positive territory. Economic data remains on the light side, but investors are also looking forward to testimony by Fed Chair Janet Yellen this week.

The benchmark S&P/TSX Composite Index is down 155.27 points or 1.24 percent at 12,380.13.

On Monday, the index closed down 228.59 points or 1.79 percent, at 12,535.40. The index scaled an intraday high of 12,691.05 and a low of 12,486.46.

The Diversified Metal and Mining Index is declining 6.47 percent. Lundin Mining (LUN.TO) is losing 7.16 percent and First Quantum Minerals (FM.TO) is weakening by 11.38 percent. HudBay Minerals (HBM.TO) is falling 5.42 percent and Capstone Mining (CS.TO) is down 5.63 percent. Teck Resources (TCK-B.TO) is lower by 6.06 percent and Sherritt International (S.TO) is decreasing 4.23 percent.

The Energy Index is falling 2.28 percent. Crude oil prices are attempting to stabilize after yesterday's pullback.

Canadian Natural Resources (CNQ.TO) is declining 2.12 percent and Pacific Exploration & Production (PRE.TO) is losing 2.86 percent. Cenovus Energy (CVE.TO) is falling 3.26 percent and Encana (ECA.TO) is decreasing 1.54 percent. Canadian Oil Sands (COS.TO) is weakening by 2.51 percent and Crescent Point Energy (CPG.TO) is surrendering 3.19 percent. Tourmaline Oil (TOU.TO) is down 2.57 percent and Suncor Energy (SU.TO) is tumbling 2.39 percent. Enbridge (ENB.TO) is falling 2.43 percent and Husky Energy (HSE.TO) is dropping 1.54 percent.

The Capped Materials Index is down 1.91 percent. Agnico Eagle Mines (AEM.TO) is falling 0.13 percent and Franco-Nevada (FNV.TO) is losing 1.89 percent. Silver Wheaton (SLW.TO) is decreasing 3.91 percent and Agrium (AGU.TO) is declining 0.70 percent. Potash Corp. of Saskatchewan (POT.TO) is also lower by 2.25 percent.

The Gold Index is falling 1.57 percent. Gold prices are pulling back this morning, after surging to 7-month highs in the previous session.

Barrick Gold (ABX.TO) is dropping 2.77 percent and Eldorado Gold (ELD.TO) is decreasing 2.87 percent. Yamana Gold (YRI.TO) is sinking 5.93 percent and Goldcorp (G.TO) is declining 2.19 percent. Royal Gold (RGL.TO) is falling 1.82 percent and IAMGOLD (IMG.TO) is down 0.72 percent.

The heavyweight Financial Index is weakening by 1.80 percent. Royal Bank of Canada (RY.TO) is decreasing 1.92 percent and Canadian Imperial Bank of Commerce (CM.TO) is falling 1.69 percent. Bank of Nova Scotia (BNS.TO) is losing 2.50 percent and National Bank of Canada (NA.TO) is declining 1.45 percent. Bank of Montreal (BMO.TO) is lower by 1.90 percent and Toronto-Dominion Bank (TD.TO) is surrendering 1.71 percent.

The Capped Health Care Index is lower by 1.75 percent. Valeant Pharmaceuticals International (VRX.TO) is falling 2.31 percent and Concordia Healthcare (CXR.TO) is losing 2.19 percent. Extendicare (EXE.TO) is also down 0.45 percent.

The Capped Telecommunication Services Index is losing 0.05 percent. Rogers Communication (RCI-A.TO) is falling 1.66 percent and BCE (BCE.TO) is dipping 0.67 percent. TELUS (T.TO) is down 0.37 percent.

The Capped Information Technology Index is higher by 0.17 percent. Sierra Wireless (SW.TO) is climbing 1.75 percent and Constellation Software (CSU.TO) is adding 2.59 percent.

The Capped Industrials Index is rising 0.03 percent. Canadian National Railway (CNR.TO) is up 0.67 percent and Canadian Pacific Railway (CP.TO) is increasing 0.47 percent.

Tahoe Resources Inc. (THO.TO) has acquired Lake Shore Gold (LSG.TO) for C$945 million. Tahoe Resources is up 1.74 percent and Lake Shore Gold is gaining 1.91 percent.

Fortis (FTS.TO) has entered a $6.9-billion cash-and-stock deal to buy transmission-line company ITC Holdings Corp. Fortis is sinking 10.05 percent.

On the economic front, Germany's industrial production dropped unexpectedly in December, figures published by Destatis revealed Tuesday. Industrial production fell 1.2 percent from November, confounding expectations for an increase of 0.5 percent. This was the second consecutive fall in production. Output had decreased 0.1 percent in November.

German exports and imports set new highs in 2015, leading to the biggest ever trade surplus, preliminary data from Destatis showed Tuesday.

Exports rose 6.4 percent to EUR 1,195.8 billion and imports increased 4.2 percent to EUR 948.0 billion. The trade surplus grew to a record EUR 247.8 billion from the previous peak of EUR 213.6 billion.

The U.K. merchandise trade deficit narrowed in December despite exports falling for the third straight month, suggesting that weak trade dragged economic growth at the end of 2015. The visible trade deficit decreased to GBP 9.9 billion from GBP 11.5 billion in November, preliminary data from the Office for National Statistics showed Tuesday.

Economists had forecast a shortfall of GBP 10.4 billion in December. A year ago, the deficit was GBP 13.5 billion.

Like-for-like sales in the United Kingdom spiked 2.6 percent on year in January, the British Retail Consortium said on Tuesday. That shattered forecasts for an increase of 0.3 percent following the 0.1 percent gain in December.

In commodities, crude oil futures for March delivery are up 0.49 or 1.65 percent at $30.18 a barrel.

Natural gas for March is down 0.012 or 0.56 percent at $2.128 per million btu.

Gold futures for April are down $9.50 or 0.79 percent at $1,188.40 an ounce.

Silver for March is down $0.116 or 0.75 percent at $15.31 an ounce.