Canadian Stocks Are Rebounding After Clinton Cleared -- Canadian Commentary

(RTTNews) - The Canadian stock market is climbing at the start of the new trading week, along with the rest of the global markets. Investors have cheered the news that the FBI has cleared U.S. Presidential candidate Hillary Clinton of any criminal charges in her lingering email scandal.

Markets were under pressure last week, as news of the FBI investigation helped Donald Trump to narrow the gap in the presidential race. Gold stocks rallied last week due to their safe haven appeal, but are sinking today following the FBI announcement.

Markets in Europe are trading solidly in positive territory Monday. Following the weak performance of the previous trading week, markets jumped in early trade. The news that the FBI has cleared U.S. presidential candidate Hillary Clinton in their investigation into her emails has sparked today's rally.

Markets in the United States are climbing in early trade Monday. The markets are rallying after the FBI has once again cleared Democratic presidential nominee Hillary Clinton of criminal charges related to her use of a private email server while Secretary of State.

The benchmark S&P/TSX Composite Index is up 109.70 points or 0.76 percent at 14,618.95.

On Friday, the index closed down 74.17 points or 0.51 percent, at 14,509.25. The index scaled an intraday high of 14,573.63 and a low of 14,497.63.

The Energy Index is up 1.62 percent. Crude oil prices are slightly higher Monday amid hopes the U.S. economy would continue to gradually improve if Hillary Clinton is elected president tomorrow.

Crescent Point Energy (CPG.TO) is gaining 3.93 percent and Imperial Oil (IMO.TO) is increasing 0.92 percent. Suncor Energy (SU.TO) is advancing 1.64 percent and Husky Energy (HSE.TO) is up 1.42 percent. Encana (ECA.TO) is climbing 3.80 percent and Cenovus Energy (CVE.TO) is higher by 1.57 percent. Canadian Natural Resources (CNQ.TO) is rising 1 percent and Enbridge (ENB.TO) is adding 1.38 percent.

The Capped Information Technology Index is rising 1.40 percent. Constellation Software (CSU.TO) is climbing 2.04 percent and BlackBerry (BB.TO) is gaining 1.28 percent. Sierra Wireless (SW.TO) is increasing 3.69 percent and Descartes Systems Group (DSG.TO) is adding 0.44 percent.

The Capped Industrials Index is up 1.43 percent. Canadian National Railway (CNR.TO) is rising 1.44 percent and Canadian Pacific Railway (CP.TO) is gaining 2.07 percent. Bombardier (BBD-B.TO) is advancing 1.12 percent and Finning International (FTT.TO) is climbing 1.51 percent.

Air Canada (AC.TO) is higher by 7.87 percent after its third quarter profit jumped more than 75 percent on higher passenger traffic.

The heavyweight Financial Index is increasing 1.16 percent. Royal Bank of Canada (RY.TO) is up 1.10 percent and Toronto-Dominion Bank (TD.TO) is rising 1.09 percent. Bank of Montreal (BMO.TO) is advancing 1.19 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 1.64 percent. Bank of Nova Scotia (BNS.TO) is climbing 1.24 percent and National Bank of Canada (NA.TO) is gaining 1.11 percent.

The Capped Healthcare Index is higher by 0.91 percent. Extendicare (EXE.TO) is advancing 0.67 percent and Valeant Pharmaceuticals International (VRX.TO) is gaining 1.09 percent.

Concordia Healthcare (CXR.TO) is sinking 36.53 percent. The company reported third quarter revenue of $185.5 million, a decrease of 19.9% compared with the second quarter of 2016. Concordia is suspending guidance as the company assesses the business under new leadership.

The Capped Telecommunication Services Index is climbing 0.09 percent. BCE (BCE.TO) is up 0.03 percent and TELUS (T.TO) is gaining 0.57 percent.

The Gold Index is declining 4.15 percent. Gold prices are tumbling Monday morning as markets were soothed by news that the FBI has cleared Hillary Clinton yet again.

Goldcorp (G.TO) is down 3.71 percent and Barrick Gold (ABX.TO) is decreasing 5.47 percent. Yamana Gold (YRI.TO) is losing 3.84 percent and Eldorado Gold (ELD.TO) is dropping 3.87 percent. Kinross Gold (K.TO) is weakening by 3.18 percent and B2Gold (BTO.TO) is sinking 5.44 percent

The Capped Materials Index is also down 1.80 percent. Agnico Eagle Mines (AEM.TO) is declining 4.04 percent and Franco-Nevada (FNV.TO) is down 3.36 percent. Silver Wheaton (SLW.TO) is losing 2.85 percent.

Wi-Lan (WIN.TO) is increasing 2.20 percent after it acquired its third patent portfolio from Panasonic.

On the economic front, Eurozone investor confidence strengthened to a 11-month high in November, survey data from Sentix showed Monday. The Sentix investor confidence index rose to 13.1 from 8.5 in October. The score was well above the expected level of 8.9.

Eurozone retail sales annual growth slowed for a second straight month in September to mark its weakest pace in two years, preliminary data from Eurostat showed Monday. Retail sales grew a calendar adjusted 1.1 percent year-on-year following 1.2 percent increase in August, revised sharply from 0.6 percent. Economists had forecast a gain of 1.2 percent.

German factory orders contracted unexpectedly in September, largely reflecting weak domestic demand and orders from euro area, figures from Destatis showed Monday. Factory orders fell 0.6 percent in September from August, when they grew by a revised 0.9 percent. This was the first fall in three months and the biggest since April. Orders were forecast to grow 0.2 percent.

Germany's construction sector expanded at the fastest pace in six months in October, driven by solid growth in housing and commercial activity, survey figures from IHS Markit showed Monday. The construction Purchasing Managers' Index, or PMI, rose to 52.9 in October from 52.4 in the previous month.

U.K. house prices increased at a slower pace in October, data published by the mortgage lender Halifax showed Monday.

In three months to October, house prices climbed 5.2 percent from previous year, following a 5.8 percent rise in three months to September. October's 5.2 percent was the lowest yearly growth rate since July 2013.

The U.K. private sector growth picked up in the three months to October, the latest growth indicator from the Confederation of British Industry showed Sunday. The growth indicator rose to +8 percent from +3 percent in three months to September.

In commodities, crude oil futures for December delivery are up 0.47 or 1.07 percent at $44.54 a barrel.

Natural gas for December is up 0.059 or 2.13 percent at $2.826 per million btu.

Gold futures for December are down $23.00 or 1.76 percent at $1,281.50 an ounce.

Silver for December is down $0.196 or 1.07 percent at $18.175 an ounce.