Erasing their early trading gains, Canadian stocks slipped into the red Tuesday morning as traders were cautiously optimistic on further stimulus measures after French and German leaders, and the ECB chief pledged to protect the euro zone. Moreover, soft economic growth data out of Canada and a mixed batch of corporate earnings reports weighed on trader sentiment.
The S&P/TSX Composite Index eased 9.54 points or 0.08 percent to 11,748.34, a day after snapping its three-session winning streak.
Hardware dealer RONA inc. (RON.TO) soared 18 percent after announcing that its Board of Directors has unanimously determined that an unsolicited, non-binding $14.50 per share acquisition proposal recently received from U.S.-based Lowe's Companies, Inc. (LOW), is not in the best interests of RONA and its stakeholders.
The Diversified Materials Index up nearly 1 percent, with Inmet Mining (IMN.TO) surging 5 percent. First Quantum Minerals (FM.TO) gained 2 percent, while Teck Resources (TCK_B.TO) was slipping 1 percent.
The price of crude oil was ticking lower Tuesday morning as traders await cues from a 2-day FOMC meeting, starts today. Crude for September edged down $1.02 to $88.76 a barrel.
In the oil patch, Encana Corp. (ECA.TO) and Lundin Petroleum (LUP.TO) gathered over 2 percent each.
On the other hand, Trican Well Service (TCW.TO) dived over 6 percent. The oil fields services provider slipped into the red in second-quarter, reporting a loss of C$50.9 million or C$0.35 per share compared to a profit of C$30.1 million or C$0.21 per share in the prior-year quarter. Adjusted loss was C$48.6 million or C$0.33 per share compared to a profit of C$33.3 million or C$0.23 per share last year. Analysts were expecting the company to report a loss of C$0.37 per share for the quarter.
The price of gold continued to hover above the $1,600-mark Tuesday morning as the U.S. dollar was mixed ahead of the FOMC meeting. Gold for December delivery eased $1.20 to $1,622.80 an ounce.
Among gold plays, Allied Nevada Gold (ANV.TO) added over 2 percent.
Distribution utility company Fortis Inc. (FTS.TO) edged up 0.25 percent after posting improved second quarter net earnings at C$62 million or C$0.33 per share compared to C$57 million or C$0.32 per share for the second quarter of 2011. Analysts were expecting the company to report earnings of C$0.33 per share.
Power company TransAlta Corp. (TA.TO) slipped into the red in second quarter, reporting net loss of C$797 million or C$3.51 per share versus profit of C$12 million or C$0.05 per share a year ago. Comparable loss was C$0.10 per share versus comparable earnings C$0.29 per share. Analysts were expecting the company to report loss of C$0.07 per share. The stock edged up 0.20 percent,
News service provider Thomson Reuters Corp. (TRI.TO) shed 2 percent despite reporting a much improved second-quarter net earnings of $922 million or $1.11 per share compared to last year's $563 million or $0.67 per share. Adjusted earnings from continuing operations were $449 million or $0.54 per share, compared with $429 million or $0.51 per share.
Electricity transmission systems operator Brookfield Infrastructure (BIP_UN.TO) announced that it along with its institutional partners would acquire the remaining 45 percent of the Autopista Vespucio Norte or AVN toll road that they do not currently own for approximately $590 million. The stock shed 2 percent
In economic news, Statistics Canada said real gross domestic product edged up 0.1 percent in May, just missing consensus estimates for a 0.2 percent growth and lower than 0.3 percent growth recorded in April. The output of service industries rose 0.1 percent in May on the strength of retail trade and the finance and insurance sector.
From the U.S., the Commerce Department said that personal income in the U.S. had risen by $61.8 billion in June, an increase of 0.5 percent. The increase was higher than the 0.4 percent predicted by most economists and comes atop revised figures that showed the May increase in personal income of 0.3 percent was higher than the 0.2 percent initially reported. However consumer spending, known formally as personal consumption expenditures fell marginally in June, dropping $1.3 billion.
A report released by Standard & Poor's showed that the S&P/Case-Shiller 20-City Composite Home Price Index rose by 2.2 percent in May following a 1.3 percent increase in April. Economists had expected the index to increase by 1.2 percent.
Elsewhere, today's data from the Eurostat revealed that euro zone inflation remained stable in July as expected by economists. The annual rate came in at 2.4 percent, above the central bank's target of "below but close to 2 percent." The final data is due on August 16.
A separate report from the agency said the euro zone unemployment rate remained unchanged at a record high in June. The jobless rate for June was 11.2 percent, the same as seen in May. The rate matched economists' expectations.
Unemployment in Germany increased in July as widely expected, data from the Federal Labor Agency showed. The number of unemployed rose by 7,000 in July from a month earlier. This was in line with economists' forecast and followed a similar increase in the previous month.
Meanwhile, Germany's retail sales dropped unexpectedly in June from the prior month, data from the Federal Statistical Office revealed. Retail turnover was down 0.1 percent from May, in contrast to a 0.5 percent rise expected by economists. Nonetheless, the rate of decline was slower than the 0.3 percent drop seen in May.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.