TSX Drifts Lower As Loonie Strengthens -- Canadian Commentary

(RTTNews) - Canadian stocks were little changed Tuesday, trimming steep early losses as energy stocks rose on higher oil prices.

Commodities were generally stronger as the U.S. dollar continued to weaken. Canada's loonie surged to its best in 14 months against the U.S. dollar.

The TSX Composite Index was down 15.19 points, or 0.10 percent, to 15,149.57.

August WTI oil settled at $46.40/bbl, up 38 cents, or 0.8%, as prices rallied despite predictions that U.S. output will remain robust. A weak U.S. dollar also boosted commodities.

Sears Canada (SCC.TO) won permission from a Toronto judge to begin liquidation sales as early as Friday. The deepest discounts are happening only at the 59 stores that have been slated for closure.

Tembec's (TMB.TO) second-largest shareholder said it will vote against the friendly offer by Rayonier Advanced Materials on valuation concerns.

Siemens Wind Power will close its Ontario turbine blade plant, cutting 340 jobs.

Homebuilder confidence in the U.S. unexpectedly declined in the month of July, according to a report released by the National Association of Home Builders on Tuesday.

In other economic news, the ZEW research institute's monthly economic sentiment index for Germany fell to 17.5 from 18.6 in June, while U.K. consumer price inflation slowed to a three-month low of 2.6 percent in June, helping ease pressure on the Bank of England to raise interest rates.