Equities in Canada’s largest market tumbled more than 1% on Tuesday to levels not seen since January, as worries at home and abroad drove miners, oil and gas companies, and banks sharply lower.
The S&P/TSX composite index dropped 154.99 points, or 1.1%, to greet noon at 14,438.58
The Canadian dollar jettisoned 0.57 cents to 78.47 cents U.S.
First Quantum Minerals plunged 12% to $13.94, while Toronto-Dominion Bank declined 1.1% to $52.15.
Materials, home to mining companies, sank to their lowest level since December, while the financials sector fell to its weakest level since March.
Also weighing on the materials group was Silver Wheaton Corp's 9.3% slide to $20.15 after the mining finance company said it may face tax payments of more than $200 million following a reassessment "proposal" from Canada's tax authority.
Energy stocks slid to levels not seen since mid-January. Canadian Natural Resources fell 1.1% to $32.96.
Crude prices, which plunged as much as 8% on Monday, extended those losses on Tuesday.
Copper prices declined 5.2% to $5,297 U.S. a tonne.
On the economic beat, Statistics Canada reported this morning that our country’s exports declined 0.6% in May while imports edged up 0.2%. As a result, Canada's merchandise trade deficit with the world widened from $3.0 billion in April to $3.3 billion in May.
ON BAYSTREET
The TSX Venture Exchange moved 11.99 points to pause for lunch at 651.34.
All but one of the 14 TSX subgroups were lower, as metals and mining capsized 6.2%, global base metals docked 4%, and materials skidded 3.6%.
Utilities proved the lone positive group, clicking higher by 0.1%.
ON WALLSTREET
U.S. stocks fell nearly 1% or more on Tuesday, with the S&P 500 falling below its 200-day moving average, as investors awaited developments in the Greece debt crisis.
The Dow Jones Industrials swooned 120.96 points, or 1.1%, to 17,562.62, with UnitedHealth and JPMorgan Chase the greatest decliners and Procter & Gamble leading advancers.
The S&P 500 index hesitated 17.28 points to 2,051.48, with materials leading eight sectors lower and utilities and consumer staples leading advancers.
The NASDAQ slid 70.99 points to 4,920.95.
The S&P 500 fell below that key level for its first time since October 20, joining the Dow Jones industrial average in negative territory for the year. The blue chip index is about 1.5% lower for the year and traded about 140 points lower on Tuesday after falling more than 200 points.
Companies reporting earnings this session include The Container Store.
Carnival announced Tuesday that it gained approval from the U.S. government for limited cruises to Cuba as early as next year.
In U.S. economic data, May international trade numbers showed that the U.S. trade deficit widened, fueled by a drop in exports.
JOLTs job openings data came in slightly higher for May than the previous month. Consumer credit figures are due at 3 p.m. The U.S. Treasury is scheduled to hold a three-year note auction later in the day.
The Federal Reserve releases its meeting minutes Wednesday afternoon.
Euro-zone leaders are holding an emergency summit in Brussels to discuss Greece.
However, the government's latest proposals differ only slightly from previous versions, German media reported.
Prices for 10-year U.S. Treasuries rose sharply, lowering yields to 2.21% from Monday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices faded 80 cents a barrel to $51.73 U.S.
Gold prices lost $20.50 at $1,152.70 U.S. an ounce.
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