Mining stocks weighed on Canada's benchmark stock index on Monday as lower Chinese economic growth targets contributed to a softening in prices for metals.
The S&P/TSX Composite Index fought its way back to within 21.53 points of breakeven to move into noon hour at 15,586.97
The Canadian dollar eked lower 0.16 cents at 74.56 cents U.S.
China, which is copper's biggest consumer, cut its growth target this year as the world's second-largest economy pushes through painful reforms to address a rapid buildup in debt and erects a "firewall" against financial risks. Copper prices fell to a more than one-week low.
The most influential movers on the Canadian index included base metal miners First Quantum Minerals, which fell 4.7% to $14.54 and Teck Resources, which lost 3.3% to $26.40.
Northland Power Inc rose 2% to $24.18. The utility said on Friday it had agreed to buy a 252 MW German offshore wind farm.
ON BAYSTREET
The TSX Venture Exchange shed 5.82 points to 812.64
Seven of the 12 TSX subgroups remained negative by noon, gold dulling in price 3.3%, materials down 2.5%, and health-care off 1.5%.
The five gainers were led by telecoms, up 0.6%, financials, richer by 0.4%, and consumer staples 0.2% to the good.
ON WALLSTREET
U.S. equities fell on Monday as the chances of tighter monetary policy from the Federal Reserve sunk in for investors, while geopolitical concerns increased.
The Dow Jones Industrials tumbled 81.85 points to 20,923.86, with Goldman Sachs losing the most.
The S&P 500 surrendered 13.5 points to 2,369.62, with financials falling 0.9% to lead decliners.
The NASDAQ dipped 39.32 points to 5,831.44.
Experts put market expectations for a rate hike at 84.1% Monday. The Fed's monetary policy committee is set to meet Tuesday and Wednesday of next week.
Investors also kept an eye on the geopolitical front after North Korea fired four ballistic missiles Monday, three of which landed in Japan's exclusive economic zone, according to Japanese Prime Minister Shinzo Abe.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.5% from Friday’s 2.48%. Treasury prices and yields move in opposite directions.
Oil prices slipped 26 cents to $53.07 U.S. a barrel
Gold prices gained 30 cents to $1,226.80 U.S. an ounce.
