Canada's main stock index opened lower on Thursday, weighed down by losses in financial stocks.
The S&P/TSX Composite Index dropped 26.03 points to open Thursday at 16,022.63
The Canadian dollar slumped 0.33 cents at 77.26 cents U.S.
Canada Goose said it would team up with e-commerce company Alibaba Group to tap into the rising consumer demand in Greater China, the world's largest luxury market, in the fall of this year.
Goose shares took flight $2.05, or 4%, to $53.32.
Superior Plus Corp said on Wednesday it would buy NGL Energy Partners' retail propane unit for $900 million in cash to boost its presence in the United States. Superior Plus retreated 76 cents, or 5.8%, to $12.41.
RBC raised the price target on National Bank of Canada to $73.00 from $71.00. National shares backtracked 30 cents to $61.50.
RBC raised the price target on Bank of Montreal to $120.00 from $117.00. BMO shares acquired 16 cents to $100.00
National Bank of Canada upped the rating on Cenovus Energy to outperform from sector perform. Cenovus took on six cents to $13.63.
On the economic beat, Statistics Canada said the average weekly earnings of non-farm payroll employees were $997 in March, unchanged from the previous month. Earnings were up 3.1% compared with 12 months earlier, mostly due to increases in the last six months of 2017.
Real gross domestic product grew 0.3% in the first quarter, following an increase of 0.4% in each of the previous two quarters. Final domestic demand rose by 0.5%.
ON BAYSTREET
The TSX Venture eked up 2.05 points to 769.73
Eight of the 12 TSX subgroups stepped back, as utilities lost 0.6%, while consumer staples and telecoms swooned 0.3%.
The four gainers were led by information technology and gold, each up 0.3%, and materials, inching 0.1%.
ON WALLSTREET
Stocks traded lower on Thursday after the U.S. announced tariffs on some key trade partners, increasing trade tensions.
The Dow Jones Industrials docked 171.95 points to 24,495.83, with Procter & Gamble as the worst-performing stock in the index.
The S&P 500 fell 8.2 points to 2,715.81, as consumer staples lagged.
The NASDAQ doggedly gained 6.01 points to 7,468.46
In corporate news, General Motors shares shot up 9% after the company said the SoftBank Vision Fund will invest $2.25 billion in the automaker's self-driving cars.
The Trump administration said Thursday that tariffs on steel and aluminum imports from European Union, Canada and Mexico will take effect at midnight Thursday.
Following the news, the Mexican peso and Canadian dollar hit their lows of the day against the U.S. currency. The greenback also hit its highest level against the peso since early March.
Meanwhile in economic news, the Commerce Department said consumer spending jumped 0.6% last month, the biggest gain in five months.
The department also said the personal consumption expenditures price index — the Federal Reserve's preferred measure of inflation — rose 0.2% in April.
Prices for the benchmark for the 10-year U.S. Treasury eked up, lowering yields to 2.83% from Wednesday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.03 at $67.18 U.S. a barrel.
Gold prices gained $2.60 to $1,309.10 U.S. an ounce.
