Canada's main stock index fell at open on Tuesday, hurt by a slide in energy and financial sectors after investors returned from an extended weekend amid heightened trade tensions between the United States and China.
The S&P/TSX Composite dropped 98.92 to begin a short week at 16,172.74
The Canadian dollar fell 0.10 cents to 75.58 cents U.S.
Markets in Canada were shuttered Monday for Civic Holiday.
Australia's Aveo Group said Brookfield Asset Management Inc had offered A$1.27 billion ($861.6 million U.S.) in cash to acquire the retirement-home operator. Brookfield shares dipped 64 cents, or 1%, to $64.16.
Canaccord Genuity cut the target price on Cineplex to $31.00 from $32.00. Cineplex shares darkened 55 cents, or 2.3%, to $23.16.
Credit Suisse cut the target price on Hudbay Minerals to $8.75 from $11.50. Hudbay shares fell 14 cents, or 2.9%, to $4.72.
Desjardins cut the target price on TELUS to $55.50 from $56.50. TELUS shares slipped 43 cents to $47.37.
ON BAYSTREET
The TSX Venture Exchange gained 5.17 points to 600.91
All but three of the 12 Toronto subgroups were down to begin the week, as energy docked 2.1%, financials shed 1.2%, and industrials were 0.7% weaker.
The three gainers were gold, shining 2.8% brighter, health-care, haler by 1.6%, and materials, better by 1.1%.
ON WALLSTREET
Stocks rebounded on Tuesday after China’s central bank indicated it wanted its currency to trade at a higher level than expected against the dollar, easing tensions about the nation using its currency as a weapon in the trade war. The bounce came after Wall Street saw its worst trading day of 2019 in the previous session.
The Dow Jones Industrials repaired itself, hiking 144.75 to 26,862.49
The S&P 500 recovered 20.62 points, to 2,865.36
The NASDAQ recouped 90.27 points, or 1.2%, to 7,816.31
U.S. equity markets saw their worst trading day of 2019 on Monday. The Dow dropped 767 points while the S&P 500 slid nearly 3%. The NASDAQ plunged more than 3% on Monday.
Overnight, China’s central bank set the yuan’s official reference point at stronger than the key seven-yuan-to-the-dollar point on Tuesday.
The move calmed currency markets, initially rocked by fears the U.S.-China trade war was devolving into a currency war.
Shares of companies whose future prospects hang in the balance because of the trade war led the rebound in early trading. Caterpillar, Apple and Micron all traded higher. Ford rose 2.1% after an upgrade by Morgan Stanley.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 1.77% from Monday’s 1.74%. Treasury prices and yields move in opposite directions
Oil prices picked up 15 cents to $54.84 U.S. a barrel.
Gold prices acquired 40 cents to $1,476.9 0 U.S. an ounce.
