Toronto's main stock index opened lower on Monday, in line with global markets, after China announced its lowest annual growth target in eight years and uncertainty around Greece's bailout dented investor sentiment.
The S&P/TSX Composite Index gave back 65.55 points to start the week at 12,578.27
The Canadian dollar slid 0.43 cents to 100.64 cents U.S.
Stocks to watch north of the border this morning include Petrominerales Ltd., which posted a more-than-two-fold rise in quarterly adjusted net income helped by higher production and oil prices.
Enbridge Inc. reported Sunday that a key segment of the company's oil pipeline system in the U.S. Midwest will remain shut down for up to four more days after a deadly vehicle accident in Illinois caused an oil leak and fire, likely squeezing supplies for refiners in the region.
ON BAYSTREET
The TSX Venture Exchange lost 2.15 points to 1,678.90, while the Nasdaq Canada index shaved off 2.67 points to 417.01
All but one of the 14 Toronto subgroups went south to begin the week. Global base metals slipped 1.4%, while their cousins in the metals and mining group fell 1.2%, and materials lost 1%.
The lone holdout was in real-estate, and only 0.1% stronger at that.
ON WALLSTREET
In New York, stocks dipped Monday, following the path of world markets, after China lowered its annual growth target.
Investors also are bracing for a week full of news on Greece's rescue package and the domestic labour market.
The Dow Jones Industrials fell 7.57 points to begin the day and week at 12,970.
The S&P 500 subtracted 4.69 points to 1,364.94, while the Nasdaq was weaker by 3.20 points to 2,972.99
World markets were in the red Monday, after Chinese Premier Wen Jiabao set a lower target for China's economic growth, underscoring the need to make the country's breakneck development more sustainable.
The government is aiming for economic growth of 7.5% in 2012, Wen said -- lower than the 2011 goal of about 8%. The Chinese economy often exceeds the official objective: last year it grew 9.2%.
On the domestic front, investors will head into the week looking for more evidence of a U.S. recovery under way, while keeping tabs on developments on Europe's debt crisis.
European leaders inked a pact on Friday aimed at ensuring fiscal discipline across the continent. However, they have yet to make a decision on the size of the "financial firewall" that many believe is necessary if countries such as France and Spain face further distress.
Online reviews site Yelp will look to continue its momentum Monday, after shares spiked 64% to top $24 U.S. a share in their debut on the New York Stock Exchange Friday.
BP shares were slightly higher ahead of the open. BP and plaintiffs involved in the legal battle over the Gulf of Mexico oil spill said Friday they have reached an agreement. BP estimated that it would have to pay about $7.8 billion U.S. in the Deepwater Horizon disaster settlement.
Apple said in a post on its website that the tech company has "created or supported" some 514,000 jobs in the United States, either through direct employment, the "App economy" or other means.
Economically speaking, reports are due Monday morning on the services sector and factory orders.
Last week, the Institute for Supply Management’s manufacturing index for February slipped to 52.4, from 54.1 in January, indicating a slowdown in the sector's expansion. The February edition of the ISM services index is expected to come in at 56, down from 56.8 in the month prior, which would also signal a slower expansion.
January factory orders are expected to have decreased by 1.9%, according to a survey of analysts by Briefing.com, after ticking up by 1.1% in December.
Coming later in the week are data on consumer credit and the monthly jobs report.
Treasury prices for the 10-year note nipped up, pushing yields down to 1.98% from Friday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil for February delivery reacquired 22 cents to $106.83 U.S. a barrel.
Gold futures for April delivery fell $5.30 to $1,704.50 U.S. an ounce.
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