Canada's main equity index fell on Monday after weak Japanese data added to evidence of a slowing global economy, with mining and energy stocks leading the decline.
The S&P/TSX Composite index faded 52.56 points to finish the day at 11,838.33
The Canadian dollar moved lower by 0.09 cents to 100.76 cents U.S.
Canada's resource-focused companies -- which make up a major chunk of the overall index -- have been slow to recover from dips in the price of commodities this year.
A 2.8% fall in Canadian Natural Resources Ltd to $30.09 was the single biggest drag on the index, while fertilizer maker Potash Corp also weighed, down 1.1% to $42.70.
Banks also contributed to the decline, with Royal Bank of Canada falling 0.6% to $50.87 and Toronto Dominion Bank shedding 0.3% to $79.09.
Meanwhile, insurers Manulife Financial Corp and Sun Life Finacial Inc provided support. Manulife gained 2.4% to $11.22, and Sun Life picked up 1.1% to $22.20.
Pacific Rubiales Energy Corp gained 2% to $24.04 after it said it was making an additional investment in a port project in Colombia.
ON BAYSTREET
The TSX Venture Exchange gathered 6.37 points to 1,197.37. The Nasdaq Canada index fell 5.41 points to 348.26.
All but three of the 14 Toronto subgroups were lower on the day, weighed mostly by the metals and mining group, down 1.5%, global base metals, off 1.4%, and materials, sliding 1.2%.
Real-estate led the three gainers, up 0.4%, while utilities shrank 0.3% and consumer staples, inched up 0.03%.
ON WALLSTREET
U.S. stocks tumbled Monday as concerns about global growth weighed on the market.
The Dow Jones industrial average came off its lows for the day, but still floundered 38.52 points to finish at 13,169.40.
The S&P 500 dropped 2.64 points to 1,403.23. The Nasdaq fought its way into the green 1.66 points to end the day at 3,022.52.
Groupon is expected to report quarterly earnings of three cents a share on $573 million U.S. in revenue, according to a survey of analysts by Thomson Reuters.
Motorola Mobility, the Google-owned cellphone maker, announced it would cut 4,000 jobs, or a quarter of its workforce. The company also said it would consolidate a third of its 90 facilities. These changes come as Motorola lost money in 14 of the last 16 quarters. Shares of Google were up on the news.
Barnes & Noble announced price cuts on its Nook e-reader and tablet devices Monday, as back-to-school shopping gets underway and amid speculation that Amazon will introduce a new version of its Kindle Fire. The company said price cuts will be between $20 to $50 U.S.
Shares of Manchester United recovered after briefly falling below the initial offering price of $14 U.S. a share. The British "football" club debuted on the U.S. stock market Friday.
Shares of J.C. Penney fell nearly 3% as investors reevaluated the company's latest results. The retailer reported a loss on Friday, but the stock rose that day due to optimistic comments from CEO Ron Johnson.
Sears Holdings stock rose 5% after an article in Barron's suggested the stock could double if the company's turnaround effort works. Separately, Sears is reportedly working on plans to spin off its Hometown and Outlet stores.
Investors were also digesting this weekend's announcement that Republican Mitt Romney has selected Congressman Paul Ryan as his running mate in this year's presidential election.
Stocks have been trading in a narrow range for the past few weeks as many investors have moved to the sidelines amid an uncertain outlook.
Investors are debating whether the U.S. economy is weak enough to warrant additional stimulus from the Federal Reserve, according to many experts.
Hopes for a third round of asset purchases by the Fed have been a key driver of the stock market's gains this year. But last month's better-than-expected jobs report raised questions about whether the central bank will need to take further action, said experts.
Meanwhile, investors remain concerned about the debt problems in Europe.
The Greek economy, which has been in recession for years, shrank 6.2% in the second quarter, according to preliminary government estimates released Monday.
The European Union's statistics office will release preliminary data on Tuesday about gross domestic product for the second quarter. Economists expect that economic activity across the 17-nation euro area declined from the first quarter.
The price on the benchmark 10-year U.S. Treasury inched down, pushing the yield back up to Friday’s 1.65%. Treasury prices and yields move in opposite directions.
Oil for September delivery fell 17 cents to $92.68 U.S. a barrel.
Gold futures for December delivery lost $10.20 to $1,612.60 U.S. an ounce.
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