Canada's main stock index dipped at Wednesday’s opening, after data showed euro-zone contracted for the sixth straight quarter, marking its longest recession since 1995.
The S&P/TSX composite index let go of 63.76 points to begin trading Wednesday at 12,513.29
The Canadian dollar faded 0.03 cents to 98.20 cents U.S.
First Majestic Silver cut its 2013 capital expenditure by 16% due to a decline in silver prices and warned it could make further cuts later in the year. First Majestic shares subsided 47 cents to $10.98.
Canada's Competition Bureau has not raised any concerns about Agrium Inc.’s proposed purchase of 232 farm supply stores from Glencore Xstrata Plc, even though its review has taken months longer than expected. Agrium shares started doing business Wednesday at $92.80, down 67 cents from Tuesday’s close.
In the economic docket today, national home sales declined 2.1% in February, according to statistics released today by the Canadian Real Estate Association, and 15.8% below levels for February 2012.
Statistics Canada reported this morning that manufacturing sales dropped 3% to $49.5 billion in March, the third decline in four months.
ON BAYSTREET
The TSX Venture Exchange dropped 4.66 points to 945.21
All 14 Toronto subgroups were lower early on, weighed mostly by metals and mining, down 1.6%, gold, off 1.1%, and global base metals, sliding 1%.
ON WALLSTREET
In the United States, economic news was mixed, prompting a lackluster open on Wall Street.
The Dow Jones Industrials docked 6.70 points to 15,208.50
The S&P 500 index was down 0.46 points to 1,649.88, while the NASDAQ Composite decreased 0.16 points to 3,462.45
Despite the step back Wednesday, U.S. stocks remain near all-time highs. Both the Dow and S&P 500 finished at closing record highs Tuesday, while the NASDAQ closed at its highest level since October 2000.
While earnings season is nearly over, results from a few big names continue to trickle in. Macy's stock edged up after the retailer reported a gain in quarterly profit, revenue and same-store sales. Macy's also boosted its quarterly dividend by 25% and announced a $1.5-billion U.S. increase to its share buyback plan.
In other earnings news, John Deere posted a better-than-expected profit for the second quarter but shares of the heavy equipment manufacturer tumbled after it cut its sales forecast for the year.
Cisco earnings are up after the bell.
Google kicks off its annual developer's conference Wednesday. The company is expected to unveil a paid subscription music-streaming service according to news reports.
Shares of music streaming service Pandora were down slightly in early trading.
Internationally, France slipped back into recession after a 0.2% decline in Gross Domestic Product for the first quarter of 2013, Germany's economy expanding by 0.1% over the same period.
Economically, the Producer Price Index dropped 0.7% in April -- its biggest decline since February 2010, signaling that inflation remains weak.
However, a report on the manufacturing sector was disappointing. In May, the Empire State manufacturing survey fell into negative territory for the first time since January. Economists were looking for activity to improve.
Prices on the 10-year U.S. Treasury gained a little ground, lowering yields to 1.93% from Tuesday’s 1.95%. Treasury prices and yields move in opposite directions
Oil prices doffed $1.43 to $92.78 U.S. a barrel.
Gold prices jettisoned $15.00 at $1,409.50 U.S. an ounce
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