Stocks in Toronto were flat on Thursday after the European Central Bank cut interest rates to a new record low, in response to a sharp fall in inflation last week.
The S&P/TSX composite index began Thursday skidded 4.64 points to 13,375.77
The Canadian dollar shed 0.17 cents at 95.81 cents U.S.
BCE Inc, Canada's biggest telecom company, posted a 35% slump in quarterly profit, hurt by hurt by costs related to its $3-billion acquisition of Astral Media earlier this year. BCE shares were flat at $45.50
Tim Hortons Inc reported an 8% rise in quarterly profit as same-store sales improved slightly in the United States. Tim shares gave back 13 cents each to $62.47.
Manulife Financial Corp, Canada's largest life insurer, reported a third-quarter profit that just beat analysts' expectations, driven by strong wealth and mutual fund sales and higher bond yields. Manulife shares galloped 45 cents to $19.16.
ON BAYSTREET
The TSX Venture Exchange dipped 1.26 points to begin Thursday at 940.05
Of the 10 TSX subgroups, seven were higher, led by information technology, up 0.7%, while financials improved 0.3%, and industrials inched up 0.1%.
The three laggards were materials, up 0.8%, energy, up 0.7%, and health-care, gaining 0.2%.
ON WALLSTREET
Stocks demurred from record highs Thursday, even as investors welcomed solid economic data and a surprise rate cut from the European Central Bank. But all eyes were on the Twitter IPO.
The Dow Jones Industrials fell 4.10 points to 15,742.80.
The S&P 500 index lost 1.53 points to 1,768.96. The NASDAQ dipped 32.24 points to 3,899.71
Whole Foods shares sank more than 10% after the organic grocer cut its 2014 earnings and sales forecasts.
Qualcomm shares fell 4% after posting quarterly earnings that fell short of expectations.
Walt Disney, Groupon and Priceline.com are set to report quarterly results after the market close.
J.C. Penney shares jumped after the troubled retailer announced an increase in same-store sales for October.
Tesla shares tumbled again following reports of yet another fire in one of its Model S electric cars.
Investors and traders were eagerly anticipating Twitter's debut on the New York Stock Exchange Thursday morning. Twitter priced its initial public offering at $26 U.S. a share late Wednesday, raising $1.8 billion U.S.
Investors were also encouraged by a report that showed the U.S. economy perked up slightly this summer, driven largely by businesses re-stocking their shelves, a rise in consumer spending, and the ongoing housing recovery.
Gross domestic product -- the broadest measure of economic activity -- rose at a 2.8% annual rate in the third quarter, according to the Bureau of Economic Analysis. That marked the fastest growth in a year and was stronger than economists had anticipated.
A separate report showed initial jobless claims declined for the fourth straight week, falling by 9,000 to 336,000.
The European Central Bank said it cut a key interest rate to 0.25%, a sign of how fragile the European economic recovery is. European stock markets made modest gains in afternoon trading, keeping them near five-year highs.
Prices for the 10-year U.S. Treasury gained slightly, lowering yields to 2.63% from Wednesday’s 2.64%. Treasury prices and yields move in opposite directions.
Oil prices moved downward 38 cents to $94.42 U.S. a barrel.
Gold prices slumped $9.70 to $1,308.10 U.S. an ounce.
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