Markets in Toronto began Thursday a mite lower on Thursday as weaker-than-expected manufacturing data from China overshadowed strong economic figures from the euro-zone.
The S&P/TSX composite index moved forward 36.43 points to open Thursday at 13,988.20,
The Canadian dollar tumbled 0.97 cents, to 90.20 cents U.S.
Barrick Gold said on Wednesday that it had agreed to sell its Kanowna gold mine in Western Australia to Northern Star Resources Ltd for A$75 million to focus on its lower-cost mines. Barrick shares leaped 95 cents, or 4.6%, to $21.76.
Australia's Murray Goulburn Co-operative Co Ltd agreed to sell its 17.7% stake in Warrnambool Cheese and Butter Factory Co Holdings Ltd to rival bidder Saputo, bowing out of the hotly contested bidding battle. Saputo shares added 14 cents to $52.83.
Imperial Capital raised the price target on Ithaca Energy to $3.30 from $3.05, saying the company is close to a substantial increase in free cash flow generation once its well at Stella starts producing. Ithaca shares were static at $2.53.
The global economy started 2014 on a disjointed note, with the euro zone's private sector in better shape than expected and China's vast manufacturing industry contracting for the first time in six months.
Domestically, Statistics Canada reported that retail sales came in for November at $41 billion, or 0.6% higher than the month before, in contrast to a market call for a gain of 0.2%.
StatsCan chalks the hike up to higher sales at motor vehicle and parts dealers as well as electronics and appliance stores.
The agency also noted that there were 512,300 people receiving regular Employment Insurance benefits in November, virtually unchanged from October.
ON BAYSTREET
The TSX Venture Exchange gained 5.56 points to 986.
All but four of the 14 Toronto subgroups were lower in the early going, weighed mostly by financials, down 0.8%, while information technology and consumer staples each shed 0.6%.
The four gainers were led by gold, climbing 4%, while materials added 2%, and energy squeezed ahead 0.1%.
ON WALLSTREET
Stocks slid Thursday as investors worried about corporate earnings.
The Dow Jones Industrial Average plummeted 148.92 points to begin Thursday at 16,224.42. If the Dow finishes the day lower, that would be the third straight day of declines.
The S&P 500 index faded 15.49 points to 1,829.37. The NASDAQ listed lower by 38.28 points to 4,204.72
Shares of Nokia tanked after the cell phone and networking equipment maker reported a bigger than expected loss and drop in sales.
Microsoft, which is in the process of buying the device business of Nokia, will report its earnings after the bell. In addition to results investors will be looking for information on Microsoft's CEO succession plans.
McDonald's was slightly higher Thursday after it reported a modest gain in income but revenue that fell short of forecasts. But it was just one of two Dow stocks that were higher in early trading. United Health was the other.
Shares of IBM fell after it announced a deal early Thursday to sell part of its server business to Chinese computer maker Lenovo for $2.3 billion U.S. IBM fell on Wednesday as well following a weak earnings report.
Facebook shares dropped Thursday after a report Wednesday calling the social media giant's longevity into question by comparing it to Myspace. Facebook had been on a tear, but investors have pulled back in recent days as they gear up for the company's earnings next week.
But there were some big winners even as the broader market sank.
Netflix jumped 16% after the company reported its biggest quarterly gain in subscribers in three years.
Shares of eBay popped after the online auction site said Wednesday that investor Carl Icahn took a small stake in the company and submitted a proposal to spin out PayPal into a separate business. eBay said it had no plans to follow through on Icahn's plan. CEO John Donahue called it a "distraction" on the company's earnings conference call.
But Apple shares were a bit lower after gaining Wednesday following Icahn's disclosure that he had increased his stake in the company by $500 million U.S. The activist investor has been publicly campaigning for Apple to return more cash to shareholders in the form of a $150-billion U.S. buyback.
Prices for 10-year U.S. Treasuries hiked, lowering yields to 2.81% from Wednesday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 32 cents to $97.05 U.S. a barrel.
Gold prices bolstered $18.40 to $1,257.00 U.S. an ounce.
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