Canadian stocks opened lower on Thursday as investors digested the country's GDP data for May.
The S&P/TSX composite index opened lower 88.82 points to at 15,436.
The Canadian dollar nicked ahead 0.02 cents at 91.75 cents U.S.
Valeant Pharmaceuticals International Inc, which is trying to take over Botox-maker Allergan Inc, said net income rose nearly 12-fold, boosted by strong sales at its Bausch & Lomb lens business. Valeant shares plummeted $9.20, or 6.7%, to $128.22.
China's foreign ministry accused Canada of making irresponsible accusations lacking any credible evidence after Canada singled out Chinese hackers for attacking a key computer network and lodged a protest with Beijing.
Bombardier Inc reported a slightly higher-than-expected second-quarter profit, boosted by higher sales of planes and trains. Bombardier shares stepped back four cents to $3.63
The German government will not raise any objections to BlackBerry's planned acquisition of Secusmart, whose encryption technology protects the devices of government officials including Chancellor Angela Merkel. BlackBerry shares lost eight cents to $10.51.
RBC cut the rating on First Quantum Minerals to sector perform from outperform. First Quantum dipped $1.22 to $25.81.
On the economic beat, Statistics Canada reported this morning that real gross domestic product rose 0.4% in May, a fifth consecutive monthly increase. The output of service industries grew 0.4% and the output of goods-producing industries increased 0.5%.
ON BAYSTREET
The TSX Venture Exchange lost 6.35 points to 1,004.75
All but three of the 14 Toronto subgroups were lower, with health-care 3% less hale, metals and mining down 2.1%, and global base metals off 1.4%.
The three gainers were information technology, up 3%, financials, better by 0.4%, and consumer staples, eking up 0.03%.
ON WALLSTREET
Stocks are having a rotten end to the month.
All the major indexes fell in early trading Thursday and gave back almost all the gains they made in July.
The Dow Jones Industrials settled 143.66 points to open at 16,736.70
The S&P 500 fell 18.94 points, or 1%, to 1,951.13. The NASDAQ composite plummeted 52.14 points, or 1.2%, to 4,410.76.
Heavy selling overseas, driven by worries about Argentina's latest debt default and more problems with a big Portuguese bank, offset good economic data in the United States released Wednesday.
Yum Brands, the conglomerate behind KFC, Taco Bell and Pizza Hut, reported disappointing earnings last night and lowered its guidance after its second tainted Chinese meat scandal in as many years. The stock fell almost 6% in early trading.
Whole Foods is also hurting. Despite reporting good earnings, the company disappointed on sales and also cut its outlook guidance once again, raising questions about the company's future direction. Its shares, which have been among the worst performers this year, are down 6%.
Adidas, down 15% in Germany, is also lowering its guidance, saying that it’s reducing its Russian footprint by closing stores or delaying new openings. Golf sales are also lower
Prices for 10-year U.S. Treasuries slumped, raising yields to 2.59% from Wednesday’s 2.55%. Treasury prices and yields move in opposite directions.
Oil prices dropped 87 cents to $99.40 U.S. a barrel.
Gold prices dropped $7.90 to $1,287 U.S. an ounce.
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