Canada's main stock index fell for the third straight session, giving back more than 1% on Monday, with across-the-board declines led by resource and financial stocks.
The S&P/TSX composite index remained mired in negative country, 206.22 points, or 1.4%, to greet noon at 14,750.94
The Canadian dollar was unchanged at 80.42 cents U.S.
Metals and mining stocks took the biggest black eye, with First Quantum Minerals diving 54 cents, or 3.1%, to $16.75, and Teck
Resources sliding 37 cents, or 2.6%, to $14.09.
Industrials also suffered, as Black Diamond Group plummeted 82 cents, or 4.9%, to $15.82.
Energy stocks retreated as crude prices, pinched by a slide in Chinese fuel imports and OPEC's decision to keep its production target, fell some 1%
Enbridge Inc was the top-weighted decliner, falling 3% to $56.65. TransCanada Corp was another significant loser, declining 1.7% to $50.68.
Financial stocks slumped, with Royal Bank of Canada falling 1% to $78.76, and Toronto-Dominion Bank sliding 1.1% to $53.77.
Economically speaking, Statistics Canada reported that building permits in April totaled $7.8 billion, up 11.6% from March. The agency attributes the gain in April to higher construction intentions in both the residential and non-residential sectors in Ontario.
Moreover, Canadian housing starts jumped much more than expected in May from April, suggesting the country's post-crisis housing boom still has momentum.
The report from the Canadian Mortgage and Housing Corp showed the seasonally-adjusted annualized rate of housing starts rose to 201,705 units in May from an upwardly revised 183,329 in April. Forecasters had expected 185,000 starts.
ON BAYSTREET
The TSX Venture Exchange skidded 3.88 points to 685.97.
All 14 TSX subgroups were lower midday, with metals and mining shedding 1.9%, industrials down 1.7%, and global base metals off 1.6%
ON WALLSTREET
U.S. stocks traded mostly lower on Monday as investors eyed a calmer bond market and weighed greater expectations of tightening following Friday's strong jobs report.
The Dow Jones Industrials fell 39.59 points to pause for lunch at 17,809.87, with Intel and IBM leading decliners and Exxon Mobil leading advancers.
The S&P 500 index faded 7.57 points to 2,085.26, with information technology leading eight sectors lower and telecommunications and consumer staples leading advancers.
The NASDAQ lost 29.98 points to 5,038.48
United Continental, American, Southwest and Delta traded below their 50 and 200-day moving averages.
Deutsche Bank leaped more than 5.5% following the appointment of John Cryan as co-CEO, effective July 1. Cryan replaces long-time executive Anshu Jain. Co-CEO Juergen Fitschen will remain in his position until next May, after which Cryan will become sole CEO.
Apple edged lower as the iPhone maker kicks off its highly anticipated Worldwide Developers Conference, at which analysts expect details on its music streaming service and new operating systems.
McDonald's traded mildly higher after the fast food retailer reported a less-than-expected decline in global same-store sales as a 2.3% gain in European sales off set a 2.2% fall in the United States. Last month, the fast food retailer said it would stop reporting same-store sales beginning July.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.38% from Friday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices dropped 83 cents a barrel to $58.30 U.S.
Gold prices moved ahead $4.80 at $1,172.90 U.S. an ounce.
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