Stocks in Canada’s biggest centre fell more than 1% soon after the open on Monday in a broad retreat as investors fretted about the risk that Greece will leave the euro, with gold miners among the few gainers.
The S&P/TSX composite index jettisoned 161.78 points, or 1.1%, to open a short week at 14,646.31
The Canadian dollar skidded 0.26 cents to 80.77 cents U.S.
Canadian markets are closed Wednesday for Canada Day.
Element Financial Corp said it will buy General Electric’s fleet management operations in the United States, Mexico, Australia and New Zealand for $8.6 billion in cash.
Element shares ballooned 63 cents, or 3.3%, to $19.50.
Bank of Nova Scotia has warned regional soccer body CONCACAF, which is deeply enmeshed in the FIFA bribery scandal, that it will withhold funds from a major sponsorship deal unless the confederation cleans up its act, according to a source familiar with the bank’s position.
Scotiabank shares staggered $1.19, or 1.8%, to $65.45.
Chinese train maker CRRC Corp Ltd said it had no intention to buy the rail business of Canada's Bombardier, responding to recent local media reports that said it planned to do so.
In a statement to the stock exchange, the train maker cited media reports published last week saying a recent share purchase by subsidiary CSR Co Ltd in Hong Kong-based China Properties Investment Holdings Ltd was done to pave the way for a deal with Bombardier, whose shares dipped four cents, or 1.7%, to $2.37.
Manulife Financial Corp seeks to raise $421 million through a Singapore listing of a real estate investment trust, backed by three U.S. office properties, showed a prospectus filed with the city-state's central bank. Manulife aims to sell 694.4 million units, including cornerstone units, at S$0.82 each, making the initial public offering Singapore's biggest in a year.
Manulife shares took a header of 49 cents, or 2.1%, to $23.39.
Three energy firms - Perenco Ltd, Pluspetrol and Pacific Rubiales - have signaled interest in bidding for Peru's biggest oil block next month, but a new contract will not be finalized until talks with locals wrap up, Peru said on Thursday. No other company submitted a letter of interest, a step needed to take part in the auction, said one official.
Rubiales shares plummeted 31 cents, or 6.2%, to $4.72.
Potash Corp of Saskatchewan Inc does not plan any closures at K+S AG if its bid for its German peer proves successful, according to people familiar with the matter. Potash shares dipped five cents to $38.56.
Greece's banks and stock market were closed and were expected to remain so until after the July 5 snap referendum called by Greek Prime Minister Alexis Tsipras on further austerity demanded by euro-zone partners
On the economic beat, Statistics Canada’s industrial product price index increased 0.5% in May, mainly because of higher prices for energy and petroleum products, while its raw materials price index increased 4.4% during the same month, largely as a result of higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange hesitated 4.81 points to 674.57.
All but one of the 14 TSX subgroups pointed downward at the open, with energy down 1.9%, financials sliding 1.7%, and consumer staples tumbling 1.2%.
Gold was the lone holdout, up 0.5%.
ON WALLSTREET
U.S. stocks traded lower on Monday, following a decline in global markets as the Greece debt crisis escalated over the weekend
The Dow Jones Industrials moved south 141.80 points to 17,804.88, with JPMorgan Chase leading nearly all blue-chips lower.
The S&P 500 index swooned 13.44 points to 2,088.05, with only utilities advancing and financials leading nine sectors lower.
The NASDAQ fell 39.03 points to 5,041.48, after plunging more than 1% in opening trade, with biotechs and Apple both lower.
Gannett splits in two, effective today. The existing parent company is renamed Tegna and will own 46 broadcast stations as well as the Cars.com and Careerbuilder.com websites. The newspaper operations, including USA Today, are to be spun out into a new company which will carry the Gannett name and ticker symbol.
J.B. Hunt Transport Services will join the S&P 500 this week, replacing Integrys Energy Group. Integrys is being acquired by Wisconsin Energy in a deal that's expected to close this week.
The only economic data out Monday is pending home sales, which showed an increase of 0.9% in May, slightly below expectations.
Investors will closely watch Thursday's non-farm payrolls report for further indications on the timing of a rate hike. Markets are closed Friday in observance of the July 4 holiday.
In what one source called an indication of "failing leadership," Greek Prime Minister Alexis Tsipras called a referendum for July 5, in which Greeks will vote on whether to accept the austerity rescue package previously offered by Athens' creditors.
Greece's banks and main stock exchange are closed this week to prevent a run on financial institutions. The central bank has also recommended a 60-euro ($66 U.S.) limit on withdrawals from cash machines.
Prices for 10-year U.S. Treasuries zoomed, lowering yields to 2.39% from Friday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices fell 97 cents a barrel to $58.66 U.S.
Gold prices regained $2.10 at $1,175.30 U.S. an ounce.
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