Stocks in Canada’s biggest centre dropped on Wednesday, tracking markets around the world hit by the latest move from China that allowed the yuan to weaken further.
The S&P/TSX composite index stumbled 209.68 points, or 1.5%, to greet noon at 14,204.99
The Canadian dollar rocketed 0.79 cents to 77.03 cents U.S.
The heavily weighted financial stocks dominated the index's losses, with Royal Bank of Canada among the most influential decliners. RBC fell 1.8% to $75.24. The overall financials group retreated 1.7%.
Among gold issues, Goldcorp Inc advanced 4% to $19.74, while Agnico Eagle Mines surged 7.1% to $33.31.
Energy stocks reversed earlier gains to slide
Enbridge Inc shares were down 1.1% at $55.04, hurt by a U.S. Midwest pipeline shutdown following a small leak late on Tuesday.
Air Canada shares fell 6.7% to $12.03 after Canada's biggest carrier said a closely watched revenue number declined.
ON BAYSTREET
The TSX Venture backtracked 3.37 points to 574.16.
All but two of the 14 TSX subgroups were lower midday, as health-care faded 3%, consumer discretionaries slid 2.6%, and information technology dipped 2.5%.
The two gainers were gold, hiking 4.1%, and materials, tacking on 1.2%
ON WALLSTREET
U.S. stocks fell more than 1% on Wednesday as a second day of decline in the yuan against the dollar increased concerns about global growth.
The Dow Jones industrial average descended 254.96 points, or 1.5%, to pause for lunch at 17,147.88, with JPMorgan Chase leading declines and Intel the only advancer.
The S&P 500 faltered 25.16 points, or 1.2%, to 2,058.91, with telecommunications leading eight sectors lower and energy and utilities the only advancers.
The index is up less than 0.3% year-to-date and is about 3% off its 52-week high.
The NASDAQ index lost 67.38 points, or 1.3%, to 4,969.41, as Apple and biotechs continued to decline sharply.
Alibaba plunged to a post-IPO low, falling as much as 7.9% after the China-based e-commerce giant missed on revenue and posted the slowest growth in more than three years. However, adjusted quarterly profit was 59 cents U.S. per share, one cent above estimates.
Macy's also plunged more than 5% after reporting earnings that missed on both the top and bottom line. The retailer also lowered its forecast.
U.S. job openings totaled 5.2 million in June, versus 5.3 million expected.
The People's Bank of China set the yuan fixing at 6.3306 against the U.S. dollar on Wednesday, 1.6% weaker than the previous day's level.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.10% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices moved up 59 cents a barrel to $43.67 U.S.
Gold prices added $9.30 to $1,117 U.S. an ounce.
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