Equities in Canada’s largest market fell on Monday as a slump in crude oil prices hurt energy stocks and worries over slowing Chinese demand dragged down miners.
The S&P/TSX composite index fell 59.35 points to greet noon at 13,778.75
The Canadian dollar sank 0.41 cents at 76.99 cents U.S.
The most influential mover on the index was Valeant Pharmaceutical International Inc, which fell 4.7% to $216.75. The company, facing heavy criticism for sharply increasing the prices of drugs it acquired, said the pace of those price hikes would moderate.
The overall healthcare group slipped, although Concordia Healthcare Corp jumped 7.1% to $45.05.
The energy group retreated, with Suncor Energy down 1.1% to $36.44, and Canadian Natural Resources declining 1.4% to $30.49.
Mining stocks pulled back as concerns about sluggish Chinese growth weighed on prices for copper and steel.
China's economy grew at the slowest pace in six years in the third quarter, according to official data released on Monday.
Copper prices declined 1.5% to $5,208 U.S. a tonne.
ON BAYSTREET
The TSX Venture Exchange gave back 2.4 points to 553.89
Eight of the 13 TSX subgroups moved higher by midday, as information technology improved 1.3%, consumer staples gained 0.9%, and real-estate hiked 0.7%.
The five laggards were weighed most by metals and mining, down 4.8%, energy, sliding 2.7%, and materials, off 1.7%.
ON WALLSTREET
U.S. stocks traded narrowly higher Monday, as investors prepare for a deluge of earnings while digesting Chinese economic data.
The Dow Jones industrial average remained negative 16.36 points by lunch hour to 17,199.61, led lower by ExxonMobil and Chevron while Nike led advancers.
The S&P 500 eked higher 0.07 points to 2,033.18, with health care leading six sectors higher and energy the greatest laggard.
The NASDAQ index gained 25.67 points to 4,912.36
Over a fifth of S&P 500 companies are scheduled release quarterly results this week. Banking giant Morgan Stanley posted earnings per share 20 cents below estimates before the bell, with revenue also disappointing.
Hasbro and Halliburton also reported quarterly results ahead of Monday's open that beat analysts' expectations.
McDonald's stock was added to Credit Suisse's "U.S. Focus List" and said it considered it one of its "top investment ideas."
United Continental has not updated the condition of CEO Oscar Munoz after being admitted to the hospital Thursday.
Investors also looked at housing data for more clues about the strength of the U.S. economy, with the latest NAHB/Wells Fargo Housing Market index reading coming in at its highest in a decade.
Wall Street also digested prepared remarks made by Federal Reserve official Lael Brainard, who urged officials to ease the regulatory burden on small banks.
Richmond Fed President Jeffrey Lacker was scheduled to speak at noon, but had to cancel due to illness.
Overnight, China reported a third-quarter gross domestic growth figure of 6.9%, slightly above the expected 6.8%, but also its lowest in six years. China also reported industrial production rose 5%, below the expected 6% increase.
Prices for 10-year U.S. Treasuries lost a bit, raising yields to 2.05% from Friday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices were down $1.08 a barrel to $46.18 U.S.
Gold prices sank $5.67 to $1,171.63 U.S. an ounce.
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