Stock markets in Toronto retreated after weak Chinese inflation data added to concern about the outlook for global growth, putting pressure on energy and materials stocks.
The S&P/TSX composite index remained lower 94.41 to greet noon at 13,388.21
The Canadian dollar grew 0.12 cents at 75.39 cents U.S.
Valeant Pharmaceuticals fell more than 5% after chief executive Mike Pearson said that cutting ties with a controversial specialty pharmacy would hurt Valeant's dermatology business in the short term.
Brookfield Asset Management rose 1.6% after its offer for Australian stevedoring and rail company Asciano Ltd was narrowly eclipsed by a rival offer from Qube Holdings Ltd.
Adding to the negative backdrop for energy stocks, the U.S. rejection last week of the Keystone XL pipeline has given oxygen to green groups that focus on keeping the most carbon-intensive fossil fuels in the ground before they even are burned.
Copper prices declined 0.8% to $4,923 U.S. a tonne.
ON BAYSTREET
The TSX Venture Exchange dropped 1.33 points to 532.29
All but two of the 13 TSX subgroups were lower, as metals and mining drooped 2.2%, consumer discretionary stocks dipped 1.7%, and materials sank 1.3%.
The two gainers were real-estate, up 0.3%, and utilities, eking up 0.2%.
ON WALLSTREET
U.S. stocks traded mostly lower Tuesday, following Monday's roughly 1% decline, as investors continued to weigh the likelihood of a December rate hike.
The Dow Jones industrial average settled 6.05 points – off their lows of the morning -- to 17,724.43.
Apple held about 2.9% lower in midday trade as the greatest weight on the Dow after a Credit Suisse report said the iPhone maker has cut as much as 10% of its component orders.
The S&P 500 dropped 2.65 points to 2,076.93, with utilities leading advancers.
The NASDAQ index stumbled 30.61 points to 5,064.70, as declines in Apple and semiconductor stocks weighed.
Shares of GE also hit $30 U.S. a share for the first time in intraday trade since Aug. 18, 2008. The stock has not closed above that level since June 10, 2008.
Import prices declined 0.5% in October, while export prices fell 0.2%.
U.S. small business optimism was unchanged at 96.1 in October, with hiring stagnant even as more owners expected higher sales and more planned to make capital outlays, the National Federation of Independent Business said.
Wholesale inventories rose 0.5% in September.
Overnight, data from China increased concerns of deflationary pressure in the world's second-largest economy. The country's National
Bureau of Statistics reported the October consumer price index rose a less-than-expected 1.3% from a year earlier, while the producer price index fell 5.9%for its 44th straight month of decline.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.33% from Monday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices hiked 51 cents a barrel to $44.38 U.S.
Gold prices lopped off $1.77 to $1,090.54 U.S. an ounce.
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