Stock markets in Canada’s largest centre opened slightly lower on Tuesday, with gold miners falling heavily as gold prices hit a three-month low and most other sectors notching gains.
The S&P/TSX Composite retreated 38.45 points to begin Tuesday trade at 14,650.59
The Canadian dollar dropped 0.23 cents to 75.99 cents U.S.
A senior executive with Sun Life Financial reported the company plans to expand into Singapore and Thailand as it looks to boost its presence in Asia where demand for insurance products is growing fast.
Sun Life gained 33 cents to $42.68.
Canaccord Genuity raised the target price on Air Canada to $14.00 from $13.00.
The Maple Leaf airline saw its shares soar 37 cents, or 3.3%, to $11.28.
Paradigm Capital cut the target price on Merus Labs to $1.60 from $1.75. Merus shares added a penny to $1.34.
Canaccord Genuity raised the rating on Sandstorm Gold to buy from hold. Sandstorm shares dived 29 cents, or 4.4%, to $6.31.
ON BAY STREET
The TSX Venture Exchange fell 15.11 points, or 1.9%, to 777.30
Eight of the 12 TSX subgroups were higher in the first hour, with information technology gathering 1%, while consumer discretionary and industrial stocks each took on 0.6%.
The four laggards were weighed heavily by gold, slumping 6%, while materials sank 4%, and real-estate dipped 0.6%.
ON WALL STREET
U.S. stocks traded mostly lower on Tuesday as investors digested data from the International Monetary Fund, remarks from a Federal Reserve official kept an eye on the latest developments from Deutsche Bank.
The Dow Jones Industrials demurred 35.75 points to 18,218.10, with 3M contributing the most losses.
The S&P 500 slid 4.19 points to 2,157.01, with utilities leading decliners.
The NASDAQ Composite moved forward, however, 3.71 points to 5,304.59
Investors also watched Deutsche's stock, after it sent markets around the world for a roller-coaster ride last week as worries that it would not be able to pay its massive fine weighed on investor sentiment. On Tuesday, the German banking giant's U.S.-listed shares rose more than 1.5%.
A German newspaper reported over the weekend that Deutsche's CEO John Cryan would be in Washington DC to negotiate a settlement with the U.S. government over its $14-billion fine.
Figures released by the International Monetary Fund showed overall global growth is expected to expand at 3.1 percent in 2016. The IMF's "World Economic Outlook", released Tuesday, also noted that that figure was unchanged from its July forecast. But advanced economies, which include the United States, will slow this year to 1.6% growth, compared to 2.1% last year and a July IMF forecast of 1.8%.
Prices for the 10-year Treasury fell, raising yields to 1.65% from Monday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices faded six cents to $48.75 U.S. a barrel
Gold prices crashed $26.80, or 2%, to $1,285.90 U.S. an ounce.
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