Canada's main stock index declined on Wednesday, mirroring losses in global stocks
The S&P/TSX Composite Index remained lower 28.67 points to greet Wednesday’s noon hour at 16,039.24
The Canadian dollar gained 0.09 cents at 76.05 cents U.S.
The largest percentage gainer on the TSX was Cogeco Communications, which rose $5.69, or 7.6%, to $80.74, after the company sold its cloud services unit.
Secure Energy Services rose 20 cents, or 2.3%, to $9.06 after reporting quarterly results.
Turquoise Hill Resources Ltd fell 37 cents, or 13.3%, the most on the TSX, to $2.41, after company announced 2019 forecast.
The second biggest decliner was Sleep Country Canada Holdings Inc, down $1.76, or 8%, to $20.34, after reporting quarterly results.
On the economic calendar, Statistics Canada said the consumer price index rose 1.4% on a year-over-year basis in January, down from a 2.0% increase in December.
On a seasonally-adjusted monthly basis, the CPI declined 0.1% in January.
The agency also reported that average weekly earnings of Canadian non-farm workers totaled $1,012 in December, little changed from the previous month, but up 1.8% from December 2017.
ON BAYSTREET
The TSX Venture Exchange lost 2.74 points to 621.21
Eight of the 12 TSX subgroups stayed negative by lunch hour, as gold paled 1.4%, while materials and real-estate each retreated 0.9%
The four gainers were led by energy, up 0.7%, while consumer staples and financials each picked up 0.1%.
ON WALLSTREET
Stocks fell on Wednesday as investors grappled with key testimonies on U.S.-China trade relations, Federal Reserve monetary policy as well as a host of geopolitical issues.
The Dow Jones Industrials came off its lows of the morning, but was still 91.21 points shy of breakeven by noon at 25,966.77, as UnitedHealth underperformed.
The S&P 500 headed south 6.22 points to 2,787.68, led lower by the communications services and tech sectors.
The NASDAQ Composite fell 12.38 points to 7,536.92
Facebook, Amazon, Netflix and Alphabet all traded down at least 1%. Micron was one of the biggest laggards among tech issues, sliding more than 3.5%.
Shares of Lowe's rallied more than 4% after releasing its quarterly results. The company also noted the U.S. economy remains "sound."
General Electric also rose 2.2% after Merrill analyst Andrew Obin said in a note that liabilities from GE Capital's insurance business are "likely contained."
Stocks fell to their lows of the session as U.S. Trade Representative Robert Lighthizer hinted that a trade deal was not yet certain, saying that any agreement would need to be more than just purchases by China. The deal would need to be specific and include a matter of enforcement, he said. Lighthizer also noted that it would be a "long process" to implement any deal agreed upon in March.
Lighthizer was testifying in front of the House Ways and Means committee. Trade relations between the U.S. and China lowered this week after President Donald Trump pushed back a deadline on adding additional tariffs on Chinese goods.
Fed Chairman Jerome Powell testified in front of a House committee. On Tuesday, he told members of the Senate Banking Committee the central banks remains "patient" in its approach to monetary policy. Powell also described the U.S. economic outlook as "generally favorable" but one that faces challenges from abroad.
Meanwhile, a summit between President Trump and North Korean leader Kim Jong Un got under way.
The Trump-Kim summit comes ahead of their second summit in less than a year, with investors monitoring whether the meeting can break a stalemate over Pyongyang's nuclear weapons and end more than 70 years of hostility. Trump said he hoped the summit will be "equal or greater" relative to last year's meeting with Kim.
Prices for the benchmark 10-year U.S. Treasury slipped, raising yields to 2.68% from Tuesday’s 2.64%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.79 to $57.29 U.S. a barrel.
Gold prices dropped six dollars to $1,322.50 U.S. an ounce.
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