Canada's main stock index was set to fall for the fifth session on Friday following a sharp escalation in U.S.-China trade row that renewed worries over slowing global growth and sparked a flight to safer assets.
The S&P/TSX Composite dropped 97.33 to greet noon at 16,279.71
The Canadian dollar fell 0.01 cents to 75.67 cents U.S.
The largest percentage gainers on the TSX were Aphria, which jumped 27.5% after the cannabis producer posted better-than-expected fourth quarter revenue.
The second biggest gainer was Hexo up 4.8%.
Open Text fell 6.9%, the most on the TSX, after it posted fourth-quarter results.
The second biggest decliner was CannTrust Holdings, down 5.6% after the marijuana producer said the Ontario Securities Commission had opened an investigation into the company.
On the economic front, Statistics Canada said Canada's exports were down 5.1% in June, while imports fell 4.3%. As a result, Canada's merchandise trade balance remained in a surplus position of $136 million after posting a $556-million surplus in May.
ON BAYSTREET
The TSX Venture Exchange gained 3.52 points to 594.85
Seven of the 12 Toronto subgroups were still pointed downward by noon hour, as information technology shed 2.9%, energy was 1.3% less energetic, and industrials weakened 1.1%.
The four gainers were led by health-care, up 4.2%, consumer discretionary stocks, hiking 1.2%, and communications, nosing up 0.3%. Gold stocks were unchanged by noon hour.
ON WALLSTREET
Stocks fell on Friday as President Donald Trump stoked U.S.-China trade fears with the announcement of more tariffs while investors digested U.S. employment data.
The Dow Jones Industrials plummeted 188.87 to 26,394.55
The S&P 500 dipped 24.34 points, to 2,929.22
The NASDAQ subtracted 115.04 points, or 1.4%, to 7,994.77
The major indexes also dipped below their 50-day moving averages, a key technical level watched by investors.
The Dow was on pace to post its second-worst week of 2019, sliding 2.9%. The S&P 500 and NASDAQ were headed for their biggest one-week drop of 2019. They were both down more than 3%.
Caterpillar dropped 1.8% and Deere, another of the stocks associated with trade because of their overseas revenue exposure, fell 1.3%.
In a series of tweets on Thursday, President Donald Trump saidthe 10% charge would be imposed on $300 billion worth of Chinese goods. The levy will take effect starting September 1. Trump said later on Thursday he was open to shelving that tariff if China stepped up its U.S. agricultural purchases.
China’s foreign ministry pushed back against Trump’s latest tariff threat on Friday morning, reportedly saying the world’s largest economy should give up its illusions, shoulder some responsibility and come back to the right track on resolving the trade war.
The U.S. economy added 164,000 jobs in July, just below a Dow Jones estimate of 165,000. The job gains pushed the size of the U.S. labour force to a record high.
Prices for the benchmark 10-year U.S. Treasury rose, lowering yields to 1.87% from Thursday’s 1.9%. Treasury prices and yields move in opposite directions
Oil prices regained $1.58 to $55.53 U.S. a barrel.
Gold prices strengthened $25.90 to $1,458.30 U.S. an ounce.
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