Canada's resource-heavy main stock index opened lower on Monday as commodities weakened on growing fears that Greece would not be able to avoid a messy debt default.
The S&P TSX Composite Index began the week down 2.78 points to 12,574.50
The Canadian dollar ducked back 0.17 cents at 100.35 cents U.S.
Stocks to watch this morning include Yukon-Nevada Gold Corp., which said today it had restarted gold production at its Jerritt Canyon mill in Nevada
Others include, Suncor Energy Inc., which fell 1% after the price of crude oil retreated.
However, gold producers were relatively stable, even as the price of gold also fell Barrick Gold Corp. rose 0.3%
Elsewhere, Valeant Pharmaceuticals International, Inc announced that it has completed the divestiture of its generic version of Benzaclin and Efudex medications, to U.S.-based Mylan Inc. Valeant shares dipped 0.3% to $50.12.
ON BAYSTREET
The TSX Venture Exchange stepped back 3.02 points to 1,662.09, while the Nasdaq Canada index dropped 3.63 points to 425.
Eight of the 14 Toronto subgroups began the session from behind. Information technology loosed 0.7%, while metals and mining slid 0.5%, and global base metals stumbled 0.4%.
The half-dozen gainers were co-led by gold and industrials, each up 0.3%, and real-estate issues, nipping up 0.2%.
ON WALLSTREET
In New York, stocks fell at Monday's open, as investors anxiously await a Greek government decision on budget cuts that are key to securing a second bailout and avoiding default.
The Dow Jones Industrials shed 41.02 points during Monday’s first trading hour to 12,821.20, after a huge gain on Friday.
The S&P 500 gave back 3.27 points to 1,341.63, while the tech-rich Nasdaq subtracted 9.12 points to 2,896.54
For most of 2012, investors have largely ignored problems in Europe, pushing up all three indexes.
The Dow ended last week at its highest level since May 2008, while the Nasdaq -- up more than 11% for the year -- finished at its highest level since December 2000. U.S. stocks rallied Friday, following a much larger-than-expected increase in hiring and a surprise drop in the unemployment rate.
Shares of Alpha Natural Resources fell after the company announced late Friday that will reduce coal production by four million tons due to weakening demand.
Over the weekend, Micron Technologies appointed Mark Durcan to lead the company after CEO and chairman Steve Appleton died Friday in a small-plane crash in Boise, Idaho. Durcan, who will also be the director of the Micron's board, previously served as chief operating officer and chief technical officer.
Meanwhile, investors will also continue to keep an eye on quarterly corporate results.
Hasbro's fourth-quarter earnings beat forecasts by a penny a share, but sales fell short and shares of the toy and board game maker lost ground.
Humana's fourth-quarter profit rose from a year earlier, and the health insurer also provided an upbeat guidance but shares edged lower.
Coinstar, the parent of Netflix's rival Redbox, will report fourth-quarter earnings after Monday's closing bell. Yum! Brands, owner of KFC, Taco Bell and Pizza Hut, is also on tap to post results later in the day.
After failing to strike a deal over the weekend, political leaders in Greece are set to resume talks Monday.
They're trying to reach a deal on austerity measures and financial reforms necessary for a €145-billion bailout package from the European Union, International Monetary Fund and European Central Bank.
Without the bailout money, the risk is that Greece will miss a €14.5-billion bond redemption in March. That could lead to a disorderly default, a development that would likely have severe consequences for the global financial system.
Treasury prices for the 10-year note were unchanged, likewise yields, at Friday’s 1.94%. Treasury prices and yields move in opposite directions.
Oil for February delivery slipped 44 cents to $97.40 U.S. a barrel.
Gold futures for April delivery fell $18.15 to $1,719.40 U.S. an ounce.
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