Canada's main stock index opened lower on Friday, pressured by weakness in bank stocks and data showing domestic retail sales fell in January hurt by coronavirus-led restrictions.
The TSX lost 58.98 points to begin the week’s last session at 18,777.49
The Canadian dollar slid 0.24 cents at 79.82 cents U.S.
Thomson Reuters and some members of Refinitiv's management sold 10.4 million voting shares in London Stock Exchange Group for roughly 745 million pounds ($1.04 billion U.S.).
Cormark Securities resumed coverage on Calian Group with a buy rating. Calian shares surged 26 cents to $59.24.
Scotiabank cut the rating on Centerra Gold to sector perform from outperform. Centerra shares subsided 40 cents or 3.2%, to $12.07.
ATB Capital Markets raised the price target on Trulieve Cannabis to $78.00 from $73.00. Trulieve shares dived $1.64, or 2.5%, to $63.78.
On the economic slate, Statistics Canada said retail sales fell for the second consecutive month, down 1.1% to $52.5 billion in January, primarily because of lower sales at clothing and clothing accessories stores, furniture and home furnishings stores, and sporting goods, hobby, book and music stores.
Elsewhere, the International Monetary Fund said Canada's economy is likely to rebound this year as long as COVID-19 is brought under control, but the government should introduce a "fiscal anchor" to ensure credibility in debt management.
ON BAYSTREET
The TSX Venture Exchange inched up 0.78 points to 980.78
All but three of the 12 TSX subgroups were lower in the first hour of trade, with energy sinking 1.1%, financials were 0.8% to the bad, and industrials down 0.7%.
The three gainers proved to be gold, up 0.4%, consumer staples, improving 0.3%, and utilities, eking up 0.02%.
ON WALLSTREET
U.S. stocks fell on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.
The Dow Jones Industrials faltered 288.15 points to begin Friday at 32,574.15.
The S&P lost 24.13 points to 3,891.33.
The NASDAQ Composite dropped 53.42 points to 13,062.75.
The major averages were on track to post a losing week with the S&P 500 off by 0.9% this week and the NASDAQ is down 1.3%. The Dow has dipped 0.3%.
The central bank on Friday declined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.
Bank stocks sold off in unison following the Fed decision. JPMorgan and Wells Fargo both slid 3%, while Goldman Sachs fell 1.5%.
The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.
Shares of FedEx jumped 6% Friday after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.
Nike’s stock slipped by 4% after third-quarter revenues were weaker than anticipated.
Prices for 10-Year Treasurys faltered, raising yields to 1.74% from Thursday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices lost 49 cents to $59.51 U.S. a barrel.
Gold prices gained $1.90 to $1,734.40.
