The Toronto stock market rather stubbed its toes to begin the day and the week, as recent high oil prices added to worries about company earnings and global growth. G20 ministers asked Europe to commit more money to fight the debt crisis before seeking their help.
The S&P TSX Composite Index came out of the blocks down 76.88 points to 12,648.89.
The Canadian dollar shaved off 0.41 cents to 99.73 U.S. cents
On a day light on economic news north of the border, stocks to watch include gas and oil whiz Gran Tierra Energy Inc., which reported its quarterly profit more than doubled, helped by higher production.
Rival company Bowood Energy Inc.said it is looking at strategic alternatives, including a sale of its assets.
TransCanada Corp. said on Friday it will build a $500-million extension to a natural gas pipeline in Mexico to serve a power plant in Queretaro, a project that will be backed by 25-year transport contract.
Petrominerales Ltd. said production from its assets in Colombia and Peru fell sequentially in January as the South America focused oil and gas producer dealt with two off-line wells.
ON BAYSTREET
The TSX Venture Exchange cut 4.85 points to 1,684.67, while the Nasdaq Canada index fell 5.04 points to 423.53
All 14 Toronto subgroups started the day and week on the wrong foot. Metals and mining stocks shed 1.6%, while global base metals ditched 1.1% and energy issues fell 0.8%.
ON WALLSTREET
In New York, stocks fell early Monday as concerns about Europe's debt crisis returned and gas prices continued to rise.
The Dow Jones Industrials were negative 47.19 points to begin trading at 12,935.80
The S&P 500 subtracted 7.12 points to 1,358.62, while the Nasdaq docked 13.32 points to 2,950.43
Bank of America and Hewlett-Packard were the biggest drag on the Dow, while Disney was the only gainer on the index.
Lowe's shares popped after the home improvement retailer posted better-than-expected earnings and sales for the fourth quarter, and issued a healthy guidance for 2012.
Transocean booked a $6.1-billion U.S. loss, mostly on one-time charges including a $1 billion U.S. estimated loss on the 2010 spill at its Deepwater Horizon rig in the Gulf of Mexico. But shares of the company rose as revenue climbed 11% during the quarter and topped expectations.
After the closing bell, Priceline.com is expected to post quarterly results.
Motorola Solutions said that it bought back $1.2 billion U.S. in stock from activist investor Carl Icahn and affiliates. As part of the transaction, Vincent J. Intrieri, a director of Icahn Enterprises G.P., agreed to resign from the Motorola Solutions' board of directors.
Over the weekend, Berkshire Hathaway reported that its book value per share rose 4.6% in 2011 -- hardly a mighty leap but enough for the company's chairman, Warren Buffett, to meet his annual goal of beating the total return of the S&P 500 index, which climbed 2.1%.
Meanwhile, the German Parliament will vote Monday on the nation's contribution to a second €130-billion bailout for Greece, which is deeply unpopular among voters.
German Chancellor Angela Merkel urged lawmakers to support the package, but acknowledged that there is no guarantee it will work, according to reports.
Aside from Europe, investors are also keeping watch on the oil market, where crude futures rose above $109 U.S. a barrel Friday amid concerns about increased tensions between Iran and Western powers. The rise in oil prices has translated into higher gas prices; the national average has climbed for the past 20 days, including a one-cent-per-gallon climb Monday.
Oil prices eased Monday but many investors remain concerned about the impact of higher gas prices on U.S. consumers as the economy recovers.
European leaders have taken "substantial" steps to contain the euro-zone debt crisis, but need to build a stronger financial firewall to ensure the safety of the global economy, top global finance officials said Sunday.
The Group of 20 leading economic nations delayed a decision about the resources of the International Monetary Fund until after European leaders agree on the ultimate size of a key rescue fund for troubled governments.
Economically speaking, a report on pending home sales in January is due Monday, shortly after the opening bell.
Analysts surveyed by Briefing.com expect pending home sales for the month of January to have ticked up by 1%, after declining by 3.5% in the month prior.
Treasury prices for the 10-year note gained ground, lowering yields to 1.93% from Friday’s 1.98%. Treasury prices and yields move in opposite directions.
Oil for February delivery descended $1.10 to $108.67 U.S. a barrel.
Gold futures for April delivery fell $2 to $1,774.50 U.S. an ounce.
