Resources-heavy Toronto shares opened lower on Monday, led by declines in materials and energy stocks as commodity prices slipped after weaker-than expected Chinese economic data ignited concerns of faltering demand from the top metals consumer.
The TSX dipped 22.09 points to open Monday at 20,239.98.
The Canadian dollar inched forward 0.03 cents to 75.90 cents U.S.
At least three brokerages cut price target on Telus Corp stock after the Canada-based telecom company lowered its full-year revenue and earnings forecasts on Friday due to higher-than-anticipated weakness in its international business. Shares in Telus acquired two cents to $24.34.
India's steel producer JSW Steel is considering a bid for a stake of up to 20% in Teck Resources steelmaking coal business. Teck shares retreated 46 cents to $54.44.
Economically speaking, new motor vehicle sales topped 165,500 in May, compared to 148,800 in the prior-year month.
As well, foreign investment in Canadian securities totaled $11.2 billion in May, led by strong foreign purchases of federal government debt securities. Meanwhile, Canadian investors reduced their holdings of foreign securities by $2.8 billion, led by sales of U.S. government debt securities.
Wholesale trade, also for May, grew 3.5%, compared to a loss of 1.4% for May 2022.
ON BAYSTREET
The TSX Venture Exchange dropped 2.91 points to 626.05.
Seven of the 12 TSX subgroups were lower first thing Monday, with utilities subsiding 0.8%, while communications lost 0.4%, and industrials surrendered 0.3%.
The five gainers were led by health-care, springing 3.4%, information technology, ahead 0.2%, and real-estate, inching up 0.1%.
ON WALLSTREET
Stocks were higher Monday as Wall Street braced for quarterly reports from some of the biggest companies in the world.
The 30-stock index gained 45.32 points to begin the week at 34,554.35.
The S&P 500 recovered 7.08 points to 4,512.50.
The NASDAQ index recovered 61.9 points to 14,175.60.
The second-quarter earnings season gains steam this week with results from big financial institutions such as Bank of America, Morgan Stanley and Goldman Sachs. Results are also due from United Airlines, Las Vegas Sands and technology giants Tesla and Netflix.
Wall Street are bracing for what be a gloomy season with lower profits. Analysts forecast a more than 7% decline in S&P 500 earnings from a year ago, according to FactSet.
This week also ushers in the Fed’s “blackout period” ahead of its July policy meeting. Traders anticipate a near 97% chance the central bank increases interest rates later this month, after pausing hikes in June,
Prices for the 10-year Treasury were stationary, keeping yields at Friday’s 3.82%.
Oil prices gave back 51 cents to $74.91 U.S. a barrel.
Gold prices dulled $9.20 to $1,955.20 U.S. an ounce.
