Toronto's main stock index ducked a bit lower soon after the opening bell on Monday, as investors looked ahead to a gathering of central bankers later this week for clues on what officials might agree to support a sagging global economy.
The S&P/TSX Composite index staggered 5.19 points to begin the week at 12,077.04
The Canadian dollar strengthened 0.25 cents to 100.94 cents U.S.
Among stocks to watch this morning, gold explorer Inter-Citic Minerals Inc said Western Mining Group Co Ltd has agreed to acquire it for $250 million in cash to expand its gold mining business.
Elsewhere, BHP Billiton has agreed to sell a uranium deposit at Yeelirrie, Australia to Cameco Corp for $430 million, as the top global miner sheds assets to help improve returns and shore up cash in a deteriorating commodity market.
As in the States, there are no economic reports to sort through in Canada today.
ON BAYSTREET
The TSX Venture Exchange deducted 1.52 points to 1,250.04. The Nasdaq Canada dipped a mere 0.02 points to 351.64
All but four of the 14 Toronto subgroups were in the red to start the week. Global base metals lost 0.7%, their cousins in the metals and mining group backtracked 0.4% and health-care skidded 0.3%.
The four gainers were led by telecoms, up 0.4%. information technology, picking up 0.3%, and financials, inching up 0.2%.
ON WALLSTREET
U.S. stocks were mixed in early trading Monday, as investors wait for central banks to decide if the global economy is in need of further stimulus measures.
The Dow Jones industrial average slid 30.66 points to open Monday at 13,127.31
The S&P 500 index slipped 0.59 points to 1,410.54, while the tech-heavy Nasdaq Composite Index turned positive by 1.32 points to 3,071.11
The historic patent battle between Apple and Samsung came to an end Friday, as a California jury found Samsung had infringed on the majority of the patents in question -- including software features like double-tap zooming and scrolling -- and recommended that Apple be awarded more than $1 billion in damages.
AOL Inc. announced its final steps in returning roughly $1.1 billion U.S. to shareholders, as the company agreed to repurchase $600 million U.S. worth of common stock under an agreement with Barclay's Bank. The company authorized a $5.15 U.S. per share special cash dividend.
Tiffany & Co reported earnings that fell short of analyst expectations Monday morning. The company also lowered its outlook for the remainder of the year. Shares of the company were higher in early trading.
Hertz Global Holdings and Dollar Thrifty Automotive Group agreed to merge Sunday, bringing the two rental car giants together in a deal valued at $2.3 billion U.S.. Hertz will pay $87.50 U.S. a share in cash through a tender offer for Dollar Thrifty stock. Shares of Hertz rose 10% and shares of Dollar Thrifty were 7% higher in early trading.
Investors are holding their breath ahead of Federal Reserve Chairman Ben Bernanke's annual speech in Jackson Hole, Wyo. later this week.
Minutes released last week from the Fed's last two-day meeting, which ended on August 1, suggested that additional stimulus could come "fairly soon" unless the economic recovery regains substantial and sustainable strength. But a day later, St. Louis Federal Reserve President James Bullard talked down the odds of anything imminent, calling the minutes "a bit stale."
Meanwhile, the Republican National Convention begins Monday in Tampa, Fla. Presidential candidate Mitt Romney and his running mate, Wisconsin Congressman Paul Ryan, will deliver speeches that should shed more light on their proposed policies.
There are no major economic reports being issued today in the United States.
The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.65% from 1.68% late Friday. Treasury prices and yields move in opposite directions.
Oil for September delivery faded $1.06 to $95.10 U.S. a barrel.
Gold futures for December delivery shed $1 to $1,671.90 U.S. an ounce.
