Stock markets opened lower on Monday, following a sharp decline in commodity prices, as investors dumped riskier assets with their focus moving back to Europe's debt crisis.
The S&P/TSX composite index subtracted 23.11 points to open Monday at 12,323.98
The Canadian dollar slipped 0.36 cents to 102.08 cents U.S.
On a day when domestic economic news is at a premium, stocks to watch include Nexen Inc. China's ambassador to Canada warned in remarks published on Saturday against letting domestic politics drive the Canadian government's decision on whether to approve Chinese state-owned CNOOC Ltd's proposed $15.1-billion takeover of Calgary-based Nexen, whose shares gained 13 cents to $24.71.
Questerre Energy said any further restrictions on developing Quebec's shale gas resources are unlikely to affect the company's business plans. CEO Michael Binnion responded to the province’s natural resources minister who said last week she does not believe hydraulic fracturing or fracking is safe. Questerre shares docked four cents to 71 cents.
ON BAYSTREET
The TSX Venture Exchange skidded 5.08 points to open at 1,340.69
Eight of the 14 Toronto subgroups were lower to start the session. Gold tailed off 1.2%, while energy dropped 1.1% and materials weakened 1%.
The half-dozen gainers were led by health-care, 0.6% more robust, consumer staples, marching ahead 0.5%, and industrials, 0.3% in the green.
ON WALLSTREET
U.S. stocks opened in the red Monday as persistent pessimism over a weakening global business climate weighed on markets.
The Dow Jones Industrial average faded 47.65 points to 13,531.80 Monday
The S&P 500 index docked 5.08 points, to 1,455.07, and the Nasdaq Composite Index slipped 23.11 points to 3,156.85
Investors reacted early Monday to a report that showed Germany's business climate index falling to its lowest level since February 2010.
Apple's stock fell more than 1% after the company said it sold more than five million iPhone 5 devices during its first weekend on the market. This was considered slightly disappointing. Separately, Foxconn, which supplies parts to Apple, shut its China plant after a brawl broke out.
Shares of U.S. Steel fell nearly 3% after Citigroup analysts downgraded the company's stock to 'neutral' from 'buy.' Citi also downgraded AK Steel to 'sell' from 'neutral,' sending the steel producer's shares down more than 4%.
Homebuilder Lennar reported better-than-expected earnings, sending shares of the company higher in early trading.
TiVo shares soared nearly 7% after the company reached a $250-million U.S. settlement with Verizon over a patent dispute.
Facebook's shares slumped another 5% early Monday after a Barron's story called the stock a bad investment.
The start of the week also marks the Dow debut of UnitedHealth, which replaces soon-to-be-split-up Kraft.
The price on the benchmark 10-year U.S. Treasury gained ground, lowering yields to 1.72% from Friday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices doffed $1.02 a barrel to $91.87 U.S.
Gold futures for December delivery fell $12.40 to $1,765.70 U.S. an ounce.
