The Toronto stock market opened lower as commodity prices stepped back following the release of weak Chinese economic data over the weekend.
The S&P/TSX composite index skidded 8.26 points to begin Monday at 12,827.35
The Canadian dollar nipped up 0.09 cents at 97.32 cents U.S.
Data over the weekend showed China’s economy slowing at the beginning of the year. Industrial production was up 9.9% year over year in January while retail sales rose 12.3% in February. Both figures were below expectations and weaker than the previous month.
Elsewhere, Italy's economy contracted by 0.9% in the fourth quarter of last year, in line with a preliminary estimate, and gross domestic product was down a revised 2.8% year-on-year, data showed.
Coal miner Walter Energy Inc, in the midst of a dispute with a British hedge fund that is looking to replace half of its board, said it could further cut production at underperforming mines and explore the sale of non-core assets. Walter stock dipped $1.19, or 3.6%, to $31.65.
Metals stocks moved earthward, weighed mostly by Thompson Creek Metals, sliding 2.6% to $3.39. Gold issues were also wobbly, with Pretium Resources plunging 5.6% to $7.59.
No data is on the economic docket for Monday.
ON BAYSTREET
The TSX Venture Exchange dropped 2.33 points to 1,115.52
Eight of the 14 Toronto subgroups were lower at the outset, weighed mostly by the metals and mining group and gold, each off 0.6%, while global base metals were off 0.5%.
The half-dozen gainers were hoisted by information technology, up 1%, while financials edged up 0.2% and utilities gained 0.1%.
ON WALLSTREET
Investors are hitting the pause button after last week's record-breaking rally.
The Dow Jones Industrials added but 0.11 points to begin Monday at 14,397.20
The S&P 500 index fell 1.64 points to 1,549.54. The tech-heavy NASDAQ Composite faded 5.98 points, to 3,238.38.
Stocks wrapped one of the best weeks of the year Friday, with the Dow closing at a record high for the fourth straight day. All three indexes were up more than 2% for the week, and the S&P is less than 1% from hitting its all-time high.
Wal-Mart warned last month that February sales had been softer than expected.
On the corporate front, shares of Dick's Sporting Goods fell more than 8% after the retailer reported earnings and sales that fell short of forecasts. The company also said it expected a sharp slowdown in same-store sales for the first quarter.
Renren easily beat revenue forecasts, but shares of the Chinese social media company dipped nearly 1% as concerns about rising expenses remain.
Economically speaking, this week's main focus will be on retail sales, as investors look for further signs of economic strength.
The numbers, due out Wednesday, will be even more closely watched than normal as investors are keen to see whether the increased payroll tax, delayed tax refunds and higher gas prices have caused consumers to pull back. February sales are expected to have risen 0.5%, according to economists.
Prices on the 10-year U.S. Treasury gained a bit of ground, lowering yields to 2.05% from Friday’s 2.06%. Treasury prices and yields move in opposite directions.
Oil prices skidded 67 cents to $91.28 U.S. a barrel.
Gold prices picked up a dollar to $1,577.90 U.S. an ounce.
