Canada's main stock index opened lower as commodity prices slipped, but hopes for further monetary stimulus from the U.S. Federal Reserve, which starts its two-day monetary policy meeting later in the day, and the European Central Bank could provide support.
The S&P/TSX index dipped 58.54 points early Tuesday at 12,254.13
The Canadian dollar progressed 0.10 cents to 98.97 cents U.S. early Tuesday.
Thomson Reuters Corp reported a 7% decline in first-quarter operating profit because of severance costs and a decrease in revenue at its Financial & Risk division, which caters to banking clients. Shares slumped 90 cents to $33.20.
Suncor Energy Inc first-quarter operating profit beat analyst expectations, boosted by higher oil sands production and better profitability in refining and marketing. Suncor shares gained $1.07, or 3.6%, to $30.71.
Loblaw Cos Ltd on Monday became the second Western fashion retailer to promise compensation for the families of victims of the Bangladesh garment factory collapse that killed nearly 400 people last week. Loblaw shares slid 19 cents to $41.44.
On the economic slate, Statistics Canada reported that GDP grew 0.3% in February, the same pace as in January, largely on the mining and energy gains.
The agency also reported that its industrial product price Index edged up 0.1% in March, led by higher prices for motor vehicles. Its raw materials price index fell 1.7% in March, mostly because of lower prices for crude oil.
ON BAYSTREET
The TSX Venture Exchange dipped 2.31 points to 962.62
All but three of the 14 Toronto subgroups were down to begin the session, weighed by gold stocks, tumbling 2.8%, global base metals, off 2.1%, and metals and mining, down 1.8%.
The three gainers proved to be information technology, hiking 3.4%, utilities, ahead 0.2%, and energy, eking up 0.01%.
ON WALLSTREET
U.S. stocks were mixed early Tuesday, one day after the S&P 500 closed at a record closing high and the NASDAQ reached its highest level in more than 12 years.
The Dow Jones Industrials fell back 70.88 points to begin at 14,747.90
The S&P 500 index subtracted 6.12 to 1,587.49. The NASDAQ Composite eased 0.53 points to 3,306.49
All three indexes are on track to clock in gains of more than 1% for April.
The Dow and S&P 500 are on track for a 1.5% increase, while the NASDAQ is up about 1.2% for the month. That would mark the fifth straight up month for the Dow, and the sixth for the S&P 500 and NASDAQ
Pfizer posted first-quarter profit and earnings that fell short of expectations and also lowered its outlook for the year. The lackluster results sent shares of the drug maker down almost 4%, making it the biggest loser in the Dow.
But earnings out of European companies including oil giant BP and banks UBS and Deutsche Bank surprised investors with better-than-expected results. Shares of all three companies were sharply higher.
Shares of Best Buy gained almost 9% after the retailer announced an agreement to sell its European stake to Carphone Warehouse (CPW). The stock was the top performer in the S&P 500 Tuesday, and is the second-biggest gainer of the year in the broad index, with shares up more than 120% year-to-date.
On the economic beat, the S&P/Case-Shiller 20-city home price index rose a slightly-higher-than-expected 9.3% in February, marking the biggest gain since the height of the housing bubble.
In other economic news, the Conference Board's monthly consumer confidence index will be released this morning.
Prices on the 10-year U.S. Treasury progressed, lowering yields to 1.64% from Monday’s 1.67%. Treasury prices and yields move in opposite directions.
Oil prices slid 20 cents to $94.30 U.S. a barrel.
Gold prices strengthened $3.30 to $1,470.50 U.S. an ounce
