The Toronto stock market was lower Wednesday amid another indication of a slowing Chinese economy.
The S&P/TSX Composite Index dropped 37.89 points to greet noon at 12,259.20
The Canadian dollar picked up 0.15 cents to 95.15 cents U.S.
Growing unrest in Egypt has also helped support oil prices lately. Oil hasn't traded above $105 U.S. since May 2012. Canadian Natural Resources advanced 33 cents to $32.30.
The TSX was generally weak outside of the energy sector with the Chinese trade data pushing the base metals sector down while September copper gained two cents to $3.09 U.S. a pound. Teck Resources declined 41 cents to $21.98.
The utilities sector was down. Fortis Inc. slipped 50 cents to $31.92.
The tech sector also fell with BlackBerry down 40 cents, or 3.9%, to $9.80 a day after chief executive Thorsten Heins asked shareholders for patience as the company pushes ahead with its goal to become profitable again.
The most recent concerns about the health of the world's second-biggest economy grew after the release of disappointing trade data.
China's exports fell by 3.1% in June compared with a year earlier and imports contracted by 0.7%, customs data showed Wednesday. Both were below forecasts of growth in the low single digits.
The report was issued a day after the International Monetary Fund scaled back its China 2013 growth forecast to 7.8% from 8.1%.
The figures fed into perceptions that China's economic expansion is slowing due to weak global demand and an effort by the Chinese central bank to cool a credit boom.
ON BAYSTREET
The TSX Venture Exchange edged lower 0.12 points to 876.94
All but four of the 14 Toronto subgroups were down at noon time. Metals and mining stumbled 1.6%, utilities demurred 1.3% and global base metals went lower by 0.7%.
The four gainers were led by consumer staples, up 1.2%, gold, inching up 0.3%, and consumer discretionaries, eking up 0.1%.
ON WALLSTREET
U.S. stocks were little changed Wednesday, following four days of gains, as investors waited to hear more about the Federal Reserve’s bond-buying program.
The Dow Jones Industrials slid 27.24 points to 15,273.10
The S&P 500 index dipped 2.51 points to 1,649.81. The NASDAQ Composite increased 3.22 points to 3,507.48
Family Dollar shares climbed sharply Wednesday after reporting a better-than-expected profit and a 10% jump in sales. More company results are due Wednesday, with restaurant operator Yum! Brand set to report after the close.
Meanwhile, shares of Cliffs Natural Resource were higher after the mining company announced that Joseph Carrabba is stepping down as chairman and will retire from his CEO post at the end of the year.
Hewlett Packard stock jumped following an upgrade from Citigroup.
The U.S. central bank is slated to release the minutes of its most recent policy meeting in the afternoon.
At the conclusion of its June meeting, the Fed announced that it could begin pulling back on its $85 billion U.S. in monthly bond purchases later this year, and wind down the program entirely by mid-2014, as long as the economy improves in line with its expectations.
Investors will also be looking for more clarity from Fed chairman Ben Bernanke, who is on tap to speak before the National Bureau of Economic Research in Cambridge, Mass., after the markets close.
Prices for the 10-year U.S. Treasury sagged, upping yields down to 2.66% from Tuesday’s 2.63%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.90 to $105.43 U.S. a barrel.
Gold prices gained $9.10 to $1,255 U.S. an ounce.
