Equity markets in Toronto endured a modestly lower open on Wednesday, hurt by uncertainty over the timeline for a scaling down of the U.S. Federal Reserve's monetary stimulus.
The S&P/TSX composite index was down 10.34 points to begin Wednesday at 13,315.70
The Canadian dollar inched ahead 0.07 cents at 95.36 cents U.S.
Loblaw reported a 29% fall in quarterly net profit as sales in its retail business, which includes drugstores and its Joe Fresh apparel brand, rose just 1.5%. Loblaw shares backpedaled $2.82, or 5.9%, to $45.02.
Metro Inc reported a lower quarterly profit, hurt by intensifying competition from U.S. retailers Target Corp and Wal-Mart Stores. Metro shares fell back $3.06, or 4.7%, to $62.65.
National Bank Financial raised the price target on AGF Management Ltd. to $15 from $14, believes improving sales performance and above-average equities exposure position the company for a stronger re-rating relative to peers. AGF shares dipped five cents to $14.01.
ON BAYSTREET
The TSX Venture Exchange slipped three points to 923.32
All but two of the 10 TSX subgroups were lower, weighed mostly by consumer staples, skidding 2.1%, while telecoms and health-care slid 0.3% each.
ON WALLSTREET
Stocks fell early Wednesday on disappointment over China's economic reform plan and continued chatter about less supportive U.S. monetary policy.
The Dow Jones Industrials fell 64.41 points to 15,686.30
The S&P 500 index dumped 6.01 points to 1,761.68. The NASDAQ dipped 11.99 points to 3,907.93
Macy's shares rose on better-than-expected quarterly earnings and strong same-store sales.
China's Sina, which operates the Twitter competitor Weibo, reported strong earnings and issued an upbeat revenue outlook. Shares rose 8%.
Shares of Potbelly rose after the sandwich shop reported strong results late Tuesday. The company recently went public and shares more than doubled on their first day of trading.
Tesla shares edged higher after CEO Elon Musk said there "definitely" won't be a recall of the Model S, quashing rumors in the wake of three battery fires during the past five weeks.
Shares of Starbucks drifted lower after the coffee chain agreed to pay $2.7 billion U.S. to Mondelez to settle a contract dispute.
Dow component Cisco Systems is set to report quarterly results after the bell.
Investors were digesting a Chinese Communist Party communique on economic reform that was heavy on jargon but light on specifics.
Prices for 10-year U.S. Treasuries hesitated, raising yields to 2.74% from Tuesday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices added 67 cents to $93.71 U.S. a barrel.
Gold prices gained $3.10 to $1,274.30 U.S. an ounce.
