Markets in Toronto sustained a lower open on Thursday, following a disappointing Chinese manufacturing data.
The S&P/TSX composite index faded 59.29 points to begin 2014 at 13,562.26.
The Canadian dollar advanced 0.20 cents to 94.35 cents U.S.
Bombardier Inc said on Tuesday it received a firm order from an undisclosed customer to buy 38 business aircraft in a deal valued at about $2.2 billion. Bombardier eked higher by three cents to begin the day’s trading at $4.64.
Base metals took a hit soon after the opening bell, with Turquoise Hill off six cents, or 1.7%, to $3.45
Financials also stumbled, with Industrial Alliance Insurance swooning $1.03, or 2.2%, to $45.92, and Manulife down 41 cents, or nearly 2%, to $20.55.
Gold stocks advanced, however, with Allied Nevada up 25 cents, or 6.6%, to $4.02, and Kirkland Gold leaping 28 cents, or 10.9%, to $4.79.
Economically speaking, the RBC Purchasing Managers’ Index for December indicated that business conditions continue to improve in the month with an index reading of 53.5 though this is down from the November reading of 55.3. Any figure over 50 indicates improving business conditions in the manufacturing sector.
Offshore, China's factory activity slowed in December, official and private manufacturing surveys showed, reinforcing views that growth in the world's second-largest economy moderated in the final quarter of 2013.
ON BAYSTREET
The TSX Venture Exchange inched up 0.19 points to 932.16
All but one of the 14 TSX subgroups started the session negative, with global base metals down 1%, while financials and the metals and mining groups each giving up 0.7%.
The two gainers were gold, up 3.4%, and materials, up 1.5%.
ON WALLSTREET
Stocks got off to a weak start for the year, as investors took a step back amid growing worries about slowing economic growth in China.
The Dow Jones industrial average subsided 92.73 points to 16,483.93
The S&P 500 index moved lower 11.29 points to 1,837.07. The NASDAQ lost 34.35 points to 4,142.24.
If stocks finish the day in the red, it would be the first time the markets started the year on a down note since 2008.
On the corporate front, shares of Fiat jumped 15% in Milan after the Italian automaker announced Wednesday it was buying full control of Chrysler.
Economic data in the United States wasn't all that positive. Initial jobless claims fell for a second straight week but came in slightly higher than expectations.
Later in the morning, the Institute for Supply Management will release its monthly manufacturing index, while the Census Bureau will release data on construction spending.
Trading volume will likely remain light as many traders are still away for the holidays.
Prices for 10-year U.S. Treasuries gained strength, lowering yields to 3% from Tuesday’s 3.03%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.51 to $96.91 U.S. a barrel.
Gold prices muscled up $22.50 to $1,224.80 U.S. an ounce.
