Canada's main stock index was sharply lower midday Thursday as upbeat U.S. jobless claims data was offset by market anxiety over the Ukraine crisis.
The S&P/TSX composite index tumbled 93.37 points to greet noon at 15,108.42.
The Canadian dollar slipped 0.11 cents at 91.49 cents U.S.
While the benchmark TSX index is still up nearly 12% since the start of the year, it has been in negative territory in four of the past five sessions.
Also weighing on the market, shares of Air Canada dropped 3.5% after the carrier reported quarterly results that missed expectations.
The gold-mining sector slipped with Goldcorp giving back 0.5% to $30.60, and Barrick Gold down 0.2%, at $20.01.
Financials, climbed as they benefited from a gain in Manulife Financial Corp
The insurer raised its dividend for the first time since the financial crisis and reported a quarterly profit that jumped on stronger financial markets. Manulife shares were up 0.5% at $22.07.
On the economic front, Statistics Canada reported this morning that contractors took out building permits worth $8.0 billion in June, up 13.5% from May. The June hike was mainly due to higher construction intentions for institutional and industrial buildings in Quebec and commercial buildings in Alberta.
Moreover, Western University's Ivey Purchasing Managers Index (PMI) by the end of July 2014 stood at 54.1, compared to 46.9 in June, and 48.4 in July 2013.
ON BAYSTREET
The TSX Venture Exchange remained positive 1.47 points to 993.21
Eight of the 14 Toronto subgroups were down by noon, as energy slumped 1.4%, global base metals fell 1.3%, and consumer staples lurched lower by 1.2%.
The half-dozen gainers were led by health-care, up 2.1%, gold up 0.6%, and consumer discretionaries inching up 0.06%.
ON WALLSTREET
The big indexes in the United States all started the day in positive territory, but they are headed sout.
The Dow Jones Industrials dumped 80.99 points to 16,362.35
The S&P 500 subtracted 10.37 points to 1,909/87. The NASDAQ composite erased 15.44 points to 4,339.61.
Jack in the Box and Wendy's both reported their quarterly earnings, and the results are mixed. Jack in the Box, up 9%, surpassed expectations for revenue and earnings.
Wendy's, on the other hand, is flat after its results showed that sales were good but profits weren't quite what Wall Street wanted. Both companies reported same-store sales growth, a sign that more people are coming into their stores.
Global sportswear giant Adidas reported quarterly results that fell just short of analyst estimates, with better sales numbers overall, but shrinking profits and margins. Notably, its TaylorMade and Adidas Golf sales are down more than a fifth from the same period last year. Adidas shares are down more than 3%.
Netlfix now has more subscriber revenue than HBO. Netflix shares are up 2%.
Shareholders are happy that Twenty-First Century Fox has squashed any potential deal to buy Time Warner. Rupert Murdoch reiterated Wednesday that the decision to walk away from the deal is "resolute."
Fox shares are 7% higher today, which is on top of the gains it registered when it first said it withdrew its $80-billion U.S. bid. Time Warner shares are down about 2%.
U.S. government figures showed the number of Americans filing new claims for unemployment benefits fell unexpectedly last week.
In Ukraine, violence was at an elevated level a day after Russia announced plans to ban imports of food from the United States and fruits and vegetables from Europe in response to U.S. and European Union sanctions over Ukraine.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.44% from Wednesday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gained 12 cents to $97.04 U.S. a barrel.
Gold prices regained $5.60 to $1,313.80 U.S. an ounce.
