Canada's main stock index extended its recent steep slide on Wednesday on weakness in the financial and energy sectors as concerns about the rise of the U.S. dollar and sluggish commodity prices continued to weigh on the market.
The S&P/TSX composite index remained negative 51.49 points to greet noon at 14,909.02
The Canadian dollar regained 0.23 cents at 89.55 cents U.S.
The benchmark which has dropped eight of its last nine sessions, fell about 4.3% in September, its biggest monthly drop since May 2012, as a stronger U.S. dollar weighed on commodity prices and shares of natural resource companies.
Financials with Royal Bank of Canada losing 0.2% to $79.94 and Bank of Montreal falling 0.4% to $82.12.
Shares of oil and gas producers declined as Canadian Natural Resources dropped 1.1% to $43.03, and Talisman Energy declined 0.4% to $9.65.
The new head of Canada’s banking regulator said Tuesday a recent system-wide stress test confirmed Canadian banks could absorb the hit from a significant downturn in the country's booming housing market.
ON BAYSTREET
The TSX Venture Exchange dropped 0.54 points to 908.75
Nine of the 14 Toronto subgroups were lower midday, weighed most by industrials, down 1.6%, health-care, sliding 1.1%, and financials, off 0.7%.
The five gainers were led by gold, 1.1% brighter, materials, better by 0.3%, and energy, 0.2% more energetic.
ON WALLSTREET
U.S. stock investors continued their selling ways this week, pushing prices lower in early trading.
The Dow Jones Industrials hurtled earthward 183.11 points, or 1.1%, to 16,859.79.
The S&P 500 slipped 16.10 points to 1,956.19. The NASDAQ index tumbled 50.5 points to 4,442.89.
Monthly sales reports from auto makers are trickling in. Expectations are for sales to slow to an annual 16.5 million last month, from 17.5 million in August.
Ford Motor Co. September sales dropped 3% and shares fell 1%. General Motors sales rose 19.4%, but shares were flat.
Tekmira Pharmaceuticals Corp. surged 18% after the Center for Disease Control and Prevention confirmed the first known Ebola case diagnosed in the U.S.
Other companies working on treatments for the deadly virus also were active in early trading: BioCryst Pharmaceuticals rose 2.7%, Sarepta Therapeutics Inc. rose 3.4%.
Economically speaking, private employers in the States added 213,000 new jobs in September and many view the report as a proxy for the non-farm payrolls data due on Friday. Investors await readings on manufacturing, and car-sales numbers.
Manufacturing in the U.S. is still expanding, albeit slightly slower. Both PMI and ISM indexes ticked down, however indicated growth.
Auto makers will report car and truck sales throughout the day. Expectations are for sales to slow to an annual 16.5 million last month, from 17.5 million in August
Prices for 10-year U.S. Treasuries rose sharply, lowering yields to 2.42% from Tuesday’s 2.51%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.55 to $92.71 U.S. a barrel.
Gold prices gained $6.20 to $1,217.80 U.S. an ounce.
