Canada's main stock index slipped mid-Wednesday, weighed down by declines in the energy and financial sectors, as investors awaited the release of minutes from the latest U.S. Federal Reserve policy meeting.
The S&P/TSX composite index stumbled 12.08 points to greet noon at 14,960.89
The Canadian dollar dropped 0.43 cents to 88.09 cents U.S.
The TSX has recovered after a recent selloff, gaining about 10% from an eight-month low hit in October.
Financials declined, with Toronto Dominion Bank losing 0.6% to $56.66 and Royal Bank of Canada falling to $82.07.
Shares of energy producers fell, reflecting weakness in the price of U.S. crude oil. Suncor Energy slipped 1.8% to $38.48, and Canadian Natural Resources dropped 1% to $40.07.
ON BAYSTREET
The TSX Venture Exchange removed 2.78 points to 781.61.
Eight of the 14 Toronto subgroups were lower by noon, as gold faltered 3.9%, global base metals dipped 1.8%, and materials lost 1.6%.
The half-dozen gainers were led by consumer staples, moving up 1.4%, industrials ahead 0.4%, and health-care, up 0.2%.
ON WALLSTREET
U.S. stocks fell on Wednesday, following record closing highs on the S&P 500 and Dow in the previous session, ahead of minutes from the most recent Federal Reserve policy meeting.
The Dow Jones Industrials slid 18.14 points by midday at 17,669.68
The S&P 500 slipped 5.61 points at 2,046.17. The NASDAQ index dipped 23.64 points to 4,678.80.
Staples rose 8.2% to $13.80 U.S. as the largest gainer on the S&P 500 after it reported higher-than-expected quarterly sales and profit as demand recovered for core office supplies.
Target Corp rose 7.4% to $72.51 U.S. and Lowe's rose 6.5% to $62.34 U.S., both after reporting results.
Cliffs Natural Resources said it was looking to exit its Eastern Canadian iron ore operations, which may result in the closure of its Bloom Lake mine in Quebec. Its shares fell 12.9% to $8.89 U.S.
Shares of Vipshop fell 6.5% to $22.16 after the Chinese online discount retailer's sales forecast failed to beat estimates for the first time this fiscal year.
Oplink Communications shares jumped 13.8% to $24.18 U.S. It is being purchased by Koch Optics, a subsidiary of privately-help Koch Industries, for about $445 million U.S.
The Fed is set to publish minutes from the Federal Open Market Committee's October policy meeting at 2 p.m. ET.
Members are expected to show the Fed's path is diverging from other major central banks that are increasing stimulus. This view has helped strengthen the U.S. dollar, weighing on crude oil and other commodity prices.
The U.S. Commerce Department reported housing starts unexpectedly fell in October, down 2.8%, while permits surged to their highest in more than six years.
Prices for 10-year U.S. Treasuries were lower, raising yields to 2.35% from Tuesday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices regained 48 cents to $75.09 U.S.
Gold prices moved lower $17.40 to $1,179.70 U.S.
