Equity markets in Toronto resumed their trip lower, as oil prices fell further after the World Bank cut its global growth forecast for 2015 and 2016
The S&P/TSX composite index dropped 158.51 points, or 1.1%, at the start of Wednesday to 14,028.65
The Canadian dollar eked higher 0.13 cents to 83.76 cents U.S.
Suncor Energy said on Tuesday it would lay off about 1,000 employees and contractors, freeze hiring and slash $1 billion in capital spending in response to falling crude oil prices. Suncor shares demurred 46 cents, or 1.3%, to $34.35.
Cogeco Cable reported a higher quarterly profit, helped by increased revenue from the American cable services business. Cogeco Cable shares fell back $1.66, or 2.2%, to $73.09.
A Canadian Pacific Railway train derailed in northern Ontario on Tuesday, leaking propane and closing down a nearby highway, the railway said in an e-mailed statement. CP shares dipped $1.77 to $209.82.
Barclays cut the price target on Imperial Oil to $58.00 from $67.00. Imperial shares gained 14 cents to $45.00.
CIBC cut the target price on DragonWave to $2.75 from $3.00. DragonWave lost a penny to $1.22.
ON BAYSTREET
The TSX Venture Exchange slid 2.53 points to 668.12
All but one of the 14 Toronto subgroups were lower at the outset, as metals and mining stocks plummeted 11.1%, global base metals fell 6.5%, and consumer discretionaries moved 2.5% lower.
Only gold experienced positive vibes, up 0.9%.
ON WALLSTREET
U.S. stocks fell sharply on Wednesday, continuing losses into a fourth day, as a thrashing of commodities and disappointing retail sales increased worry that the global economy is slowing.
The Dow Jones Industrials sank 138.20 points to 17,475.48, with JPMorgan Chase leading blue-chip losses that included 29 of 30 components.
The sole Dow component rising, Intel gained after Jefferies hiked its price target for the computer chip manufacturer, which reports quarterly results on Thursday.
The S&P 500 slumped 12.88 points to 2,010.15, with materials and financials weighing the most among its 10 major industries, all of which were in the red.
The NASDAQ index dipped 14.5 points to 4,647.
JPMorgan Chase dropped in early New York trading after reporting a decline in fourth-quarter profit.
Wells Fargo also fell after the mortgage lender posted results in line with expectations.
On the economic beat, the U.S. Commerce Department reported retail sales slid the most in a year last month, down 0.9%.
A later economic report came in as expected, with U.S. business inventories rising 0.2% in November.
Prices for 10-year U.S. Treasuries hiked sharply, dropping yields to 1.82% from Tuesday’s 1.89%. Treasury prices and yields move in opposite directions.
Oil prices gained 33 cents per barrel to $46.22 U.S.
Gold prices acquired six dollars an ounce to $1,240.40 U.S.
