Equity markets in Toronto were little changed on Tuesday as investors found relief in data that showed economic growth in China was not as weak as some had expected, but shares of energy producers fell with oil prices.
The S&P/TSX composite index faded 13.95 points to welcome noon hour at 14,298.55
The Canadian dollar dipped 1.01 cents to 82.74 cents U.S., ahead of the Bank of Canada's announcement on interest rates on Wednesday.
Financials dipped as Royal Bank of Canada shed 0.5% to $75.39.
Shares of energy producers declined as Suncor Energy lost 1.8% to $34.92, and Canadian Natural Resources was down 0.4% at $34.25.
Shares of gold miners jumped with the bullion price. Barrick Gold Corp advanced 5.7% to $15.02, and Goldcorp climbed 2.4% to the $29.37.
Speaking of things economic, the Chinese economy grew at its slowest pace in 24 years in 2014, but fourth-quarter growth held steady at 7.3%, slightly stronger than had been expected.
Investors also digested a report in which the International Monetary Fund lowered its global growth projections and said central banks should favour accommodative monetary policies.
Closer to home, Statistics Canada reported that manufacturing sales dipped 1.4% in November, reflecting lower sales of motor vehicles and chemicals.
ON BAYSTREET
The TSX Venture Exchange gained 5.15 points to 678.31.
Eight of the 14 Toronto subgroups were lower over lunch hour, as energy demurred 2.1%, consumer staples lost 0.9%, and information technology stocks were 0.8% to the bad.
The half-dozen gainers were led by gold, up 4.8%, materials, advancing 2.9%, and the metals and mining group, picking up 1.7%.
ON WALLSTREET
U.S. stocks declined on Tuesday, with opening gains quickly evaporating as the price of oil dropped and Johnson & Johnson reported lower-than-estimated quarterly sales.
The Dow Jones Industrials lost 124.68 points midday to 17,386.89.
Johnson & Johnson led blue-chip losses, which involved 22 of 30 components, after the health-products supplier reported international sales fell about 7% in the fourth quarter.
The S&P 500 slid 10.12 points to 2,009.30, with consumer discretionary the worst performer and industrials the sole sector in 10 in positive terrain.
The NASDAQ index moved down 17.66 points to 4,616.72
U.S. markets were shuttered Monday for Martin Luther King Day.
Halliburton fell, reversing course on gains that came after the oilfield-services supplier reported a quarterly profit that beat estimates.
Delta Air Lines climbed after the carrier posted earnings above estimates.
Morgan Stanley dropped after the brokerage tallied earnings below expectations, and FXCM slid after the currency brokerage detailed its loan from Leucadia National Corp.
Stocks held near session lows as a gauge of home builder sentiment came in at 57 in January versus 58 in December.
Crude-oil prices dropped as the International Monetary Fund cut is outlook for global economic growth for 2015 and 2016, projecting growth of 3.5% this year and 3.7% for next. Both were down 0.3 percentage points from prior estimates.
However, earnings and economic reports all take a back seat to the European Central Bank, which is expected to announce a program of government bond purchases, or quantitative easing, on Thursday.
Prices for 10-year U.S. Treasuries gained back lost ground, lowering yields to Friday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices dropped off $1.87 per barrel to $46.82 U.S.
Gold prices hiked $19.20 an ounce to $1,296.10 U.S.
