The Toronto stock market was slightly lower Tuesday, but better than expected Chinese economic data for the last quarter helped take some of the sting out of a global economic downgrade by the International Monetary Fund.
The S&P/TSX composite index faded 4.06 points to end the day at 14,308.44
The Canadian dollar dipped 1.18 cents to 82.57 cents U.S., ahead of the Bank of Canada's announcement on interest rates on Wednesday.
The TSX energy sector declined as Imperial Oil fell 67 cents to $45.62, while Canadian Natural Resources dipped 20 cents to $34.21
Other decliners included consumer staples and financials. Jean Coutu Group decreased 32 cents, or 1.3%, to $24.62. TD shares deducted 17 cents to $50.37.
The base metals sector rose while March copper dropped two to $2.59 U.S. a pound. Teck Resources added 18 cents to $14.59
Moreover, gold prices continued to climb with Barrick Gold hiked 92 cents, or 6.5%, to $15.13, while Goldcorp gained 63 cents, or 2.2%, to $29.30.
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 eased 1.59 points to 671.57.
The 14 Toronto subgroups were neatly divided between gainers and losers, gold sprinting ahead 4%, while materials were better by 2.8%, and metals and mining strengthened 2.2%.
The seven laggards were weighted by energy stocks, down 2.5%, while consumer staples eased 0.7%, and financials dipped 0.4%.
ON WALLSTREET
U.S. stocks rose on Tuesday, switching direction for a third time during the session, as investors tracked the price of oil and fourth-quarter earnings from corporations including Johnson & Johnson.
The Dow Jones Industrials fought their way back from a triple-digit loss to eke out a gain of 3.66 points and close at 17,515.23, with blue-chip gains led by Coca-Cola.
The S&P 500 added 3.13 points to 2,022.55, with technology leading sector gains and consumer discretionary sector losses among is 10 major industry groups.
The NASDAQ index improved 20.47 points to 4,654.85
U.S. markets were shuttered Monday for Martin Luther King Day.
Johnson & Johnson fell after the health-products supplier reported international sales fell about 7% in the fourth quarter.
Halliburton rose 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 rescue loan from Leucadia National.
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 lost territory, raising yields to 1.81% from Friday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices dropped off $2.56 per barrel to $46.13 U.S.
Gold prices hiked $18.00 an ounce to $1,294.90 U.S.
