Markets in Toronto fell sharply on Tuesday, with the market continuing to feel uncertainty fueled by the victory of a left-wing party in Sunday's Greek election and with weaker copper prices pulling mining shares lower.
The S&P/TSX composite index was in the red 50.65 points to greet noon at 14,747.18
The Canadian dollar surged 0.43 cents to 80.60 cents U.S.
Copper prices neared their lowest levels in five and a half years on concerns about China's economic growth. That sent shares of miner First Quantum Minerals tumbling 7.5% to $11.31. Teck Resources dropped 3.3% to $15.34.
Financials fell as Royal Bank of Canada shed 1.1% to $74.52, and Toronto-Dominion Bank lost 0.9% to $51.95.
Shares of oil and gas producers were down, reflecting choppiness in oil prices. Canadian Natural Resources Ltd fell 1.8% to $35.61.
While investors were still processing news that the victorious Syriza party in Greece was making demands for a restructuring of the country's international debt, sluggish U.S. earnings reports, including one from Microsoft Corp on Monday, were also hitting the market.
ON BAYSTREET
The TSX Venture Exchange remained negative 1.49 points to 672.90
Nine of the 14 Toronto subgroups were down by noon hour, with metals and mining tailing off 2.6%, global base metals down 1.7%, and information technology slipping 1.2%.
The five gainers were led by gold, up 2.3%, consumer staples picking up 1.8% and materials better by 1%.
ON WALLSTREET
U.S. stocks dropped sharply on Tuesday, with the Dow Jones positioned for its worst hit since October, as corporations reported earnings that disappointed and orders for U.S. business equipment unexpectedly declined in December.
The Dow Jones Industrials tumbled 309.26 points, or 1.8%, to 17,369.44
The S&P 500 gave back 23.93 points to 2,033.16
The NASDAQ index dumped 71.92 points to 4,700.18.
Caterpillar fell after the Dow component and maker of mining and construction equipment reported a lower profit short of estimates.
Microsoft declined as the software maker's results weighed.
Procter & Gamble dropped after the consumer-products maker reported a decline in quarterly profit as the stronger dollar dented sales overseas.
Orders for business equipment fell 3.4% last month, illustrating the impact of the slowing global economy on U.S. multinationals.
Consumer confidence came in at 102.9 in January, the best read since August 2007, while new-home sales came in at 481,000 in December.
Separately, home prices in 20 cities rose 4.3 percent in November, according to the S&P/Case-Shiller index of property values.
Prices for 10-year U.S. Treasuries went skyward, dropping yields to 1.78% from Monday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices were higher 82 cents per barrel to $45.97 U.S.
Gold prices popped $13.40 an ounce to $1,292.80 U.S.
