Markets in Toronto remained sharply negative midday Wednesday, caught up in broader risk aversion prompted by a selloff in equities in China.
The S&P/TSX composite index plummeted 190.86 points, or 1.3%, to move into noon hour at 14,433.64
The Canadian dollar faded 0.14 cents to 78.54 cents U.S.
The declines on Bay Street were widespread and included traditional safe havens such as financials, healthcare and consumer discretionary stocks that had found favor with investors last week.
The heavyweight financial sector retreated with Toronto Dominion down 1.2% at $52.275. Royal Bank of Canada fell 1% to $75.72.
The gold miners sub-index climbed while the materials sector gave up early gains.
Goldcorp shares rose 2% to $21.53 and Barrick Gold rose 0.5% to $13.16.
On the economic beat, Statistics Canada reported this morning that the total value of building permits fell 14.5% to $6.7 billion in May, following two months of double-digit gains. Declines were recorded in five provinces, led by Ontario, which had posted a notable increase the previous month.
ON BAYSTREET
The TSX Venture Exchange fell back 6.96 points to 645.87.
All but one of the 14 TSX subgroups were lower midday, as global base metals topped 3.6%, metals and mining stumbled 3.1%, and energy was off 2.3%.
Only gold shone brighter, and 0.5% at that.
ON WALLSTREET
Trading on the New York Stock Exchange was suspended in late-morning trade on Wednesday on technical issues, with U.S. stocks extending their losses as continued concerns about Greece and the extended selloff in the Chinese market pressured investor sentiment.
The Dow Jones Industrials collapsed 218.16 points, or 1.2%, to pause for lunch hour at 17,558.75, with Intel leading decliners and Microsoft the only advancer.
The S&P 500 index dropped 29.70 points, or 1.4%, to 2,051.64, with telecommunications leading all 10 sectors lower.
The NASDAQ slumped 78.91 points, or 1.5%, to 4,937.34, as biotechs and Apple plunged more than 1%.
Experts said that the halt will not cause a move in a particular direction.
Earnings season unofficially begins with Alcoa reporting after the market close.
The Greek government has until Friday morning to present detailed reform proposals to allow a bailout deal by a Sunday summit.
Greek Prime Minister Alexis Tsipras addressed the European Parliament on Wednesday, lambasting Europe's advocacy of austerity and the efficacy of Greece's bailout programs since 2010, but promised a detailed, "concrete" deal would be presented in the next two to three days.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.22% from Tuesday’s 2.27%. Treasury prices and yields move in opposite directions.
Oil prices fell 93 cents a barrel to $51.40 U.S.
Gold prices hiked $7.80 at $1,160.40 U.S. an ounce.
