Equities in Canada’s biggest centre fell more than 1% on Wednesday with financial and energy shares suffering heavy losses as oil prices sank on rising U.S. inventories while concern about China's economy continued to rattle the market.
The S&P/TSX composite index plummeted 167.72 points, or 1.2%, to greet noon at 14,026.15
The Canadian dollar dumped 0.64 cents at 75.96 cents U.S.
The index's slide, its eighth in 10 sessions, tracked falls on stock markets around the world.
About three-quarters of the index's top 20 decliners were energy and financial names.
Bank of Nova Scotia fell 1.8% to $59.55. Among oil companies, Suncor Energy Inc was down 2.8% at $35.32, and Canadian Natural Resources dropped 4.2% to $28.72.
The index was posting three new 52-week highs and 30 new lows.
Among gold issues, Goldcorp led the top 20 gainers, most of which were gold miners. Goldcorp jumped 4.2% to $20.09.
ON BAYSTREET
The TSX Venture skidded 4.48 points to 558.94.
All but two of the 14 TSX subgroups were lower, as energy tumbled 4.3%, global base metals and industrials lurching lower 1.9% each.
The two gainers were in gold, up 3.4%, and materials, ahead 1.2%.
ON WALLSTREET
U.S. stocks traded sharply lower on Wednesday after a wild trading session in China sent other Asian markets down and as Wall Street awaited the release of the Federal Reserve's July meeting minutes.
The Dow Jones industrial average dumped 209.72 points, or 1.2%, to 17,301.62, led lower by Chevron.
The S&P 500 slid 23.03 points, or 1.1%, to 2,073.89, as energy led all sectors lower.
The NASDAQ index fell 57.96 points to 5,001.39.
Investors also took in a slew of news, as Lowe's reported earnings per share that missed expectations, but its revenue and same-store sales came in above forecasts. The company's full-year guidance also came in better than expected.
Staples also reported earnings per share of 12 cents, matching estimates, on revenue that was essentially in line with expectations, while Hormel Foods beat earnings per share estimates, but came in light on revenue.
Furniture make La-Z-Boy posted earnings per share of 27 cents a share, beating expectations, while same-store sales rose 5.3%.
Analog Devices reported 77 cents U.S. earnings per share for last quarter, beating estimates, while revenue also came in better than expected.
Target also posted better-than-expected earnings, beating earnings per share estimates by 11 cents, sending the stock up over 4%.
L Brands, NetApp and Popeyes Louisiana Kitchen are all scheduled to report after the bell.
Wall Street also weighed the latest reading from the Consumer Price Index, which rose 0.1% in July versus the expected 0.2% increase, the U.S. Labor Department said.
The department added that core CPI also rose 0.1%.
China's Shanghai Composite closed 1.2% higher overnight after falling over 4% at its session lows.
Prices for 10-year U.S. Treasuries regained strength, lowering yields to 2.16% from Tuesday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.82 a barrel to $40.80 U.S.
Gold prices improved $11.30 to $1,128.20 U.S. an ounce.
