Markets in Canada’s biggest centre moved slightly lower at the open on Wednesday, as investors heeded the latest disappointing economic data out of China
The S&P/TSX composite index began Wednesday down 3.26 points to 13,487.83
The Canadian dollar moved lower 0.12 cents at 75.22 cents U.S.
The chairman of Goldcorp Inc. questioned whether the mining industry has learned any lessons from the commodities price downturn and painful belt-tightening of the past four years.
Goldcorp shares gained a dime to $16.95.
TransCanada Corp. said on Tuesday it remains focused on securing a permit to build the Keystone XL pipeline, responding to comments from Democratic U.S. presidential candidate Hillary Clinton that she opposed the project.
TransCanada shares slid three cents to $44.89.
HSBC cut the target price on First Quantum Minerals Ltd. to $7.40 from $16.90 citing the company’s Zambian power issues, together with depressed nickel prices and a deteriorating balance sheet.
First Quantum shares gave back 17 cents, or 3%, to $5.62.
DHX Media Ltd reports Q4 earnings today, projecting five cents per share. DHX picked up a penny to $8.54 a share.
On the economic slate, Statistics Canada pointed out retail sales rose for the third consecutive month in July, up 0.5% to $43.3 billion.
Sales increased in six of 11 sub-sectors, representing 55% of retail trade. Higher sales at motor vehicle and parts dealers and clothing and clothing accessories stores accounted for most of the gain.
ON BAYSTREET
The TSX Venture Exchange perked 3.62 points to 544.96
ON WALLSTREET
U.S. stocks traded mixed Wednesday as investors eyed oil prices, weak manufacturing data in China, and a rally in Europe.
The Dow Jones industrial average opened off 20.68 points to 16,309.79, with Caterpillar leading declines and Intel the greatest advancer.
The S&P 500 dropped 3.14 points to 1,939.60, with health care leading six sectors lower and energy the greatest advancer.
The NASDAQ index dipped 8.49 points to 4,748.23
The Dow remained in correction territory, more than 11% away from its 52-week high. The S&P 500 and NASDAQ were within 10% of their 52-week highs.
Growth in the U.S. manufacturing sector showed no month-over-month change during September, staying at August's sluggish pace of 53, which was the weakest in almost two years, according to Markit's preliminary U.S. maufacturing PMI for September.
The preliminary China manufacturing purchasing managers' index (PMI) fell to a six-and-a-half-year low of 47.0 in September, below a 47.5 forecast by analysts in a Reuters poll, data showed.
Prices for 10-year U.S. Treasuries faded, raising yields to 2.16% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices eked up 15 cents a barrel to $46.51 U.S.
Gold prices surged $7.60 to $1,132.40 U.S. an ounce.
