Canadian stocks fell a sixth day on Wednesday, the longest stretch since the summer rout, as weak industrial data from China and increased stockpiles in the U.S. sent commodities lower.
The S&P/TSX composite index lost 69.7 points to close at 13,341.93. The benchmark equity gauge has lost 2.6% in six days, the longest losing streak since Aug. 24.
The Canadian dollar grew 0.05 cents at 75.39 cents U.S.
Suncor Energy Inc lost 2.4% to $38.19, and Canadian Natural Resources gave back 2.3% to $31.71. Meanwhile, Painted Pony Petroleum Ltd rose 6.5% to $4.40.
Miners also retreated, adding to a weeklong slide, as China’s industrial output in October matched the weakest since 2008. China, one of the world’s largest consumers of natural resources, is Canada’s second-largest trading partner after the U.S.
First Quantum Minerals fell 8.4% to $5.69, while HudBay Minerals Inc dropped 8% to $5.61
The S&P/TSX has lost 8.7% this year, trailing only Singapore and Greece among developed markets.
Valeant Pharmaceuticals International Inc. slipped 5.5% for a second day of losses, to $104.66. Debt investors are growing concerned disruptions to Valeant’s cash flow will lead to a squeeze in the company’s debt.
The drug maker said in a conference call Tuesday that the decision to cut ties with pharmacy Philidor Rx Services would meaningfully affect its dermatology business. Valeant has lost almost 70% from an Aug. 5 high amid pressure over how it prices its drugs.
In the financial services sector, Element Financial rose 8.8% to $18.00
Other market movers included: Amaya, which fell 7.2% to $19.59, and Thomson Reuters, which rose 2% to $54.01.
ON BAYSTREET
The TSX Venture Exchange inched down 3.08 points to 528.42
Seven of the 13 TSX subgroups were positive on the day, led by gold, soaring 1.6%, information technology, up 0.7%, and health-care, haler by 0.6%.
The half-dozen laggards were weighed most by metals and mining, plummeting 5.8%, energy, sagging 3%, and industrials, falling short 0.8%.
ON WALLSTREET
U.S. stocks closed lower Wednesday as declines in oil prices and disappointing Macy's earnings weighed.
The Dow Jones industrial average moved lower 55.99 points to 17,702.22, with Wal-Mart and Nike leading decliners and General Electric the greatest advancer.
The S&P 500 remained in the red 5.84 points to 2,075.88, with energy leading four sectors lower and utilities the greatest advancer.
The NASDAQ index dropped 11.75 points to 5,071.5. Apple traded mildly lower after falling more than 1% in intraday trade, while biotechs fell more than 1% in afternoon trade.
Macy's traded about 14% lower after briefly falling more than 15%, on track for its worst day in more than seven years. The stock is already down more than 25% year-to-date.
The retailer cut full-year sales and profit forecasts, and posted a surprise drop in quarterly same-store sales as customers reduced spending and the strong dollar pressured revenue from tourists.
J.C. Penney held more than 2% lower, after briefly jumping more than 2.5% in pre-market trade. The stock is up more than 25% for the year so far.
The firm said it is "pleased" with its third-quarter results and said comparable same-store sales rose 6.4%, which topped FactSet expectations of 5.7%. JC Penney also announced the settlement of a false advertising class action lawsuit ahead of its earnings report, due Friday.
Shares of Amazon.com jumped about 2% to hit an all-time high going back to the company's initial public offering in 1997. Morgan Stanley raised its price target to $800 U.S. a share, for a 21% upside from Tuesday's closing price.
PayPal's stock fell 2% on reports Apple is in talks with major banks to roll out a mobile person-to-person payments system.
Analysts also kept an eye on Singles' Day sales in China, the local version of Black Friday hosted primarily by Alibaba every Nov. 11.
Halfway into the shopping event, the e-commerce giant said gross merchandise volume already surpassed last year's record of $9.3 billion U.S.
Shares of Alibaba held more than 2% lower in afternoon trade.
The bond market in the U.S. was closed for Veterans’ Day
Oil prices dipped $1.11 a barrel to $43.10 U.S.
Gold prices fell $4.26 to $1,085.41 U.S. an ounce.
