Markets round the world, including Canada, fell after weak data from China reignited worries about a global economic slowdown and oil prices pulled back from recent strong gains.
The S&P/TSX Composite Index faded 72.55 points to close up shop Tuesday at 13,311.05, officially ending the gauge’s win streak at eight straight sessions.
Still, the index had surged 5.1% during those eight sessions, for the longest winning streak since 2014.
The Canadian dollar reversed 0.73 cents to 74.58 cents U.S.
Base metals producers Teck Resources bowed 81 cents, or 7.5%, to $9.94, and First Quantum Minerals lost $1.17, or 16.1%, to $6.12 to lead raw-materials producers lower. The industry is the best-performing in Canada this year with a more than 20% advance.
The rally in iron ore stalled after soaring a record 19% Monday. Encana Corp. retreated $1.08, or 13.4%, to $6.99, as crude futures reversed gains to fall from the highest price this year.
Performance Sports Group Ltd., which makes athletic equipment, plunged a record $7.60, or 66.1%, to $3.90, after the company slashed its 2016 earnings forecast to a range of 12 to 14 cents from 66 to 69 cents. The company one of its national retailer clients has filed for Chapter 11, resulting in writedowns.
On the economic slate, exports from China tumbled 25.4% in February, compared with the same month last year, while her imports dropped 13.8%.
China is a major consumer of raw materials, many of them Canadian.
Closer to home, Statistics Canada reported Tuesday morning that municipalities issued building permits worth $6.4 billion in January, down 9.8% from the previous month.
The agency attributes this decline to lower construction intentions for multi-family dwellings in British Columbia and Ontario and, to a lesser extent, institutional buildings in Quebec and Alberta.
At the same time, Canada Mortgage and Housing Corporation reported that the seasonally-adjusted annualized rate of housing starts rose to 212,594 units in February from a downwardly revised 165,071 units in January. Forecasters had expected 180,000 starts.
ON BAYSTREET
The TSX Venture Exchange dipped 0.89 points to 570.55
Eight of the 13 TSX subgroups were lower, with metals and mining tumbling 7.1%, energy down 3%, and gold off 2.6%
The five laggards were guided by telecoms, ahead 1.3%, consumer staples, up 1.2%, and utilities, advancing 1%.
ON WALLSTREET
Stocks south of the border closed lower Tuesday, as a reversal in oil prices weighed and after weaker-than-expected Chinese trade data renewed concerns about global growth.
The Dow Jones Industrial average slid 109.85 points to 16,964.10, with Caterpillar the greatest decliner and Microsoft leading advancers.
Among transport stocks, JetBlue plunged more than 7% after announcing a 10 to 10.5% drop in February's preliminary revenue per available seat mile.
The S&P 500 docked 21.17 points to 1,980.59. Energy traded about 4% lower to lead S&P 500 decliners.
The NASDAQ index fell 59.43 points to 4,648.82
The bull market turns seven years old on Wednesday, and the S&P 500 has risen about 200% since it fell below 700 to hit a low on March 9, 2009, during the middle of the financial crisis.
China's exports fell 25.4% year-over-year in February, more than expected and the largest since May 2009. The trade surplus was at $32.59 billion U.S. in February, versus analysts' expectations of a $50.15-billion U.S. surplus.
Analysts largely attributed the sharp drop in the data to a slowdown in business activity around the early February Lunar New Year holidays. Exports for the first two months of the year were still down 17.8% and imports off 16.7% from the same period last year.
The data also showed China's February crude oil imports jumped 20% on year to their highest ever on a daily basis, driven by import quotas and stockpiling.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.83% from Monday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.65 a barrel to $36.25 U.S.
Gold prices fell $5.68 to $1,261.65 U.S. an ounce.
