Canada's main stock index fell on Thursday, weighed down by losses in consumer discretionary stocks and as Bank of Canada Governor Stephen Poloz kept markets guessing on whether it would be a hike or a hold in July.
The S&P/TSX Composite Index faltered 105.03 points commence trade on Thursday at 16,126.22
The Canadian dollar regrouped 0.21 cents at 75.21 cents U.S.
Canadian Tire leaned lower 83 cents to $170.56, while Magna International fell $2.68, or 3.3%, to $77.93.
Labour representatives at Hudson's Bay German department store chain Kaufhof are expected to put the brakes on restructuring talks in the face of reports about a possible joint venture with Austria's Signa.
Bay shares collapsed 38 cents, or 3.2%, to $11.46.
Desjardins cut the target price on Corus Entertainment to $6.50 from $9.50. Corus shares swooned 39 cents, or 7.6%, to $4.74.
Raymond James raised the target price on Stuart Olson to $9.00 from $8.00. Stuart Olson doffed nine cents, or 1.2%, to $7.61.
On the economic front, Statistics Canada reports average weekly earnings of non-farm payroll employees were $995 in April, virtually unchanged compared with the previous month. In the 12 months to April, earnings were up 2.5%.
The agency adds that after rising rapidly from August to December 2017, earnings have been relatively stable since the start of 2018.
Elsewhere on the macroeconomic front, the effects of U.S. tariffs and tighter mortgage rules will "figure prominently" in the Bank of Canada's interest rate decision in July, but central bank Governor Stephen Poloz kept markets guessing on Wednesday on whether it would be a hike or a hold.
ON BAYSTREET
The TSX Venture Exchange faded 8.19 points to 736.90
All but one of the 12 TSX subgroups were lower in the first hour, as consumer discretionary hurtled earthward 1.5%, while materials and energy dropped 1.1%. Health-care stocks were unchanged at the open.
ON WALLSTREET
Stocks traded lower on Thursday as Wall Street added to weekly losses amid rising tensions between the United States and some of its key trade partners.
The Dow Jones Industrials skidded 66.45 points at 24,051.14, with Walgreens Boots Alliance as the worst-performing stock in the index. The 30-stock index also inched closer to re-entering correction territory, trading 9.8% below its 52-week high.
The S&P 500 gave up 1.78 points to 2,697.85, as health-care pulled back 1%.
The NASDAQ eked forward 2.08 points to 7,447.16
Equities have been under pressure this week as trade tensions between the U.S. and some of its biggest trade partners have mounted.
Through Wednesday's close, the Dow is down 1.9%, for the week, while the S&P 500 is off 2%, and the NASDAQ has slumped 3.2%.
Walgreens Boots Alliance dropped 9.2% and CVS Health fell 8%, after Amazon announced it had bought PillPack, an online pharmacy.
Prices for the benchmark for the 10-year U.S. Treasury gained, lowering yields to 2.83% from Wednesday’s 2.83%. Treasury prices and yields move in opposite directions.
Oil prices surged 57 cents to $73.33 U.S. a barrel.
Gold prices slipped $3.20 to $1,252.90 U.S. an ounce.
