Canada's main stock index fell on Tuesday in broad-based declines led by bank stocks, which were pressured by turmoil in European markets following an Italian lawmaker's anti-euro comments.
The S&P/TSX Composite Index fell 69.95 points to greet noon Tuesday at 16,034.48
The Canadian dollar hesitated 0.04 cents to 78.02 cents.
The lawmaker, Claudio Borghi, said most of Italy's problems would be resolved if it readopted a national currency.
The heavyweight financial sector dropped as Royal Bank of Canada sank $1.04, or 1%, to $102.56, Toronto-Dominion Bank loosed 74 cents to $77.58, and Bank of Nova Scotia fell 65 cents to $75.54.
The largest percentage gainer on the TSX was Element Fleet Management, which jumped $1.20, or 17.9%, to $7.90, after it announced a strategic plan on Monday.
Eldorado Gold, which rose three cents, or 2.6%, was the second-biggest gainer on the main index, reaching $1.20.
Cannabis producers Aphria --- which slumbered $1.17, or 6.6%, to $16.59, and Aurora Cannabis – falling 38 cents, or 3.1%, to $12.08, were the biggest decliners.
ON BAYSTREET
The TSX Venture Exchange fell back 3.06 points to 705.07
All but three of the 12 subgroups moved into the afternoon in negative country, with health-care sagging 2.7%, energy, down 1.6%, and consumer discretionary, off 1.1%.
The three gainers proved to be gold, shining 3.1% brighter, materials, up 1.5%, and consumer staples, inching up 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average hit a record high on Tuesday as it rallied for a second day, boosted by gains in Intel and optimism around global trade.
The 30-stock index popped 125.19 points to break for lunch at 26,776.40, as Intel climbed more than 4%. Boeing and Catepillar shares also erased earlier losses to lift the Dow. The Dow also posted strong gains in the previous session, which was the first of the fourth quarter.
The S&P 500 regained 4.69 points to 2,929.28. The NASDAQ recovered 10.9 points to 8,048.20.
Chipmaker Nvidia grew 1.1%, while rival Micron increased in price 2.9%, following Intel higher.
Earlier, the major averages turned slightly lower amid pressure from bank shares. Goldman Sachs dropped 0.6%, and Morgan Stanley fell 0.9%. Citigroup and Bank of America both dropped more than 1%.
Amazon shares was flat after the company announced it would raise its minimum wage to $15.00 per hour for all U.S. employees.
Luigi Di Maio, the head of the Five Star Movement in Italy, defended the country's 2.4% deficit target for 2019. Di Maio accused European Union officials of deliberately upsetting capital markets through negative comments about the budget.
On top of that, Borghi, a euroskeptic economist who chairs the budget committee of the lower house of Italy's parliament, said in a radio interview Tuesday that he was "truly convinced" most of the country's problems would be solved if it had its own currency.
Now that trade concerns between the U.S. and Canada are behind them, investors will be looking to China, to see if Beijing and Washington can find a way to meet eye-to-eye on certain trade elements.
Prices for the benchmark for the 10-year U.S. Treasury gained sharply, lowering yields to 3.05% from Monday’s 3.09%. Treasury prices and yields move in opposite directions.
Oil prices were unchanged at $75.30 U.S. a barrel.
Gold prices vaulted $18.00 to $1,209 U.S. an ounce.
