Canada's main stock index opened little changed on Wednesday as gains in energy companies offset losses stemming from fears of a looming recession.
The S&P/TSX Composite slid 4.66 points to open Wednesday at 16,178.93
The Canadian dollar gave back 0.12 cents to 75.15 cents U.S.
National Bank of Canada reported quarterly profit above analysts' expectations, helped by growth in all its businesses, including personal and commercial lending.
National nosed ahead a penny to $60.46.
CIBC cut the price target on Bank of Montreal to $105 from $111. Shares in BMO took on 45 cents to $89.66.
RBC cut the target price on Bank of Nova Scotia to $80 from $82. Scotiabank shares moved higher 31 cents to $68.88.
ON BAYSTREET
The TSX Venture Exchange dipped 0.95 points to 582.69
Eight of the 12 Toronto subgroups started off stronger, with energy soaring 1.5%, health-care haler 0.6%, and real-estate eking up 0.1%
Four laggards were weighed by gold and information technology, each skidding 1%, and materials, docking 0.7%.
ON WALLSTREET
Stocks were little changed on Wednesday after a key part of the U.S. yield curve inverted even further, exacerbating fears of an impending recession.
The Dow Jones Industrial Average recovered 35.55 points to 25,813.45.
The S&P 500 nicked 2.12 points to 2,871.28,
The NASDAQ sank 20.8 points to 7,806.14,
Coty Inc. jetted 44 cents, or 5%, to $9.25. Coty, Guess Inc. and PVH Corp. are among the firms reporting earnings today.
The closely watched spread between the 10-year Treasury yield and the two-year rate briefly fell to negative six basis points Wednesday. The move extended losses from the previous session when the spread registered its lowest level since 2007.
A 10-year rate below the two-year yield is viewed by fixed income traders as an important recession prognosticator, marking an unusual phenomenon as bondholders receive better compensation in the short term.
Prices for the benchmark 10-year U.S. Treasury gained, lowering yields to 1.46% from Tuesday’s 1.48%. Treasury prices and yields move in opposite directions
Oil prices gained $1.55 to $56.48 U.S. a barrel.
Gold prices subtracted $6.30 to $1,545.50 U.S. an ounce.
