Canada's main stock index opened lower on Tuesday, as higher oil output by Russia and by members of the Organization of the Petroleum Exporting Countries weighed on prices, pressuring energy shares.
The S&P/TSX Composite dropped 35.97 points to begin Tuesday and a short week at 16,406.10
The Canadian dollar faded 0.18 cents to 74.84 cents U.S.
Greece's new conservative government will soon issue permits for Canadian miner Eldorado Gold's development in northern Greece. Eldorado shares gained 31 cents, or 2.5%, to $12.55.
Enbridge said it reached an agreement with shippers to place the Canadian portion of the Line 3 replacement pipeline into service by the end of this year. Enbridge shares tailed off 21 cents to $44.32.
Hudson's Bay Company will close its Dutch stores by the end of 2019, laying off some 1,400 employees, the Dutch business daily Financieel Dagblad reported on Saturday. Bay shares dipped eight cents to $10.20.
JPMorgan raised the target price AltaGas Canada to $23.00 from $22.00. AltaGas doffed 31 cents, or 1.7%, to $17.77
Cowen and Company cut the target price on Cronos Group to $17.00 from $21.00. Cronos shares nicked up eight cents to $14.77.
Eight Capital raised the target price on Denison Mines to $1.80 from $1.70. Denison lost a penny, or 1.6%, to 60 cents.
On the economic front, the IHS Markit Canada Manufacturing Purchasing Managers' index, a measure of manufacturing business conditions, fell to a seasonally adjusted 49.1 in August, a three-month low, from 50.2 in July.
ON BAYSTREET
The TSX Venture Exchange added 2.61 points to 591.97
Eight of the 12 Toronto subgroups were negative in the first hour, as energy tumbled 2.4%, while financial and industrials were each down 0.4%.
The four gainers were led by gold, shining 1.3% brighter, while materials strengthened 0.7% and information technology picked up 0.4%.
ON WALLSTREET
Stocks fell on Tuesday, the first trading day of the month, after the world’s two largest economies began imposing new tariffs on each other’s goods.
The Dow Jones Industrial Average stumbled 361.64, or 1.4%, to 26,041.64
The S&P 500 dipped 30.97 points, or 1.1%, to 2,895.24
The NASDAQ Composite fell 84.31 points, or 1.1%, to 7,875.58.
The Dow dropped 1.7% and S&P 500 lost 1.8% in August. The NASDAQ chopped 2.6% last month.
Chipmakers such as Nvidia lost 2.1%, and Skyworks Solutions fell 0.8%. Retail stocks Ulta Beauty, Tiffany and Nike all traded lower. Boeing and Caterpillar both declined more than 1% along with Apple. Boeing was also under pressure after a report said the 737 Max jet could remain grounded through the holiday season.
On the data front, manufacturing Purchasing Managers’ Index figures for August were to be released at around 9:45 a.m. ET. The Institute for Supply Management’s manufacturing index for August and construction spending data for July will be released slightly later in the session.
The U.S. imposed 15% tariffs on a variety of Chinese goods on Sunday, while China imposed new charges on U.S. products from Sept. 1. It marked the latest escalation in their long-running trade war.
Prices for the benchmark 10-year U.S. Treasury gained ground, pushing yields down to 1.45% from Friday’s 1.50%. Treasury prices and yields move in opposite directions
Oil prices gave back $1.81 to $53.29 U.S. a barrel.
Gold prices strengthened $16.20 to $1,545.60 U.S. an ounce.
