Toronto stock indices skidded a bit at Wednesday’s open, amid weaker commodities, as investors were prone to stay on the sidelines awaiting the latest developments from Europe on that continent’s debt problems.
The S&P/TSX Composite Index demurred 51 points to 12,030.25 in the trading day’s first hour.
The Canadian dollar sagged 0.22 cents to 98.83 cents U.S.
On a day light on economic tidings, more focus is being placed on corporate news, where Bank of Montreal is hiring Robert Prichard, the head of Metrolinx, the agency that operates GO Transit for the Ontario government, as its chairman.
The "First Canadian Bank" says Prichard, also a former CEO at Torstar Corp., will take the position after serving as an independent director of BMO since 2000. Prichard replaces David Galloway who is retiring.
Cenovus Energy Inc. plans to spend between $3.1 billion and $3.4 billion in 2012 as it pushes forward with the expansion of its Christina Lake oil sands project. That’s about 23% higher than its capital spending budget for this year.
ON BAYSTREET
The TSX Venture Exchange fell 2.58 points to 1,540.11, while the Nasdaq Canada index sliced off 4.26 points to 390.08
All but four of the 14 Toronto subgroups slipped into the red soon after the opening bell.
Energy and global base metals lost 0.8% each, while industrials stalled 0.7%.
The four gainers were led by gold, materials and consumer staples, each inching up 0.1%.
ON WALLSTREET
In New York, stocks opened lower Wednesday as investors continue to weigh the odds of a breakthrough solution to the euro-zone debt crisis at this week's meeting of European leaders.
The Dow Jones Industrials gave back 57.37 points to 12,092.80, as Wednesday’s session began.
The S&P 500 erased 9.80 points, to 1,248.67, while the Nasdaq Composite subtracted 28.59 points to 2,620.97
U.S. stocks ended mostly higher Tuesday, as investors were optimistic that a lasting solution to the euro-zone debt crisis could be announced this week.
European Union leaders will meet Thursday and Friday in Brussels to discuss closer political and economic coordination, as well as other measures to restore market confidence and stabilize the euro currency.
After meeting with his French counterpart in Paris, U.S. Treasury Secretary Tim Geithner sounded hopeful about European leaders' ability to enact fiscal reforms and boost economic growth.
Also on Wednesday, Geithner is scheduled to meet with French President Nicolas Sarkozy and Spanish Prime Minister elect Mariano Rajoy Brey. He will travel to Italy later in the day.
Meanwhile, the European Central Bank is widely expected to cut interest rates at its policy meeting on Thursday.
Shares of Citigroup fell after CEO Vikram Pandit said late Tuesday that the banking giant would lay off roughly 4,500 employees over the next few month.
Shares of retailer Talbots skyrocketed after it said it had received a bid from buyout firm Sycamore Partners.
Early Wednesday, retailer J.C. Penney announced it would buy a stake in home decor expert Martha Stewart's franchise, Martha Stewart Living Omnimedia. The retail giant said it would invest $38.5 million U.S. Shares of Martha Stewart Living rose 33% in early trading.
Shares of Monsanto rose after the agriculture company raised its fiscal first-quarter earnings-per-share guidance.
Apparel company Pacific Sunwear will report results after the closing bell, and is expected to post a loss of 14 cents U.S. a share after losing seven cents U.S. per share in the prior year.
Economically speaking, the Federal Reserve will release data on consumer credit for the month of October on Wednesday. Analysts surveyed by Briefing.com expect October's consumer credit figure to stand at $7 billion U.S., down from $7.4 billion U.S. in September.
The price on the benchmark 10-year U.S. Treasury gained ground, pushing the yield down to 2.05%, from 2.09% late Tuesday. Treasury prices and yields move in opposite directions.
Oil for January delivery gave back 51 cents to $100.70 U.S. a barrel.
Gold prices chugged ahead $6.79 to $1.735.15 U.S. an ounce
