The S&P/TSX Composite Index dipped soon after Wednesday’s opening bell as fears over euro-zone's debt refinancing intensified after the German bond auction failed to impress investors.
The S&P/TSX Composite faded 36.94 points to 12, 171.49. Tuesday saw a jump of more than 250 points.
The Canadian dollar dipped 0.21 cents to 98.75 cents U.S.
Among Canadian companies to watch, uranium whiz Cameco Corp. said it has constructed a second shaft to reach the main mine workings at its Cigar Lake uranium mining project in northern Saskatchewan. Soon after the opening, Cameco dropped a dime to $18.90 a share.
Research In Motion Ltd. fell 2.9%, a day after the BlackBerry maker surged on a report that a new chairperson is being tapped to head the company, feeding takeover speculation. Barrick Gold Corp. rose 1.6% but Suncor Energy Inc. fell 0.2%
ON BAYSTREET
The TSX Venture Exchange slipped 0.80 points to 1,505.48, while the Nasdaq Canada index subtracted 3.79 points to 380.50.
All but two of the 14 Toronto subgroups were lower in the first hour of trading. Information technology slid 1%, while metals and mining backtracked 0.5%, and health-care stocks faded 0.4%.
The two groups that gained ground were gold, up 0.3%, consumer discretionaries, off 0.2%.
ON WALLSTREET
In New York, stocks dipped early Wednesday as investors refocused on Europe's debt crisis following a brief respite in the previous session.
The Dow Jones Industrials eased 56 points to 12,341.40. The big board gained nearly 180 points Tuesday.
The S&P 500 sifted off 5.91 points to 1,271.15, while the Nasdaq Composite gave back 21.47 points to 2,627.25.
In company news, Yahoo named PayPal president Scott Thompson as its new CEO.
Caterpillar shares fell after the construction equipment manufacturer announced it will expand its research and development center in Wuxi, China.
Dunkin' Brands shares climbed after the company announced it plans to double the number of its Dunkin' Donuts restaurants in the United States in the next 20 years. The chain currently operates about 7,000 restaurants nationwide.
Cabot Oil & Gas announced a 2-for-1 stock split, after its stock rallied 105% over the last year. The company also plans to increase its quarterly dividend 33%.
Stocks rallied Tuesday following strong manufacturing reports from China, India and the United States.
But the tone was cautious Wednesday as jitters surrounding Europe's debt crisis resurfaced.
Uncertainty about Greece, along with reports that Spain might seek rescue funding, weighed on sentiment.
A spokeswoman for the Spanish government told CNN the reports were "a complete lie" and "radically false" and, separately, Greek officials said Tuesday that progress had been made.
European Union leaders hold their first summit of 2012 on Jan. 30. Political leaders hashed out a fiscal agreement in early December, but investors remain skeptical about how effective it will be.
Concerns about European banks were also in focus after Italy's UniCredit announced a €7.5-billion offering of new shares. UniCredit fell nearly 10% on the Milan stock exchange amid reports that demand for the offering was weak despite a steep discount in price.
Shares of U.S. banks pared Tuesday's gains, with Bank of America, Citigroup and JPMorgan all lower
Economically speaking, the U.S. Census Bureau released data on factory orders for the month of November Wednesday. Analysts surveyed by Briefing.com expect orders to have risen 2.1% in November, after dropping by 0.4% in October.
In the afternoon, the U.S. Commerce Department will release data on auto and truck sales for December. Auto sales stood at a 4.36-million annual rate in November, while truck sales were at a 5.98-million rate.
Treasury prices for the 10-year note gained a bit of strength, driving the yields down to 1.95% from 1.96% late Tuesday. Treasury prices and yields move in opposite directions.
Oil for February delivery inched up in price to $103.10 U.S. a barrel.
Gold futures for February delivery rose $14.60 to $1,650.10 U.S. an ounce.
