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Stocks Continue Negative into Afternoon

Equities in Toronto extended their slide from earlier this week on Thursday, as weak earnings reports from some of the major banks added to a gloomy mood among investors, worried about global trade disputes.

The TSX Composite Index dropped 53.32 points to greet noon Thursday at 16,844.02

The Canadian dollar added 0.09 cents to 75.88 cents U.S.

Canadian Western Bank also dropped 6% after poor results. The week has seen shares of major banks including Royal Bank of Canada falling, as sliding investment banking fees, pressure on margins and an increasingly weak credit environment led to disappointing results.

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Western Bank shares shrank $8.26, or 8.1%, to $32.62. Shares in RBC, Canada’s biggest bank, lost 82 cents each to $104.13.

The largest percentage gainer on the TSX was Turquoise Hill Resources, which vaulted 77 cents, or 10.8%, to 72 cents, followed by iA Financial, which rose $1.94, or 2.9%, to $69.36.

Eldorado Gold fell 74 cents, or 7.1%, the most on the TSX, to $9.72, while CIBC was down $5.72, or 5%, to $109.12.

On the economic slate, Statistics Canada said this country’s exports rose 0.8% in October, while imports increased 0.5%. As a result, Canada's merchandise trade deficit with the world narrowed slightly from $1.2 billion in September to $1.1 billion in October.

Moreover, Western University’s IVEY Purchasing Managers Index soared to 60.0 in November, towering over October's 48.2 reading, and even surpassing the 57.2 number recorded in November 2018

ON BAYSTREET

The TSX Venture Exchange recovered 0.18 points to 539.88

In Toronto, seven of the 12 subgroups were lower, weighed most by financials, off 0.9%, while information technology slid 0.7%, and consumer discretionary stocks, falling 0.6%.

The five gainers were led by gold, shining 0.8%, real-estate, 0.5% more solid, and materials, up 0.5%.

ON WALLSTREET

Stocks were little changed on Thursday as investors digested strong employment data while monitoring U.S.-China trade negotiations.

The Dow Jones Industrials came closer to breakeven, but still 28.02 points short by noon to 27,621.76

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The S&P 500 was still behind 1.29 points to 3,111.47

The NASDAQ had climbed to within 4.64 points of Wednesday’s close to 8,562.03

The Labor Department said U.S. weekly jobless claims dropped 203,000 last week, below an estimate of 215,000.

The report quelled fears stemming from a disappointing private payrolls number released Wednesday. It also comes a day before the government’s monthly non-farm payrolls report.

The U.S. trade deficit tumbled to 7.6% to $47.2 billion in October, a one-and-a-half-year low as imports dropped by $4.3 billion.

Bloomberg News reported Wednesday, citing sources, that both the U.S. and China were inching closer to securing an agreement on the amount of tariffs that would be rolled back in a limited trade deal. President Donald Trump also said Wednesday that he believed trade talks with Beijing were going "very well."

The report, along with Trump’s comment lifted sentiment around trade and helped the major averages snap a three-day losing streak. It also helped the market recover some of the steep losses from the month’s first two trading days

China and the U.S. have 10 days to reach a trade deal before additional U.S. tariffs on Chinese goods take effect. Those levies would target an additional $156 billion in Chinese goods.

Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.80% from Wednesday’s 1.77%. Treasury prices and yields move in opposite directions.

Oil prices gained 17 cents at $58.60 U.S. a barrel.

Gold prices picked up $4.30 to $1,484.50 U.S. an ounce.