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TSX Continues Negative
Equities in Canada’s largest centre receded on Tuesday, led by declines in materials and energy stocks as commodity prices slipped after weak China data, while investors assessed domestic trade deficit readings that widened to its highest in nearly three years.
The TSX fell plunged 117.82 points, to 20,118.22.
The Canadian dollar swooned 0.53 cents to 74.25 cents U.S.
Canadian markets were closed Monday for Civic Holiday.
Both Canadian and U.S. listed shares of Restaurant Brands International gained after the Burger King parent topped market estimates for quarterly sales and profit. In Toronto, shares tacked on $2.13, or 2.2%, to $100.47.
In the economic docket, Statistics Canada reported that, in June, Canada's merchandise exports decreased 2.2%, while imports were down 0.5%. As a result, Canada's merchandise trade deficit with the world widened from $2.7 billion in May to $3.7 billion in June.
ON BAYSTREET
The TSX Venture Exchange docked 5.59 points to 610.13.
All but one of the 12 TSX subgroups lost ground in the first hour, with materials and gold each down 1%, while information technology skidded 0.9%.
Only health-care made headway, plowing ahead 2.8%.
ON WALLSTREET
Stocks retreated Tuesday as an August selloff was reignited by a downgrade of the banking sector by credit rating agency Moody’s.
The Dow Jones Industrials dropped 354.08 points, or 1%, to pause for lunch Tuesday at 35,119.05, led by a decline in Goldman Sachs. Monday, the 30-stock index had had its best day since June 15.
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The S&P 500 index lost 49.2 points, or 1.1%, to 4,469.24.
The NASDAQ index fell 210.85 points, or 1.5%, to 13,783.55.
Banks fell broadly after Moody’s downgraded the credit rating on several regional banks, including M&T Bank and Pinnacle Financial, citing deposit risk, a potential recession and struggling commercial real estate portfolios. The credit agency also placed Bank of N.Y. Mellon and State Street on review for a downgrade.
Goldman Sachs skidded 3% and JPMorgan Chase traded more than 2% lower.
Traders also parsed through the latest batch of earnings. UPS shares dropped more than 1% after the delivery giant reported weaker-than-expected revenue for the second quarter. The company also lowered its full-year revenue outlook.
Prices for the 10-year Treasury gained sharply, lowering yields to 4.01% from Monday’s 4.08%. Treasury prices and yields move in opposite directions.
Oil prices sank 23 cents to $81.71 U.S. a barrel.
Gold prices slid nine dollars to $1,961.00 U.S. an ounce.
