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TSX flat as GDP disappoints

Canada's main stock index opened little changed on Thursday weighed by worries over Washington's tariff ...

Canada's main stock index opened little changed on Thursday weighed by worries over Washington's tariff dispute with China, and as gross domestic product data showed the domestic economy grew at a more sluggish pace than expected in June and the second quarter.

The S&P/TSX Composite Index managed a gain of 5.61 points to begin Thursday’s at 16,395.90

The Canadian dollar faded half a cent to 76.94 cents

Toronto-Dominion Bank reported third-quarter results which topped market expectations, helped by a sharp rise in earnings from the United States.

TD shares dipped 33 cents to $78.98, in the first hour of trading.

Tahoe Resources said on Wednesday that it believed there was an attempt to illegally extract gold at its La Arena mine in Peru. Tahoe shares lost eight cents, or 1.7%, to $4.60.

Eight Capital raised the rating on Journey Energy to buy from neutral and price target to $3.15 from $2.25. Journey shares acquired eight cents, or 4.7%, to $1.80.

Barclays raised the target price on National Bank of Canada to $69.00 from $67.00. National shares fell 46 cents to $64.81.

Berenberg cut the target price on Thomson Reuters to $44.00 from $45.00. Thomson shares lost seven cents to $57.99.

On the economic beat, Statistics Canada reported Thursday that gross domestic product was essentially unchanged in June, following a 0.5% gain in May. Increases in 12 of the 20 industrial sectors were tempered by reduced output in non-conventional oil extraction and lower activity in wholesale and retail trade.

The average weekly non-farm earnings of Canadians were $1,000 in June, little changed from the previous month. Compared with 12 months earlier, earnings increased 2.8%.

ON BAYSTREET

The TSX Venture Exchange subtracted 0.45 points to 726.50

Seven of the 12 subgroups were higher soon after the opening bell, as industrials and information technology each climbed 0.5%, while consumer staples were stronger by 0.4%.

The five laggards were weighed most by health-care, sliding 1.7%, while gold dulled in price 1.2%, and materials subsided 0.9%.

ON WALLSTREET

Stocks opened lower on Thursday as a deadline for a U.S.-Canada trade deal loomed ahead.

The Dow Jones Industrial Average fell 75.06 points to 26,049.51, as Pfizer lagged.

The S&P 500 slipped 4.84 points to 2,909.20, with materials and financials underperforming.

The NASDAQ sank 11.36 points to 8,098.33

The major indexes were on track to close lower for the first time in five sessions. The S&P 500 and NASDAQ have traded at all-time highs all week, while the Dow is about 2% away from a record.

Amazon shares rose 0.5% to break above $2,000 a share for the first time.

Canada has until Friday to join a trade deal made between the U.S. and Mexico, according to President Donald Trump. However, Trump said he was confident an agreement between the two nations was within reach.

Jobless claims rose slightly to 213,000 last week, but remained near multi-decade lows as the underlying trend still points to a tightening labour market. Personal income rose 0.3% in July.

Prices for the benchmark for the 10-year U.S. Treasury gained, thereby lowering yields to 2.87% from Wednesday’s 2.89%. Treasury prices and yields move in opposite directions.

Oil prices surged 19 cents to $69.70 U.S. a barrel.

Gold prices dropped $7.70 to $1,203.80