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TSX Slumps at Open

Equities in Canada’s largest market fell at the open on Friday, as energy shares dropped on decline ...

Equities in Canada’s largest market fell at the open on Friday, as energy shares dropped on decline in oil prices, while latest data showed the economy grew in line with expectations in the third quarter.

The S&P/TSX Composite Index faded 53.72 points to begin the week’s and month’s last session at 15,140.32

The Canadian dollar dipped 0.27 cents at 75.05 U.S.

Canaccord Genuity started coverage on Corvus Gold with speculative buy rating. Corvus shares gave back a penny to $2.58.

National Bank of Canada cut the price target on Dollarama to $44.00 from $48.00. Dollarama stumbled 60 cents, or 1.7%, to $35.24.

Eight Capital raised the price target on Toronto-Dominion Bank to $94.00 from $93.00. TD shares lost 15 cents to $73.33.

In the economic docket, Statistics Canada reported Friday morning that gross domestic product grew 0.5% in the third quarter, following a 0.7% increase in the second quarter.

Real GDP edged down 0.1% in September, following seven consecutive months of growth.

The agency’s industrial product price index rose 0.2% in October, mostly driven by higher prices for meat, fish, and dairy products.

The raw materials price index fell 2.4%, mainly as a result of lower prices for crude energy products.

ON BAYSTREET

The TSX Venture Exchange fell 1.55 points to begin Friday at 589.57

Eight of the 12 TSX subgroups were lower, as energy sputtered 1.8%, gold dulled in price 1.4%, and materials doffed 1.1%.

The four gainers were led by communications, soaring 0.5%, while industrials and information technology each gained 0.3%.

ON WALLSTREET

Blue-chip stocks in New York slipped on Friday as investors looked ahead to a key meeting between President Donald Trump and Chinese President Xi Jinping.

The Dow Jones Industrial Average lost 53.72 points to 25,338.84, led by losses in Goldman Sachs.

The S&P 500 regained 3.48 points to 2,741.24, while the NASDAQ gained 7.82 points to 7,280.90

Friday also marked the last trading day of November. Barring a major selloff on Friday, two of the major indexes are on pace to post solid gains for the month. The Dow is up 0.9% in November, while the S&P 500 has risen 1%.

The Dow is also on pace to register its biggest one-week gain since late 2016, while the S&P 500 is on track to post its largest weekly rise since February.

Trump and Xi are scheduled to have dinner on Saturday and are expected to discuss trade issues between the two countries. Investors are eagerly looking ahead to the dinner as they have fretted over the impact of U.S. and China tariffs on the global economy and corporate earnings.

U.S. Trade Representative Robert Lighthizer said Friday he expected the meeting to be a "success," raising hope that a trade truce between the world's largest economies could be struck.

Prices for the benchmark for the 10-year U.S. Treasury rose sharply, thus lowering yields to 3.01% from Thursday’s 3.03%. Treasury prices and yields move in opposite directions.

Oil prices skidded $1.58 to $49.87 U.S. a barrel.

Gold prices lost $7.80 an ounce of its luster to $1,222.60 U.S.