Canada's main stock index fell on Monday, with energy and materials stocks leading the declines tracking tumbling commodity prices, as investors around the world were concerned about the global economic growth outlook.
The TSX Composite lost 103.39 points by noon hour to 20,280.38.
The Canadian dollar slid 0.18 cents to 74.39 cents U.S.
The energy sector and gold sector lost out, tracking prices of oil, precious metals and base metals as protests against strict COVID curbs in China raised demand concerns from the world's second largest economy.
Peyto Exploration surrendered 48 cents, or 3.3%, to $14.28, while Vermilion Energy stumbled 82 cents, or 3.2%, to $25.22.
Gold stocks also took the morning hard, particularly, Equinox Gold, down 28 cents, or 6%, to $4.42, while Seabridge Gold slipped 59 cents, or 3.5%, to $16.11.
However, not all sectors were losers. The information technology sector was supported by hike of $1.83, or 3.7% in e-commerce firm Shopify Inc's shares to $51.01, shares, touching two-week highs after announcing record Cyber Monday sales in the U.S.
Bombardier rose $2.77, or 6.3%, to $46.74, after the aircraft manufacturer said that it will begin a special mission modification package in Wichita, Kansas as part of a German Pegasus surveillance aircraft project.
ON BAYSTREET
The TSX Venture Exchange eked up 1.2 points to 576.84 midday.
Eight of the 12 subgroups were negative by lunch hour, with energy trailing 1.7%, while real-estate and gold each down 1.5%.
The four gainers were led by consumer staples, ahead 1.2%, while information technology took on 0.6%, and industrials strengthened 0.4%.
ON WALLSTREET
Stocks fell Monday as social unrest from China’s prolonged Covid restrictions weighed on markets and pushed down oil prices.
The Dow Jones Industrials faltered 243.03 points to reach noon EST at 34,104.
The S&P 500 faded 31.23 points to 3,994.89.
The NASDAQ fell 79.13 points to 11,149.10.
Over the weekend, demonstrations broke out in mainland China as people vented their frustrations with Beijing’s zero-COVID policy. Local governments tightened COVID controls as cases surged, even though earlier this month Beijing adjusted some policies that suggested the world’s second-biggest economy was on its way to reopening.
The developments reverberated across global markets. with oil futures hovering around new 2022 lows around demand concerns.
Shares of companies with big production facilities in the country were under pressure. Apple lost 1.9% after Bloomberg reported that unrest at a factory in China could mean six million fewer iPhone Pro units for the year.
Investors will be watching this week more earnings reports and a slew of economic releases that will give further information on the state of the consumer and the U.S. economy. Personal consumption data and the labour report for November will also be released.
Prices for the 10-year Treasury fell back, raising yields to Friday's 3.69%. Treasury prices and yields move in opposite directions.
Oil prices regained 44 cents to $76.72 U.S. a barrel.
Gold prices slid $10.40 to $1,743.60 U.S. an ounce.
