(MENAFN- ProactiveInvestors - N.America) Toronto's main market was lower Wednesday as investors reacted to a handful of sluggish US corporate performances and lower retail sales data, amid worries over the eurozone debt crisis.
Traders were soured by news that German chancellor Angela Merkel dismissed the chance of agreeing to changes to Greece's bailout package during talks with Prime Minister Antonis Samaras scheduled for Friday in Berlin.
She said they won't have a solution on Friday, and will wait for an audit report on Greece's finances from the European Central Bank, the European Union and the IMF.
Back in Toronto, the S&P/TSX Composite was down 66.30 points, or 0.55%, to 12,050.62 as of 12:45 p.m. ET, while the more junior S&P/TSX Venture Composite fell 0.55 points, or 0.04%, to 1,238.77.
Most sectors were in the red in the afternoon, with metals and mining leading the decline â€" down 1.22%.
Meanwhile, gold for December delivery added 30 cents to $1,643.20 an ounce, while silver futures rose one cent to $29.52 an ounce.
Crude oil for October advanced 44 cents to $97.28 a barrel, while the base metal copper contract was flat at $3.47 a pound.
Gold giants Kinross (TSE:K) and Barrick Gold (TSE:ABX) were lately posting gains of 0.48% and 0.25%, respectively, while Goldcorp (TSE:G) shed 0.39%.
Elsewhere in the metals and mining sector, Gabriel Resources (TSE:GBU) led the advancers, up over 4%, while San Gold Corp. (TSE:SGR) led the decliners, falling over 3%.
Copper mine re-developer EMED Mining (TSE:EMD) (LON:EMED) Wednesday said it raised 3.5 million euros through a share placing in the UK and Canada.
The energy sector was lately lower, with Suncor Energy (TSE:SU) down 1.89%, Canadian Natural Resources (TSE:CNQ) lower by 1.54% and Encana Corp. (TSE:ECA) edging down 0.09%.
Elsewhere in the sector, Ithaca Energy Inc. (TSE:IAE) rose almost 4%.
In the financial sector, the Royal Bank of Canada (TSE:RY) lost 0.91%, Sun Life Financial (TSE:SLF) fell 0.52% and the Bank of Montreal (TSE:BMO) shed 0.72%.
In Canadian corporate news, aircraft simulation maker CAE Inc. (TSE:CAE) won military contracts valued at more than $55 million, the company said Wednesday. Shares were down 1.28% in early afternoon trading.
On the economic front, Statistics Canada reported that retail sales eased 0.4% in June, more than offsetting a gain in May. Lower sales were reported in seven of 11 sub-sectors, representing 64% of retail trade.
US/Europe
U.S. markets also retreated Wednesday, as investors wait for the latest minutes from the Federal Reserve meeting and for developments out of Europe.
While the central bank didn't announce any further stimulus measures at its last meeting, investors are hoping for news that a new round of quantitative easing could be coming.
Chairman Ben Bernanke speaks at the Jackson Hole, Wyo., symposium at the end of the month, and the Fed's next meeting is also in September.
Minutes of the Fed's last meeting that ended August 1, will be released around 2 p.m. ET.
The Dow was lately down 63.95 points to 13,139.63, while the Nasdaq shed 4.73 points to 3,062.53, and the S&P 500 fell 4.31 points to 1,408.86.
In economic news, the National Association of Realtors reported sales of existing homes rose 2.3% in July, in line with expectations and illustrating an increase in activity in the housing market.
In U.S. corporate news, mining giant BHP Billiton (NYSE:BHP) (LON:BLT) said it has scrapped a planned US$30 bln expansion of its huge Olympic Dam copper mine because of tough commodity markets.
ConocoPhillips (NYSE:COP) has agreed to sell its 30 per cent stake in Russian oil and gas venture NaryanMarNefteGaz (NMNG) to local partner Lukoil.
Asset manager Eaton Vance Corp. (NYSE:EV) Wednesday posted its third quarter results, noting lower profits as customers withdrew money from its funds.
Luxury homebuilder Toll Brothers (NYSE:TOL) Wednesday said its income and revenues rose significantly in its fiscal third quarter, as contract growth "far exceeded" national housing data.
Furniture retailer La-Z-Boy (NYSE:LZB) said late Tuesday that fiscal first-quarter earnings fell 90 per cent from a year earlier on the reduction of valuation reserves, while sales improved.
Williams-Sonoma (NYSE:WSM) late Tuesday raised its full-year forecast and set its third-quarter outlook above analysts' expectations as second-quarter earnings beat estimates. Shares of the company were up over 11% Wednesday as of 12:25 p.m. ET.
Young adult apparel retailer Express (NYSE:EXPR) reported a 26 per cent increase in second quarter profit Wednesday, but lowered its outlook for the year on slower than expected sales growth sending shares down over 11%.
Meanwhile, Chico's FAS (NYSE:CHS) saw its shares jump almost seven percent Wednesday after announcing second quarter results that beat estimates, with profits rising 23 per cent year-over-year.
Clothing retailer American Eagle Outfitters (NYSE:AEO) met analysts' second-quarter profit estimates on an adjusted basis Wednesday, thanks to higher sales and margins. The retailer also raised its full-year earnings outlook.
Women's apparel retailer The Wet Seal's (NASDAQ:WTSLA) stock slumped over 11% in afternoon trade Wednesday, a day after it swung to a net loss in the second-quarter amid a hefty drop in same-store sales.
Shares of Dell (NASDAQ:DELL) fell over 6% Wednesday afternoon, after the company cut its full-year outlook as quarterly revenue came in short of Wall Street's expectations.
Hewlett-Packard (NYSE:HPQ) is due to report results after the closing bell.
European markets finished sharply lower today with shares in France leading the region. The CAC 40 was down 1.47% while Britain's FTSE 100 was off 1.42% and Germany's DAX was lower by 1.01%.
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