The Toronto Stock Exchange declined in early trading Friday as Middle East events continued to pose uncertain implications for political relationships and the economies around the world.
Stock exchanges in the United States and Europe seemed troubled by the continuing crisis in Egypt, where President Hosni Mubarak continues to hold on to power despite demands from protesters who fill the streets that he step down immediately.
In Canada, those concerns appeared to overshadow data showing a more favourable trade position for the country in December than previously thought.
The S&P/TSX composite index was down 29.16 points, or 0.21 per cent, to 13,811.41 within minutes of Friday’s open.
Before markets opened, Statistics Canada said the country had a trade surplus of $3 billion in December, surprising economists who were expecting the 10th straight monthly deficit, albeit a small one of a few hundred million dollars.
The U.S. trade deficit for December grew to $40.6 billion US, in line with economists’ expectations. Both Canada’s surplus the U.S. deficit were largely a result of oil prices hovering at their highest levels in two years.
As well, a report from the Obama administration suggested closing down U.S. government-sponsored mortgage companies, Freddie Mac and Fannie Mae.
On the commodities market Friday, crude oil was down 11 cents to $86.62 US a barrel in New York. Gold was up 10 cents to $1,362.60 US an ounce.
The Canadian dollar was up 11 basis points to $1.0053 US.
On U.S. markets, the Dow Jones industrial average was off 40.04 points, or 0.33 per cent, to 12,189.25 in early trading. The Nasdaq composite index declined 7.38 points, or 0.28 per cent, to 2,783.07.
European markets were negative. London’s FTSE index was down 2.55 points, or 0.04 per cent, to 6,017.46. The CAC in Paris fell 16.02 points, or 0.39 per cent, to 4,079.12. Frankfurt’s DAX was down 5.58 points, or 0.08 per cent, to 7,334.70.
Japanese markets were closed for a holiday. Elsewhere in Asia, the Hang Seng in Hong Kong was up 120.30 points, or 0.53 per cent, to 22,828.92. Mainland China’s Shanghai composite was up 9.17 points, or 0.33 per cent, to 2,827.33.
On Thursday in North America, the S&P/TSX rose 56.27 points, or 0.41 per cent, to 13,840.57. The Dow fell 10.6 points, or 0.09 per cent, to 12,229.29, and the Nasdaq gained 1.38 points, or 0.05 per cent, to 2,790.45.
