Canadian Shares Fall After Surprisingly Large China Trade Deficit


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Canadian stocks are lower after weak trade data from China.

China reported a $31.48 billion deficit, the largest monthly trade deficit in at least 12 years and much wider than the Dow Jones median forecast of an $8.5 billion deficit. That added to fears of an economic slowdown there.

Oil and gold prices fell on demand worries.

In company news, Mercer International ( MERC ) has fallen more than 3% after it said the Court of Quebec has reversed a cease trade order against a private placement of special warrants by Fibrek Inc to Mercer.

Canadian Pacific ( CP ) slipped although Canaccord Genuity raised its price target to C$90 from C$89.

Gildan Activewear ( GIL ) firmed 2% after National Bank Financial raised its price target to C$32 from C$28.

Great Basin Gold ( GBG ) dipped on a downgrade by BMO to market perform.

The S&P/TSX index was last down 0.6% at 12,422.08.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CP , GBG , GIL , MERC

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