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Canadian stocks are lower but well off earlier session lows in afternoon trading, with defensive sectors such telecoms trending higher. The metals and mining sector is the biggest percentage loser with many resource stocks lower despite moderate gains for their underlying commodities. Financial stocks also are lower in quiet trade ahead of the start of the U.S. earnings season later today and concerns about the European debt crisis.

Here's where the major market indices stand this afternoon:

- S&P/TSX Composite Index down 37.27 (-0.3%) to 11,622.69

- S&P/TSX Venture Composite Index up 1.19 (0.10%) to 1,212.54

In company news, Thomson Reuters (TRI,T RI.TO) will pay $22 a share - or about $625 million overall - for FX Alliance Inc, which developed a multi-bank electronic foreign exchange platform. TRI expects the deal to close during Q3.

TRI shares are down about 0.2%.

Also, Auxilium Pharmaceuticals Inc. ( AUXL ) are ahead nearly 1% after Health Canada approved its Xiaflex medication to treat finger spasms caused by a thickening of fibrous tissue under the palm and fingers.

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