Cargo containers are stacked up as three cranes used to load and unload them from cargo ships tower above at the Port of Vancouver in Vancouver, B.C., in this file photo.DARRYL DYCK/The Canadian Press
The Toronto stock market was lower Monday as weak Chinese trade data depressed oil prices and energy stocks.
The S&P/TSX composite index declined 36.60 points to 15,533.32.
The Canadian dollar was down 0.23 of a cent to 91.67 cents (U.S.) after unexpectedly weak Canadian employment data released on Friday. American job creation data for August also disappointed and the greenback appreciated in the wake of the report, which raised another round of speculation about when the U.S. Federal Reserve may hike interest rates. Markets generally expect the Fed to move around the middle of 2015.
New York markets were largely lacklustre with the Dow Jones industrials down 21.57 points to 17,115.79, the Nasdaq was ahead 4.35 points to 4,587.25 and the S&P 500 index gained 2.69 points to 2,005.02.
There were concerns about domestic demand in the wake of the latest trade data from the world's second-biggest economy. Chinese exports rose 9.4 per cent in August from a year earlier, but imports dropped 2.4 per cent.
Some economists say additional stimulus is needed to prevent China's growth rate from waning after mini-stimulus measures helped it tick up to 7.5 per cent in the second quarter.
Traders also sharpened their focus on the United Kingdom after a YouGov poll showed rising support for Scottish independence. The British pound dropped to a 10-month low against the greenback ($1.6103 U.S.) with markets getting increasingly concerned that the gap between the yes and no sides has narrowed considerably, just days before the Sept. 18 referendum.
On the economic front, markets digested a better than expected report on building permits. Statistics Canada said municipalities issued building permits worth $9.2-billion (Canadian) in July, up 11.8 per cent from June and the fourth consecutive monthly advance. Economists had expected a drop of around 10 per cent.
Otherwise, it is a relatively light week for economic data.
The major event of the week is August retail numbers in the U.S. Economists looked for a gain of 0.5 per cent, or 0.2 per cent excluding automobiles.
Elsewhere on the corporate front, China's Alibaba Group is seeking to raise up to $24.3-billion (U.S.) from its upcoming share sale on the New York Stock Exchange later this month, which would be the largest initial public offering ever. The e-commerce company and its early investors are hoping to sell up to 368 million shares for $60 to $66 apiece, according to a regulatory filing late Friday.
The energy sector led TSX decliners, down 0.8 per cent as the weak Chinese trade data helped push October crude on the New York Mercantile Exchange down $1.45 to $91.84 a barrel.
The gold sector faded 0.7 per cent while December bullion moved $3 lower to $1,264.30 an ounce.
The metals and mining sector edged up 0.2 per cent as December copper gained three cents to $3.19 a pound.
The TSX also found support from the industrials sector with Bombardier up five cents to $3.68 (Canadian) after the transportation company said that test flights resumed for its CSeries aircraft Sunday after the jet was grounded for more than three months due to an engine failure. The company says the test flights came after a review of the engine oil lubrication problem that occurred during ground maintenance May 29 at the Mirabel facility. Bombardier says the CSeries entry into service is still on track for the second half of 2015.