BUSINESS

TSX opens lower on optimistic Chinese data, lacklustre European data

09/23/2014 09:45 EDT | Updated 11/23/2014 05:59 EST
TORONTO - The Toronto stock market added on more losses at the open, as traders digested a mixed outlook on global manufacturing in some of the world's largest economies.

The S&P/TSX composite index dropped 34.90 points to 15,094.10. The Canadian dollar was up 0.08 of a cent to 90.73 cents U.S.

The latest figures from China came in better than expected, and eased some concerns that growth outlook for the world's second-largest economy had stalled. The numbers showed that factory orders went up to 50.5 this month from 50.2 in August. Anything above 50 indicates an expansion.

Analysts had expected the reading to fall for a second month, dragged down by the slumping Chinese property market. Last month's purchasing managers' index reading was a sharp fall from the 18-month high of 51.7 reached in July.

But that optimism didn't play out in Europe, where more signs indicate that the 18-country eurozone economy hasn't found much renewed momentum, despite stimulus measures from the European Central Bank.

U.S. markets fell into negative territory with the Dow Jones industrials down 54.55 points to 17,118.13. The Nasdaq dropped 19.01 points to 4,508.68 and the S&P 500 index lost 7.59 points to 1,986.70.