Opening Bell: TSX fails to join global stock party

Jason Alden/Bloomberg

The Toronto Stock Exchange failed to post the strong gains recorded by its U.S. counterparts Friday.

The Opening Bell is our daily snapshot of the stock markets, including a wrap up of the must-read business stories for the day.

The TSX sputtered Monday morning as flat commodity prices led to a weak open, sinking expectations the index would start the day with the type of strong gains recorded by U.S. markets on Friday.

While Wall Street closed the week with its best weekly performance in two years, negligible  commodity price gains led to a relatively flat open for the TSX. Crude futures, gained only 0.12% a barrel to US$95.05. Gold posted a similarly modest gain, rising 0.8% to US$1,494.40 an ounce.

Here is a look at what the markets were doing just after the opening bell on Monday, July 4:

The Dow Jones was closed for July 4.
The S&P 500 was closed for July 4.
The Nasdaq was closed for July 4.
The S&P/TSX gained 5.20 points, or 0.04%, to 13,301.29

Here are the stories that will be impacting trading throughout the day:

S&P warning adds default threat to Greece bailout

Greece would likely be in default if it follows a debt rollover plan pushed by French banks, S&P warned on Monday, deepening the pain of a bailout that one European official said will cost Athens sovereignty and jobs. http://natpo.st/lECXre

Factory prices fall in May

Slack global demand for industrial metals dampened Canadian producer prices in May, Statistics Canada said on Monday. Industrial product prices edged down 0.2% from April, below the flat reading predicted by analysts. http://natpo.st/iFYCUU

Morgan Stanley lifts emerging market outlook

Emerging-market investors should raise their stock holdings, Morgan Stanley said, citing “attractive” valuations and the prospects of a “stronger” second-half performance for Asian and developing-nation shares. http://natpo.st/lqnXP2

Yuan hits all-time high vs. dollar

The yuan hit a record high against the dollar on Monday after the People’s Bank of China fixed a historically strong mid-point, but the market remained cautious about the pace of yuan appreciation. http://natpo.st/kQDpHx

Sun Life CEO to retire

Sun Life Financial Inc. said Monday that CEO Donald Stewart is retiring as of Nov. 30. Mr. Stewart will be replaced by Dean Connor, the company’s chief operating officer, who has been promoted to president, effective immediately. As of Dec. 1, Connor will hold the title of president and CEO. http://natpo.st/jYTxBT

Also, be sure to check out our in-depth overview of Canadian stocks to watch, analyst recommendations and other market advice: http://natpo.st/jHkD2z