Canada Stocks Fall as Banks Slip Ahead of U.S. Budget Deadline
Bank of Nova Scotia retreated 0.4 percent and Manulife Financial Corp., the nation’s largest insurer, slipped 0.7 percent. Silvercorp Metals Inc. lost 1.2 percent as the price of the metal headed for a fifth straight weekly decline.
The Standard & Poor’s/TSX Composite Index dropped 37.41 points, or 0.3 percent, to 12,336.36 at 10:30 a.m. in Toronto. The equity gauge has gained 3.2 percent this year, trailing markets in every developed nation in the world except Portugal and Spain.
Obama, who had been negotiating one-on-one with House Speaker John Boehner, will meet today with Republicans Boehner and Senate Minority Leader Mitch McConnell, and Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi, both Democrats. The meeting will be held at 3 p.m. Washington time.
U.S. lawmakers are seeking to avoid more than $600 billion in spending cuts and tax increases that are just days away from taking effect. Failure to avert the fiscal cliff will probably send the U.S. into a recession in the first half of the year, according to the Congressional Budget Office.
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