TORONTO, Feb 8 (Reuters) – Canadian stocks closed little changed on Wednesday as hopes for a Greek debt deal lifted financial shares, which were offset by losses among miners after some discouraging European economic data.

Marathon negotiations between Greece and its creditors to secure a 130-billion-euro ($172 billion) bailout that would ensure Athens can cover massive bond redemptions that come due next month failed to yield a deal.

“The market is going to go sideways until something is clear cut,” said John Ing, president of Maison Placements Canada. “The reality of it is there hasn’t been a deal.”

Canadian stocks finished marginally up, led by a 0.5 percent rise in financials as banks welcomed the more positive Greek tone. Royal Bank of Canada was the best performer among the major banks, rising 0.6 percent to C$53.93. Bank of Montreal was up 0.8 percent to C$58.60.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 8.6 points, or 0.1 percent, at 12,521.02. Early in the day it rose as high as 12,575.15, but met resistance after climbing above its 200-day moving average.

“You hit it and then you bounce. There wasn’t enough impetus for it to go beyond that,” said Ing.

Mining stocks were hurt by a slide in gold as bullion dropped 1 percent on news that Italy’s economy probably contracted in the fourth quarter and on discouraging reports from Germany and France.

TORONTO, Feb 8 (Reuters) – Canadian stocks were lower on Wednesday with energy shares taking a hit from a report that showed U.S. crude inventories rose last week and overall sentiment weakening as the outcome of Greek debt negotiations remained in flux.

Oil and gas shares fell after data from the U.S. Energy Information Administration showed oil inventories rose, which countered news of a large drop reported by industry body American Petropleum Institute (API) on Tuesday.

Oil company Canadian Natural Resources led losses, falling 1.4 percent to C$37.98.

At 12:31 p.m. (1731 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 12.31 points, or 0.1 percent, at 12,500.11. Early in the day it rose as high as 12,575.15, above its 200-day moving average of 12,560.94.

The slide in oil erased early momentum from reports of a pending agreement in talks between Greece and the European Union on austerity measures needed to secure a 130 billion euro ($172 billion) rescue package for Greece.

The more positive Greek tone had been welcomed by Canadian banks and mining shares, which have risen this year as commodities rallied on the brightening euro zone outlook. But both reversed course as a deal remained elusive.

Brookfield Asset Management led financial shares lower, dropping 1.3 percent to C$31.24.

TORONTO, Feb 7 (Reuters) – The Canadian dollar firmed against its U.S. counterpart on Tuesday, as commodities were boosted by renewed optimism that a Greek debt deal was near.

A range of commodity linked currencies like the Canadian dollar rallied on news Greece was close to terms on a bailout, after a Greek official said Athens was drafting a list of austerity reforms needed to clinch a new financial package.

Failure to secure the 130 billion euro ($170 billion) rescue would mean Greece faces a messy debt default that could destabilise the entire European Union.

“The worst-case scenario, which is a disorderly default and Greece being cut off from the EU, no longer seems imminent,” said David Woo, head of global rates and currencies research at Bank of America Merrill Lynch. “From the market’s standpoint, at least for the time being, more orderly conditions are going to prevail.”

The Canadian dollar finished at C$0.9948 to the U.S. dollar, or $1.0052, up slightly from Monday’s finish of C$0.9955, or $1.0045.

Canada’s move against the greenback trailed the euro’s, which hit an eight-week high at $1.3270 against the U.S. currency.

“People look at the Canadian dollar as basically a very low-beta U.S. dollar,” said Woo. “So when the U.S. dollar goes down the Canadian dollar is not going to go up as much against the U.S. dollar than some of the other currencies.”

TORONTO, Feb 7 (Reuters) – Toronto’s main stock index pared losses after hitting a February low on Tuesday midday, after mining and energy issues rebounded on renewed optimism over a Greek debt deal, which helped offset worries about sluggish Chinese demand.

Greece’s government is preparing a document with a list of painful reforms needed to clinch a new financing package, a government official said on Tuesday, moving Athens one step closer to a deal needed to avoid a debt default.

The news brightened the market mood somewhat, though skepticism remained.

“We’ve been hearing the same thing for the past two years. I don’t believe in it until I see it,” said Sid Mokhtari, a market technician at CIBC World Markets.

The energy and material sectors bounced back from earlier losses, but were still down on the session.

Canadian Natural Resources, was down 4 percent at C$38.68, and Teck Resources, was off 1.4 percent at C$41.90.

At 11:45 a.m. (1645 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 31.21 points, or 0.3 percent, at 12,528.64. Earlier it touched a low of 12,424.75, its weakest level since Jan. 31.

TORONTO, Feb 7 (Reuters) – The Canadian dollar pared losses against its U.S. counterpart on Tuesday morning and looked set to move higher after a Greek official said Athens is drafting a bailout agreement to be placed before political leaders for approval later in the day.

Greece has been in talks to come to terms on new austerity measures demanded by the European Union in return for another bailout, which needs to be approved by Feb. 15 if the money is to be available in time for Athens to meet a 14.5 billion euro ($18.96 billion) bond redemption in March.

In the absence of a signed deal, investors have been hesitant to throw their money into riskier commodity-linked currencies such as the Canadian dollar.

“We’re seeing sideways trade here,” said C.J. Gavsie, managing director of foreign exchange sales at BMO Capital Markets.

At 9:11 a.m. (1411 GMT), the Canadian dollar stood at C$0.9960 to the U.S. dollar, or $1.0040, little changed from Monday’s finish of C$0.9955, or $1.0045.

In the absence of economic data in North America, focus was on Tuesday afternoon’s U.S. Senate testimony by Federal Reserve Chairman Ben Bernanke. Last month, Bernanke announced he would keep interest rates on hold until 2015, sparking speculation there could also be another round of quantitative easing.

“We know that Mr. Bernanke has been a fan of QE and there’s always talk of could there be further influences,” Gavsie said.

TORONTO, Feb 6 (Reuters) – The Canadian dollar weakened against its U.S. counterpart on Monday, pulling back from a 3-month high hit Friday, as Greek debt worries mounted after ongoing talks with European policymakers to avoid a messy default missed another deadline.

A European Commission spokesman said Greece had already gone beyond the deadline for finalising talks on the second financing package from the euro zone and the International Monetary Fund, and Athens needed urgently to take decisions.

“Canada did weaken off along with most of the other currencies against the (U.S.) overnight, but the North American session has been absolutely sideways,” said Shane Enright, executive director of foreign exchange sales at CIBC World Markets.

Enright added that with last week’s disappointing Canadian GDP and jobs numbers there was little domestic news that supported increased buying of the Canadian dollar and it would likely take a Greek debt deal to move the currency higher.

“If we’re going to move this week in a major way it’s going to have to be news out of Europe that drives us,” he said.

Greece’s coalition members must agree to painful terms of a new bailout worth 130 billion euros ($170.6 billion) before euro zone finance ministers next meet. Failure to reach a deal would leave the prospect of an unmanaged Greek debt default when bond repayments fall due in March.

The Canadian dollar finished at C$0.9955 to the U.S., or $1.0045, down slightly from Friday’s finish at C$0.9936 against the greenback, or $1.0064.

TORONTO, Feb 6 (Reuters) – Canadian house prices rose in January on a monthly basis for the first time in three months, led by gains in Montreal, Toronto and Vancouver, according to a report from the Canadian Real Estate Association.

The newly launched MLS Home Price Index, which monitors housing prices in five major urban markets, rose 0.27 percent in January to 149.3 from a month earlier. It was up 5.2 percent from January 2011. The report did not provide any actual prices.

Last month’s CREA data showed the average December sale price was C$358,480.

“While home prices remain up compared to one year ago, price growth from one month to the next has been slowing, causing year-over-year gains to shrink, and prices are generally expected to continue to stabilize this year,” Gary Morse, the industry group’s president, said in a statement.

January price gains were strongest in Montreal, which edged up 0.7 percent compared with a 0.14 percent dip in the Fraser Valley, British Columbia market – the biggest decline of any of the five metropolitan centers covered by the index.

Prices in Toronto and Vancouver rose 0.3 percent and 0.06 percent respectively, while Calgary slid 0.12 percent.

All markets reflected a trend of slowing townhouse and apartment prices, while single-family dwellings remained steady. In January, townhouse units fell 0.4 percent and apartment units slumped 0.2 percent. Those declines were offset by a 0.5 percent increase in prices for both one- and two-storey single family homes.

TORONTO, Feb 6 (Reuters) – The Canadian dollar weakened against its U.S. counterpart on Monday, falling in tandem with the euro, as worries about Greece’s unresolved debt deal took the lustre off Friday’s confidence-boosting U.S. jobs data.

A European Commission spokesman said Greece had already gone beyond the deadline for finalising talks on the second financing package from the euro zone and the International Monetary Fund, and Athens needed urgently to take decisions.

“It’s got the market’s full attention at the moment,” said Steve Butler, director of foreign exchange trading at Scotia Capital. “The longer we wait and the closer we get to the next deadline the more difficult things become.”

Greece’s coalition members must agree to painful terms of a new bailout worth 130 billion euros ($170.6 billion) before euro zone finance ministers next meet. Failure to reach a deal would leave the prospect of an unmanaged Greek debt default when bond repayments fall due in March.

At 9:18 a.m. (1418 GMT), the Canadian dollar was at C$0.9985 to the U.S., or US$1.0015, down nearly half a cent from where it finished on Friday at C$0.9936 against the greenback, or US$1.0064.

On Friday, Canada’s currency surged to C$0.9928, its strongest level since Oct. 31, after data showed the American economy added 243,000 jobs, the most since last April.

The currency firmed higher early on Monday, but slumped after the latest setback by Greece as the euro hit a low of $1.3030 on trading platform EBS after stop loss orders were tripped below $1.3050.

TORONTO, Feb 3 (Reuters) – Canadian stocks closed at their highest level in nearly four months on Friday, boosted by financial and energy issues as surprisingly healthy U.S. employment figures offset sluggish Canadian jobs data and uncertainty over a Greek debt deal.

U.S. job creation in January far outstripped analyst expectations, with the unemployment rate dropping to a near three-year low of 8.3 percent.

In addition, the pace of growth in the U.S. services sector unexpectedly accelerated to its highest level in nearly a year.

“We’ve had a stream of generally positive numbers and the rally is already looking pretty strong,” said Gavin Graham, president at Graham Investment Strategy. “The market is wanting to believe these numbers are sustainable.”

The Toronto Stock Exchange’s S&P/TSX composite index ended up 23.80 points, or 0.2 percent at 12,577.28. It was the TSX’s highest close since Oct. 8 and capped the index’s seventh straight weekly rise.

Seven of the TSX’s 10 main sectors finished higher, led by financials, which climbed nearly 1 percent. Toronto-Dominion Bank was the sector’s biggest gainer, rising 1.4 percent to C$78.83.

Energy shares also benefited as oil prices climbed on hopes the rise in U.S. jobs would boost demand from the world’s top consumer. Cenovus Energy climbed 2.9 percent to C$38.80.

TORONTO (Reuters) – The Canadian dollar closed stronger on Monday, recovering after touching its lowest level in nearly three weeks, mirroring gains in the euro and commodities even as many investors remain bearish on the prospects for riskier assets.

The euro rallied from a 16-month low against the U.S. dollar as participants pared bearish bets on the single currency ahead of key European events this week, with the Canadian dollar getting caught up in the rebound.

“The market is long U.S. dollars and to a fairly significant amount … sometimes when it’s a crowded trading environment we see some position squaring,” said Jack Spitz, managing director of foreign exchange at National Bank Financial.

“I wouldn’t look at anything domestically-driven in terms of why the Canadian dollar is rallying today.”

Canada’s currency ended the North American session at C$1.0229 to the U.S. dollar, or 97.76 U.S. cents, up from Friday’s North American finish at C$1.0270 to the U.S. dollar, or 97.37 U.S. cents.

The currency at one point slid to C$1.0320, or 96.90 U.S. cents, its weakest level since December 20.

Economic data out on Monday included a report showing the value of Canadian building permits declined by 3.6 percent in November, largely as expected, after an 11.6 percent rise in October.