TSX UP AMID LAGGING CHINESE TRADE DATA

• The Toronto stock market closed slightly higher Wednesday amid another sign of a slowing Chinese economy and little in the minutes from the latest U. S. Federal Reserve meeting to indicate when the central bank might move on relaxing its economic stimulus program.

The S& P/ TSX composite index moved 9.84 points higher to 12,306.93.

The minutes echoed earlier remarks by Fed chairman Ben Bernanke, indicating that the Fed would likely slow its bond purchases later this year and end them around mid- 2014 if the economy continued to strengthen.

“Not a great many surprises overall,” observed CIBC World Markets senior economist Peter Buchanan.

The TSX got some lift from the energy sector with oil prices at a 15- month high.

Oil ran ahead $ 2.99 to US$ 106.52 a barrel, the highest close since late- March 2012 as the American Petroleum Institute said that U. S. crude inventories fell by nine million barrels last week, much higher than the 3.8- millionbarrel drop that analysts had expected.

The Canadian dollar rose, while the greenback weakened following the release of the Fed minutes, rising 0.07 of a cent to 95.08¢ US.

U. S. indexes were generally lacklustre as the minutes showed that about half of the Fed’s 19- member policy- making committee said they would support ending its $ 85- billiona- month bond- buying program late this year.

But many agreed at the meeting last month that the job market’s improvement would have to be sustained before the Fed would reduce its bond purchases.

The meeting was held prior to the release of a stronger- than- expected U. S. employment report for June, which came out last Friday.

The Dow Jones industrials closed down 8.68 points to 15,291.66, while the Nasdaq was 16.5 points higher to 3,520.76.

The S& P 500 index edged up 0.3 of a point at 1,652.62.

The stimulus from the U. S. has kept interest rates low to encourage borrowing and spending.

It also has been a major factor in driving stocks higher, so the prospect of tapering has caused market volatility in recent weeks.

Recently, however, investors have been focusing on improvements in the U. S. economy, such as the recent jobs report for June that blew past expectations.

Traders hoped for more clues about Fed intentions with Bernanke scheduled to deliver a speech late Wednesday afternoon.

Meanwhile, the most recent concerns about the health of the world’s second- biggest economy grew after the release of disappointing trade data.

China’s exports fell by 3.1% in June compared to a year earlier and imports contracted by 0.7%, customs data showed Wednesday.

Both were below forecasts of growth in the low single digits.

The report was issued a day after the International Monetary Fund scaled back this year’s growth forecast for China to 7.8% from 8.1%.

Commodity markets were higher despite the glum Chinese data.