TORONTO - The Toronto stock market was well in the red late-morning Wednesday amid disappointing economic data from the United States and Europe and earnings misses.

The S&P/TSX composite index fell 81.15 points to 12,251.64 and the TSX Venture Exchange lost 2.52 points to 1,429.17.

Barrick Gold Corp. (TSX:ABX) shares fell 77 cents to $39.12 as the world's biggest gold miner reported quarterly net earnings of $1.03 billion, or $1.03 per share, up from US$1 billion or $1 per share a year earlier.

But Barrick's adjusted profit was US$1.11 a share, which missed analyst estimates by two cents. Barrick is also raising its dividend 33 per cent to 20 cents a share.

Loblaw Companies Ltd. (TSX:L) shares dropped 27 cents to $33.04 as its first-quarter profit was down 22 per cent from the same time last year at $126 million or 45 cents per share, before adjustments. Revenue was up about one per cent, rising just above $6.9 billion for the quarter.

The Canadian dollar was down 0.33 of a cent to 101.11 cents US.

U.S. markets were lower after payroll firm ADP reported that the American economy cranked out only 119,000 private sector jobs in April, well below the consensus estimate of 170,000. The report was released two days before the U.S. government non-farm payrolls report for April comes out. Economists are looking for the U.S. economy to have created about 160,000 jobs last month.

The Dow Jones industrial average declined 50.4 points to 13,228.92.

The Nasdaq composite index was down 8.23 points to 3,042.21 and the S&P 500 index slipped 7.56 points to 1,398.26.

Prices for oil and metals backtracked amid reports showing that manufacturing activity across the eurozone shrank at a faster pace than previously estimated in April.

The final April Markit purchasing managers index fell to 45.9 from a reading of 47.7 in March and was below an earlier estimate of 46. A reading of less than 50 indicates a contraction in activity.

The data showed accelerating downturns for Italy, Spain and Greece.

But even eurozone powerhouse Germany saw shrinking activity as its manufacturing PMI fell to a 33-month low at 46.2.

The base metals sector led declines on the TSX. It moved down two per cent as prices for copper, viewed as an economic bellwether since the metal is used in so many industries, also fell. The May contract down six cents to US$3.78 a pound. Ivanhoe Mines (TSX:IVN) shed 39 cents to $10.96.

The energy sector fell 1.1 per cent as demand concerns sent the June crude contract on the New York Mercantile Exchange down 64 cents to US$105.52 a barrel. Cenovus Energy (TSX:CVE) fell 98 cents to $35.19.

The tech sector also weighed with shares in Research In Motion Ltd. (TSX:RIM) down 57 cents or 4.28 per cent to $12.74. The drop comes on top of a decline of almost six per cent Tuesday after RIM unveiled its new BlackBerry 10 operating system.

The gold sector stepped back just over one per cent with bullion prices also lower as the June contract fell $10.30 to US$1,652.10 an ounce. Goldcorp Inc. (TSX:G) faded 48 cents to $37.61.

Financials also contributed to the negative session with TD Bank (TSX:TD) down 69 cents to $82.29.

North American stock markets racked up gains Tuesday thanks to a surprisingly big rebound in a closely watched U.S. manufacturing survey.

The Institute for Supply Management reported that U.S. manufacturing expanded last month at its strongest pace since June, with orders, hiring and production all up.

"While you had a run-up yesterday after the surprisingly good U.S. ISM, the biggest problem right now is the data is not conclusive right now as to the U.S. economy, although we're seeing signs of improvement," said Chris Kuflik, wealth adviser at ScotiaMcLeod in Montreal.

Also depressing commodity prices was a survey of purchasing managers by HSBC that shows China's manufacturing contracted in April for the sixth straight month. HSBC said Wednesday that its purchasing managers index for April was 49.3, up from 48.3 in April. The index has remained below 50, the level indicating expansion, since October.

The HSBC survey tends to reflect private and export-sector activity more strongly than an official index released Tuesday that showed manufacturing gaining last month.

"The official Chinese PMI, which is mainly the large firms, seem to be doing better," added Kuflik.

"And so, effectively, with those two PMI reports, you have the one saying business conditions are not great, in the small- and medium-size firms, and in the bigger-sized firms things are going OK."

European bourses were mixed with London's FTSE 100 index down 0.9 per cent, Frankfurt's DAX lost 0.76 per cent and the Paris CAC 40 rose 0.43 per cent.

Elsewhere in earnings news, electricity and natural gas distributor Fortis Inc. (TSX:FTS) reported quarterly net earnings of $121 million or 64 cents per common share. That compared with $116 million, or 66 cents per share in the first quarter of 2011 and its shares inched up three cents to $34.22.

And paper producer Domtar Corp. (TSX:UFS) announced a 29 per cent increase in its quarterly quarterly dividend to 45 cents. Its shares rose one cent to $86.28.

On Tuesday after the close, Yamana Gold Inc. (TSX:YRI) reported earnings of US$170 million or 23 cents per share for its latest quarter, up from $148.2 million or 20 cents per share a year ago. Revenue totalled $559.7 million, up from $476.1 million. Yamana shares gave back 23 cents to $14.30.