Canadian stocks were down Wednesday morning, led by energy stocks as crude oil prices declined to a seven-week low. Disappointing retail sales in the U.S. pushed U.S. markets into the red.

At midday, the Standard & Poor’s/TSX Composite Index was down 43.71 points or 0.43% to 9587.31, while the TSX Venture exchange fell 27.14 or 1.50% to 1780.59.

On Wall Street, the Dow industrial average was off 10.19 points or 0.10% at 10497.78. The Nasdaq composite lost 12.03 or 0.60% to 1993.37, while the S&P 500 index slipped 4.16 points or 0.35% to 1183.60.

The Canadian dollar was ahead 0.05 of a cent at US80.81¢.

Energy stocks continued under pressure — they were down 1.83% at midday — after a U.S. government report showed U.S. oil inventories rose more than expected last week. Crude oil for May delivery retreated as much as US$1.51, or 2.9%, to US$50.35 a barrel, the lowest price since Feb. 22. Energy stocks accounted for more than three-fifths of the S&P/TSX’s decline.

Among the bigger losers were Imperial Oil Ltd. was down $1.75 or 1.90% to $91.56, and Shell Canada Ltd. slipped $2.25 or 2.65% to $82.81.

Producers of raw materials also fell amid signs higher oil prices are curbing consumer spending in the U.S. The TSX materials index was down 1.64%.

In New York, U.S. stocks fell after March retail sales data was weaker than expected, raising worries about consumer spending and the economy’s strength.

U.S. retail sales rose by a modest 0.3% cent in March, the weakest showing since January and significantly below market expectations for a 0.8% surge in sales.

But one of the biggest decliners was Harley-Davidson Inc. whose shares fell US$9.90 or 16.85% to US$48.87, its biggest percent drop in more than 13 years, after the motorcycle maker cut its profit and production targets for the year.

Overseas, London’s FTSE 100 index was 9.5 points ahead at 4,955.7.

Frankfurt’s DAX 30 was 28.76 points ahead at 4,400.88 while the Paris CAC 40 advanced 20.28 points at 4,117.09.

Tokyo’s Nikkei Stock Average fell 32.78 points, or 0.28% to close at 11637.52.

Hong Kong’s blue-chip Hang Seng Index rose 141.57 points, or 1.04% to 13,799.62.