TORONTO - The Canadian dollar was slightly higher Tuesday amid a retail sales report that beat expectations and further signs of weak global growth. The loonie declined 0.02 of a cent 97.48 cents US as Statistics Canada reported that retail sales rose 0.8 per cent to $39.5 billion in February, a second consecutive monthly sales gain. However, the agency said that retail sales in volume terms were flat after removing the effects of price changes, particularly higher gasoline prices. Meanwhile, a preliminary survey by HSBC Corp. found that China’s manufacturing growth slowed in April. HSBC’s monthly purchasing managers' index fell to a worse-than-expected 50.5 from March's 51.6. Anything below 50 would have signalled a contraction in activity. The HSBC report came out a week after other data showed the world's second-largest economy grew at a 7.7 per cent rate in the most recent quarter, crushing hopes for growth of around eight per cent. The dollar had also taken a hit last week amid a downgrade of global economic growth by the International Monetary Fund. The Chinese data out Tuesday raised fresh worries about demand and the June crude contract on the New York Mercantile Exchange declined 87 cents to US$88.32 a barrel. May copper on the Nymex fell three cents to US$3.10 as Goldman Sachs on Monday cut its three-, six- and 12-month copper forecasts following a heavy selloff over the past two months. June bullion was down $4.10 at US$1,417.10 an ounce. In Europe, an equivalent survey into manufacturing conditions among the 17 European Union countries that use the euro disappointed, too. The PMI survey from Markit fell another 0.3 points in April to 46.5.

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