CANADA STOCKS-Toronto stocks stumble on slowdown concerns

Mon Jun 4, 2012 10:30am EDT
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* TSX falls 92.57 points to 11,268.63
    * All of index's 10 subsectors retreat

    By Jennifer Kwan	
    TORONTO, June 4 (Reuters) - Canadian stocks sank on Monday
morning as investor uncertainty about the global economic
outlook weighed on commodity-linked issues and kept the
benchmark index under pressure.	
    Extending June's weak start, the Toronto main stock index
followed overseas markets lower on persistent worries about the
financial stability of the euro zone, as well as sluggish growth
in the United States and China.	
    The latest North American data to fan fears about slowing
global growth was a government report on orders for U.S. factory
goods, which fell in April for the third time in four months as
demand slipped for items ranging from cars and machinery to
    The data added to Friday's gloom after a Labor Department
report showed U.S. job creation slowed in May for the fourth
straight month. An industry report said the pace of growth in
manufacturing slowed modestly in May.	
    "It's follow-on of weaker U.S. numbers," said Rick Meslin,
head of Canadian equities at UBS.	
    "There are definitely concerns of more of a unified
slowdown. What were individual concerns now seem to be playing
out into a more global phenomenon with China slowing, the United
States slowing and maybe the recovery is stalling," said Meslin.	
    The index's key main sectors of energy, materials and
financials were lower. Big names on the downside included
Barrick Gold, which sank 0.7 percent to C$43.34, as the
price of gold eased. Suncor Energy was down 1.2
percent at C$27.14 as oil prices remained relatively soft. 	
    Also lower was Toronto-Dominion Bank, down by 1.3
percent at C$75.91, and Royal Bank of Canada, down 2.3
percent at C$48.83.	
    At 10:10 a.m. (1410 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was off 92.57 points, or 0.8
percent, at 11,268.63, extending last week's 1.9 percent loss.	
    The uncertain worldwide growth outlook flushed more
investors out of riskier assets on Monday, sending global shares
and commodities down, despite signs that a drive by Europe's
leaders to tackle the region's debt crisis was gathering