CANADA STOCKS-Toronto stocks stumble on slowdown concerns
* 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 computers. 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 momentum.
© Thomson Reuters 2017 All rights reserved.