CANADA STOCKS-TSX falls on doubts about global growth, earnings

Tue Oct 9, 2012 10:39am EDT
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* TSX down 56.72 points, or 0.46 pct, at 12,362.27
    * All 10 sectors lower in broad decline

    By Claire Sibonney
    TORONTO, Oct 9 (Reuters) - Canada's main stock index opened
lower on Tuesday, tracking a decline in world markets on caution
about the upcoming earnings season and the prospects for global
    All 10 of the index's sectors fell amid a wave of negative
signals, including a report from the International Monetary Fund
that said the global economic slowdown is worsening. The IMF cut
its growth forecasts for the second time since April.
    Europe also kept investors on edge as uncertainty about when
Spain will apply for a bailout worried markets and new concerns
about Greece's direction weighed on sentiment. 
    Commodity and financial shares were among the hardest hit.
Barrick Gold fell 1.4 percent to C$40.54, Suncor Energy
 was down 0.8 percent at C$32.73, and Bank of Nova Scotia
 lost 0.5 percent to C$53.80.
    Bruce Latimer, trader at Dundee Securities, said volumes
were light at the start of a holiday-shortened week as Canadian
markets were closed on Monday for Thanksgiving Day, while U.S.
government offices and some financial markets were shut for the
Columbus Day holiday.
    "They're just playing at little catch-up here to the U.S.
market right now. It's actually kind of a quiet opening here,"
he said.
     At 10:15 a.m. (1415 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was down 56.72 points, or 0.46
percent, at 12,362.27.
    The U.S. quarterly earnings season will get under way later
in the day when Dow component Alcoa Inc reports after the
market close.
    Analysts forecast third-quarter earnings of S&P 500 
companies will drop 2.3 percent from the year-before quarter,
according to Thomson Reuters data, which would be the first drop
in U.S. quarterly earnings in three years.