CANADA STOCKS-TSX slips; China data boosts resource stocks

Fri Dec 14, 2012 11:05am EST
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* TSX down 4.66 points, or 0.04 percent, at 12,284.54

* Index on track for 1 percent gain for week

* Global data paints picture of uneven recovery

By Alastair Sharp

TORONTO, Dec 14 (Reuters) - The main Canadian stock index inched lower on Friday, as gains in some mining and energy stocks, spurred by healthy Chinese data, were offset by investor fears over stalled U.S. budget talks.

A slew of global data provided an uneven picture of economic recovery and stagnation, with Europe seemingly stuck in a low-growth mode and China and the United States showing signs of recovery.

China's vast manufacturing sector expanded in December at its fastest pace in 14 months as new orders and employment rose, a survey showed on Friday.

Evidence that China's speedy growth trajectory is getting back on track is typically positive for Canada, which provides the giant Asian economy with raw materials.

"The one that people some to be missing is the uptick in some of the Chinese growth numbers," said John Ing, president of Maison Placements Canada, adding that much attention was still focused on negotiations to solve a looming U.S. budget crisis.   Continued...