UPDATE 1-Toronto stocks down on oil dip, awaits bailout vote

Wed Oct 1, 2008 10:03am EDT
 
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*TSX slips at open after Tuesday's 4 pct rally

*Energy sector falls 1.5 percent as oil slides

*Teck shares down 3.6 percent as BMO adjusts target

TORONTO, Oct 1 (Reuters) - The Toronto Stock Exchange's main index opened lower on Wednesday on falling oil prices, while investors await a key vote by the U.S. Senate on the revised $700 billion bailout for the financial industry.

The soft opening comes after a 4 percent rally on Tuesday amid renewed hopes a rescue deal would come this week.

But jitters crept back into markets ahead of a key vote by Senate, which is expected at 7:30 p.m., while Congress is scheduled to debate the plan on Thursday.

The package, which was rejected on Monday and sparked a global market rout, would allow the U.S. Treasury to mop up bad mortgage-related assets from banks to defrost credit markets and help stem the crisis that has taken down some iconic Wall Street firms.

The energy group, which staged a comeback on Tuesday after a big 10.6-percent tumble at the start of the week, led the way down, falling 1.5 percent, as oil fell below $99 a barrel ahead of weekly U.S. oil inventory data, which is expected to show a rise in crude stockpiles. [ID:nSYD174896]   Continued...