UPDATE 1-Toronto stocks flat as US economy jitters persist

Wed Aug 13, 2008 11:05am EDT
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(Updates to midmorning)

*TSX index little changed, resources offset economic worry

*Resource sectors gain along with gold and oil

*Financials fall amid concerns of U.S. economic outlook

*Gildan falls after reports quarterly earnings

TORONTO, Aug 13 (Reuters) - The Toronto Stock Exchange's main index was little changed on Wednesday morning as worries over the outlook for the U.S. economy were offset by resource shares, which rose with commodity prices.

On the upside, the heavyweight energy and materials sectors provided support, heartened by a gain in gold, while oil pushed up more than $2 following U.S. inventory data. In the oil patch, Canadian Natural Resources CNQ.TO rose 2.2 percent.

But the financial sector dragged as bank stocks were hurt by concern over the U.S. economy as well as continuing worries over more fallout from the credit crunch.

U.S. data showed retail sales edged down in July on another big drop at auto dealers, raising worries about the consumer's ability to keep spending in the face of rising prices.   Continued...