CANADA STOCKS-TSX falls as Fed view, data and oil weigh

Wed Jul 14, 2010 5:12pm EDT
 
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* TSX falls 0.45 percent to 11,620.16

* Nine of 10 sectors lower after FOMC minutes

* Fed minutes show policy makers concerned with economy (Adds details)

By Ka Yan Ng

TORONTO, July 14 (Reuters) - Toronto's main stock index ended lower on Wednesday after the U.S. Federal Reserve signaled it was concerned about slowing growth and felt it should stand ready to consider additional steps to boost the U.S. economy if the outlook worsened.

The minutes from the U.S. central bank's June 22-23 policy meeting, along with disappointing U.S. retail sales figures for June, shifted the balance of sentiment into negative territory. Earlier, the TSX was little changed with firm oil prices and healthy U.S. earnings offsetting the retail data. [ID:nN14122226] [ID:nN14148574]

"A lot of noise is in the marketplace. You just sort of have to work through. Ultimately it's going to be day-by-day on how the market reacts to any kind of news," said Brian Pow, vice-president, research and equity analyst at Acumen Capital Partners, in Calgary.

Volumes are also growing thinner, reflecting the onset of summer trading, Pow said, and that is likely to exaggerate market moves.

"Generally speaking, I think the volumes are going to be a little bit lighter and a little less indicative of what's going on in the underlying economy," said Pow.   Continued...