* TSX down 241.85 pts, or 2 pct, to 11,553.34
* Materials, energy lead losses
* China, Germany economic data weighs (Adds details, analyst comment)
By Jon Cook
TORONTO, Nov 23 (Reuters) - Toronto’s main stock index sank 2 percent on Wednesday morning as resource issues tumbled on soft economic data from the United States, China and Europe, and on fears the euro zone’s debt contagion had spread to Germany.
A slowdown in Chinese and European manufacturing, coupled with a poor sale of German bonds, higher U.S. jobless numbers and flat consumer spending, sparked fears of a global slowdown. [MKTS/GLOB] [ID:nL5E7MN1M4] [ID:nN1E7AM0EH]
“It’s ugly,” said Sal Masionis, a stockbroker at Brant Securities. “You really have two punches in one day; it’s very very serious.”
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE sank 241.85 points, or 2 percent, to 11,553.34. It was the TSX’s lowest level since Oct. 6.
Commodities took it on the chin, as prices for oil, gold, copper and other base metals fell sharply, sending energy and materials issues spiraling downward. [ID:nL4E7MN1O1]
The contraction in China and Europe dragged oil prices lower, sending energy stocks down nearly 3 percent. [O/R]
Suncor Energy (SU.TO) led the sector’s retreat, sliding more than 4 percent to C$29.15.
Heavily weighted materials issues were pulled lower by plunging gold prices, which dropped more than 1 percent as the intensifying euro zone debt crisis pushed up the safe-haven appeal of the U.S. dollar. [GOL/]
Goldcorp Inc (G.TO) was the biggest decliner, dropping 3 percent to C$50.80. (Editing by Rob Wilson)