CANADA STOCKS-TSX slips as global growth concerns drag
* TSX down 31.13 points, or 0.21 percent, at 14,711.99 * Seven of 10 main index sectors decline * Energy shares slip with oil price By John Tilak TORONTO, Oct 7 (Reuters) - Canada's main stock index edged lower on Tuesday as a sluggish global growth forecast and weak data from Germany raised concerns about the state of the economic recovery. Further, a drop in the price of oil helped pull down shares of energy producers. The benchmark TSX is down about 6 percent since hitting a record high last month. Investors digested data showing that German industrial output plunged in August at its steepest rate since the height of the financial crisis. The International Monetary Fund cut its global economic growth forecasts for the third time this year, warning of weaker growth in core euro zone countries, Japan and big emerging markets such as Brazil. "Those numbers might be capturing, with varying degrees of precision, the slower growth, lower-return environment in the United States and now the rest of the world," said Stephen Wood, chief market strategist, North America, at Russell Investments. "Is faster and more rocky preferred to slow and steadier?" he said. "To the extent that the pattern of growth is a little bit more stable, that would allow markets a longer runway to price." "We prefer bonds to cash, but we prefer equities to bonds in this environment," he added. The Toronto Stock Exchange's S&P/TSX composite index was down 31.13 points, or 0.21 percent, at 14,711.99. Seven of the 10 main sectors on the index were in the red. Shares of energy producers dropped 0.5 percent, reflecting lower oil prices. Suncor Energy Inc shed 0.3 percent to C$39.44, and Talisman Energy Inc dropped 0.9 percent to C$8.96. The materials sector, which includes mining stocks, weakened as trading in commodity prices was choppy. Teck Resources Ltd declined 1.5 percent to C$19.55, and Barrick Gold Corp lost 2.6 percent to C$15.43. (Editing by James Dalgleish)
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