* TSX down 61.48 pts, or 0.5 pct, at 11,598.48 * Mining, financials lead losses * ECB comments offer little relief * U.S., China growth fears hurt risk assets By Jon Cook TORONTO, July 9 (Reuters) - Canadian stocks fell on Monday, led lower by mining and financial shares, after comments from the European Central Bank provided little relief for investors spooked by last week's soft U.S. jobs numbers and China's slowing business activity. In testimony on Monday, ECB President Mario Draghi said fixing Europe's debt woes required action by both monetary and fiscal authorities. Pressure for action by European leaders is growing, but there are nagging concerns that decisions on issues such as banking supervision, how to use Europe's rescue money, aid to Spain and Cyprus, and whether to grant concessions to Greece may take months to finalize. Diminished hopes also weighed on Spanish and Italian bonds, with yields moving back up to unsustainable levels. "This is a market that's just looking for bad news," said John Ing, president of Maison Placements Canada. "You get sporadic days when you get a volatile reaction upwards, but it never lasts and suggests that this market wants to head lower." Eight of Canada's 10 main sectors were in the red on Monday. The heavyweight materials group, which includes miners, led losses, down 1 percent. Metals prices were held in check as investors fretted about Chinese gross domestic product data to be released later this week. The biggest drags on the market included top gold producers Goldcorp Inc, down 1.3 percent at C$38.02, and Barrick Gold, off 1.1 percent at C$37.14. Teck Resources tumbled 2.6 percent to C$31.10 after the copper miner said on Monday it has temporarily withdrawn the environmental assessment application for its expansion at the Quebrada Blanca mine in Chile. Around 11:11 a.m. (1511 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 61.48 points, or 0.5 percent, at 11,598.48. Canadian financials also edged lower, falling 0.5 percent. Royal Bank of Canada slid 1 percent to C$52.27, Toronto-Dominion Bank edged down 0.6 percent at C$79.02, and Sun Life Financial dropped 1.9 percent to C$22.05. Oil and gas shares slipped 0.7 percent, despite a rise in oil prices. Losses were led by Canadian Natural Resources , which fell 1.2 percent to C$26.26. Trading was also still being affecting by Friday's weaker-than-expected U.S. employment report, which showed the world's biggest economy added jobs at a slower pace than had been forecast. However, the losses were limited as the data was also seen boosting the prospects for stimulus from the world's major central banks. "That's the sign of a bear market," said Ing. "The market is forever looking for the hope of a QE3, but the reality is that quantitative easing only buys time." In recent years, the U.S. central bank, the Federal Reserve, undertook two rounds of quantitative easing that involved buying U.S. Treasuries with the goal of lowering long-term U.S interest rates with the aim of stimulating investment.