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Winnipeg Free Press - PRINT EDITION
Weak recovery adds to TSX's woes
TORONTO -- The Toronto stock market likely faces more headwinds this week after further indications of slowing job growth added to worries the economic recovery is running out of steam.
Traders will also be looking to how Canadian job creation fared in April after data last week showed the economy stalling out in February.
The TSX sustained its biggest weekly loss for 2012, down 2.99 per cent amid sliding commodity prices as traders dealt with official word Spain had landed back in recession, data showing slowing manufacturing growth in the eurozone and China and a much poorer than expected performance in the American non-manufacturing sector during April.
The week was capped by Friday's announcement the U.S. economy only managed to create 115,000 jobs during April, far less than the 160,000 economists expected.
Friday's steep, triple-digit tumble left the TSX down 0.7 per cent year-to-date.
"And there's a connection between what's going on in the observable data, which has shown at a minimum a loss of momentum. The momentum that we saw in the U.S. economic recovery coming into 2012 has definitely subsided," said Andrew Pyle, investment adviser with ScotiaMcLeod in Peterborough, Ont.
"Clearly, the pace of the recovery has slipped and I think that is being reflected in the market because other than the fact we had a really nice recovery in stocks at the end of April, we're still seeing a lack of follow-through, a lack of momentum in equities."
Pyle also noted there are worries about a parallel between 2012 and the last two years when markets started the year off strong but faltered.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition May 7, 2012 B8
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