By Sue Chang, MarketWatch
SAN FRANCISCO (MarketWatch) ? Canadian stocks fell marginally on Monday as a pair of data indicated a lack of confidence in the economy.
The S&P/TSX Composite Index /quotes/zigman/20942 CA:$ISPTX -0.03% ?edged down 2.67 points to 12,185.97.
The Bank of Canada released its winter survey on Monday which showed that Canadian firms had a more pessimistic outlook with the balance of opinion on future sales growth dipping to negative 4 in the fourth quarter from a positive 6 in the third quarter.
Alcoa kicks off earnings season
Markets open higher ahead of the fourth quarter earnings season, which Alcoa will kick off amidst lower demand for aluminum and a reduced smelting capacity. (Photo: Jeff Swensen/Getty Images)
?Responses to the winter survey suggest that the global economic outlook and concerns about demand continue to weigh on firms? expectations for business activity,? the central bank said.
The data is in line with a moderation in growth expected in 2012, according to a report from TD Securities.
?Focusing on the downside risks to the outlook, we expect that the bank will keep its overnight rate at an exceptionally accommodative level for an extended period of time. The threshold for additional accommodation is quite high and would most likely be triggered by the contagion of a financial shock from Europe to Canada. Otherwise, the theme of lower for longer will continue to carry the day,? David Tulk, chief Canada macro strategist at TD Securities, wrote in the report.
Statistics Canada also said building permits fell 3.6% to $6.1 billion in November, compared with an 11.6% increase in October.
The S&P/TSX Capped Diversified Metals and Mining Index /quotes/zigman/24977 XX:TTMN -0.98% , the S&P/TSX Capped Telecommunication Services Index /quotes/zigman/24973 XX:TTTS -0.46% ?and the S&P/TSX Capped Consumer Staples Index /quotes/zigman/24971 XX:TTCS -0.49% ?were the biggest decliners, falling 0.6% each.
The S&P/TSX Capped Real Estate Index
/quotes/zigman/24978 XX:TTRE
+0.06%
and the S&P/TSX Capped Materials Index
/quotes/zigman/24976 XX:TTMT
+0.09%
?were the only two sectors trading in positive territory at last check.
Teck Resources /quotes/zigman/18188 CA:TCK.B -1.69% ?slid 1.5% and Potash Corp. /quotes/zigman/17857 CA:POT -0.79% ?shed 1.1%.
In currencies, the Canadian dollar eased against the greenback. The U.S. dollar /quotes/zigman/4867882/sampled USDCAD -0.4085% ?traded at 1.0272 in recent action, strengthening slightly from 1.0267 Canadian dollars late Friday.
/quotes/zigman/20942
Volume: 110.65M
Jan. 9, 2012 3:01p
/quotes/zigman/24977 Volume: 10.77M
Jan. 9, 2012 3:01p
/quotes/zigman/24973 Volume: 2.53M
Jan. 9, 2012 3:01p
/quotes/zigman/24971 Volume: 1.92M
Jan. 9, 2012 3:01p
/quotes/zigman/24978 Volume: 1.84M
Jan. 9, 2012 3:01p
/quotes/zigman/24976 Volume: 47.13M
Jan. 9, 2012 3:01p
/quotes/zigman/18188 Volume: 1.61M
Jan. 9, 2012 3:01p
/quotes/zigman/17857 Volume: 1.39M
Jan. 9, 2012 3:01p
/quotes/zigman/4867882/sampled Volume: 0.0000
Jan. 9, 2012 3:16p
Sue Chang is a MarketWatch reporter in San Francisco.
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