Disappointing global outlook hits TSX
Oct 10, 2012 / 6:47 am
The Toronto stock market was lower as a weak outlook from resource giant Alcoa Inc. added to a pessimistic global economic assessment from the International Monetary Fund.
The S&P/TSX composite index fell 25.14 points to 12,248.43 while the Canadian dollar was off 0.01 of a cent at 102.18 cents US.
New York indexes were negative after Alcoa predicted aluminum demand would grow six per cent this year, down from seven per cent in the previous quarter, primarily because of slower growth in China.
The Dow Jones industrials declined 15.51 points to 13,458.02. The Nasdaq was 0.93 of a point lower at 3,064.09 and the S&P 500 index was down 0.55 of a point at 1,440.93.
North American markets racked up sharp losses Tuesday after the International Monetary Fund reduced its growth forecast for the world economy to 3.3 per.
Oil slipped 31 cents to US$92.08 a barrel.
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