Toronto stock market monday july 11 2011 : The Toronto stock market was lower Monday morning on the heels of a weak American employment report last week and growing worries about the European debt crisis that pushed traders to the safe-haven status of U.S. Treasurys.
The S&P/TSX composite index lost 57.47 points to 13,314.23 while the TSX Venture Exchange lost 15.41 points to 1,969.4.
The Canadian dollar in turn slipped against the greenback, losing 0.83 of a cent to 103.26 cents US
Sentiment on markets was already downbeat after Washington announced Friday that the American economy created just 18,000 jobs in June, which was a fraction of the figure expected.
It further soured Monday on the possibility that Europe's debt crisis might be spreading beyond Greece, Ireland and Portugal — which have already received rescue packages — to Spain and Italy as the yields on government bonds for both countries shot up Monday morning, in contrast to other big economies.
Yields on Spanish 10-year bonds rose from 5.7 per cent at the start of trading to 5.9 per cent, while the yield on Italian 10-year bonds meanwhile increased to 5.6 per cent from 5.3 per cent, following sharp rises on Thursday and Friday.
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