Toronto stocks slip on materials drag after glum China data

Sept 5 - Canada's main stock index lagged on Tuesday, as materials and technology stocks declined on the back of weak services sector data from China, while investors braced for the Bank of Canada's interest rate decision this week.

Global stock markets fell after data showed China's services activity expanded at its slowest pace in eight months in August, even as weak demand continued to dog the world's second-largest economy and government stimulus failed to revive consumption meaningfully. Rate sensitive technology stocks led sectoral declines, falling over 1% while yields slipped. Canadian government 10-year bond yield fell 0.9%.

"Recent data tells us that the Canadian economy is kind of stalled. The BoC would be on the side of caution, and they are definitely on pause for the upcoming rate decision tomorrow," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.

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