The Toronto stock market was little changed Monday as traders look to the U.S. Federal Reserve to come up with another jolt of stimulus to revive a flagging economy.

The S&P/TSX composite index inched up 0.27 of a point to 12,268.28 while the TSX Venture Exchange added 1.92 points to 1,278.64.

The Canadian dollar was slightly off the highs of the morning when it hit a fresh one-year high, but still up 0.02 of a cent to 102.25 cents US as copper prices added to Friday’s sharp runup.

The dollar was also supported by the hawkish stance by the Bank of Canada. The central bank left its key rate unchanged at one per cent last week and maintained language indicating that rates will likely rise at some point in the future.

U.S. markets were in the red after U.S. August jobs data released Friday missed modest expectations, raising expectations the Fed will announce on Thursday another round of bond-buying, known as quantitative easing, to help lower interest rates and thus boost loan growth.

The Dow Jones industrial average declined 30.37 points to 13,276.27, the Nasdaq composite index was down 9.94 points to 3,126.48 and the S&P 500 index slipped 2.66 points to 1,435.26.

Traders were also cautious as data released Monday showed that China’s economic slump is worsening.

Imports declined 2.6 per cent from a year earlier, below analysts’ expectations of growth in low single digits. That came on top of August’s decline in factory output to a three-year low and other signs growth is still decelerating despite repeated stimulus efforts.

A slowing Chinese economy is particularly bad news for commodity prices and stocks on the resource-intensive Toronto stock market.

Analysts expect Chinese growth fell to a three-year low of 7.6 per cent in the latest quarter.

In a speech to the Asia Pacific Economic Cooperation meeting in Vladivostok, Russia, Chinese President Hu Jintao gave no growth forecast or details of possible new stimulus but promised to continue a “proactive fiscal policy,” or government spending to pump up the economy.

The energy sector edged up 0.3 per cent with oil prices lower following three days of gains with the October crude contract on the New York mercantile Exchange off 78 cents to US$95.64 a barrel. Canadian Natural Resources (TSX:CNQ) climbed 14 cents to C$31.68.

The base metals segment rose 0.4 per cent as hopes for further stimulus measures from central banks pushed copper prices to a 17-week high. The December contract in New York ahead four cents to US$3.70 a pound, adding to a 13-cent jump on Friday. First Quantum Minerals (TSX:FM) was ahead 17 cents to $22.09.

Financials were also positive as CIBC (TSX:CM) improved by 30 cents to $77.78.

Gold stocks led TSX decliners as bullion pulled back $8.20 to US$1,732.30 an ounce. Goldcorp Inc. (TSX:G) faded 36 cents to C$41.70.

A major early loser was Ottawa-based nuclear medicine company Nordion Inc. (TSX:NDN). Atomic Energy of Canada Ltd. is claiming victory in a long-standing battle with the company, saying a three-year arbitration process has ended with a majority decision in its favour. The dispute focused on the Maple nuclear reactors that AECL decided to mothball, citing a design flaw that Nordion argued was manageable. Nordion shares plunged $4.34 or 41.49 per cent to $6.12.

Asian stocks were mixed as Japan’s Nikkei 225 fell marginally after the government said the economy grew at a slower pace than earlier estimated for the April-June quarter. Growth stood at an annual 0.7 per cent, slower than the 1.4 per cent given in August.

South Korea’s Kospi fell 0.3 per cent, Hong Kong’s Hang Seng gained 0.1 per cent, Australia’s S&P/ASX 200 added 0.2 per cent. On mainland China, the Shanghai Composite Index gained 0.3 per cent and the smaller Shenzhen Composite Index added 0.9 per cent.

European bourses were little changed as London’s FTSE 100 index was off 0.03 per cent, Frankfurt’s DAX was down 0.05 per cent and the Paris CAC 40 was off 0.28 per cent.

Elsewhere on the corporate front, Talisman Energy Inc., (TSX:TLM) says that John Manzoni has agreed to step down as president and chief executive, effective immediately. He’s being replaced by Hal Kvisle, a former CEO of TransCanada Corp. (TSX:TRP) who is already a Talisman director. Calgary-based Talisman didn’t give a reason for Manzoni’s departure. Talisman shares ran up 48 cents to $14.35.

BP PLC is selling some deep-water Gulf of Mexico oil and gas properties to Texas-based Plains Exploration & Production Co. for US$5.55 billion. The U.K.’s BP is selling off assets as it is still in the midst of trying to pay for damages from the 2010 Gulf coast oil spill.

Glencore has made a revised offer in its all-share bid for Xstrata, saying that the Anglo-Swiss miner’s chief executive, Mick Davis, can lead the merged company for six months before handing over to the Swiss commodities trader’s Ivan Glasenberg. In a bid to revive the deal, Glencore announced on Friday that it would pay 3.05 shares for each Xstrata share, up from its original 2.8 shares offer, which had been strongly resisted by Xstrata shareholders, including Qatar Holding.